ADGM launches new commercial licence package for tech start-ups

Abu Dhabi Global Market, the international financial centre in Abu Dhabi, has started a new commercial licence for technology start-ups, paving the way for businesses to set up shop in one of the fastest-growing financial free zones in the Arabian Gulf region.

The licence offers flexibility, with start-up companies receiving a full operational licence with the option to apply for four residential visas and meet the requirement for a registered address through a range of options, ADGM said yesterday.

The financial free zone will nurture the new businesses through their life cycle, from seed capital to the company’s eventual listing on a stock exchange, it said. The start-ups will be able to utlise the cost-effective platform at a nominal cost of $700 (Dh2,570), the ADGM added.

The tech start-up licence and the professional services support programme provides “tangible solutions to address set-up costs, access to funding and business support”, said Dhaher Al Mheiri, chief executive of the ADGM registration authority.

“Together with the many excellent support initiatives from Abu Dhabi Government and the greater entrepreneurship ecosystem, they will serve to make Abu Dhabi an even more attractive base for new businesses and ultimately promote economic diversification, foster growth and stimulate the region’s innovation environment.”

The start-up licence is available to entities from all industries and will adhere to internationally recognised operating standards that current ADGM funds, multinationals, small and medium-sized enterprises, advisers and other registered entities benefit from, Mr Al Mheiri added.

ADGM’s professional services support programme for startups, the first of its kind in the UAE, is set up in partnership with local and international advisers, with the objective to help entrepreneurs in legal, compliance, finance, accounting and VAT matters.

Abu Dhabi’s ADGM is “the ideal platform to host start-ups from across our international locations that are looking to expand in the GCC, and larger Middle East region,” said Omeed Mehrinfar, managing partner of Plug and Play, one of the world’s largest innovation platforms and incubators.

“With the new licence and professional services support programme, start-ups will be able to leverage ADGM’s toptier ecosystem of investors, advisors and corporate partners and operate their businesses at scale.”