Abu Dhabi Global Market has launched this new commercial license to efficiently address set-up costs, access to funds, and business support.
Abu Dhabi Global Market (ADGM), the international financial arm of the Emirati Capital, has just launched a new commercial license for ADGM tech startups at a "nominal" cost of $700, according to a statement published on September 2nd. As part of the wider Abu Dhabi 2030 Economic Vision, the Tech Startup License is sector-agnostic and gives entrepreneurs an ADGM operational license, the option to apply for four residential visas, and meet the requirement for a registered address through a range of options.
In addition to the new start-up license and as part of its commitment to support the region’s fast growing startups, ADGM is also addressing the growing demand for business-building skills through what they are calling "Professional Services Support Programme." Both new initiatives promise to provide tangible solutions to address set-up costs, access to funding and business support.
"They are only two of the many ADGM initiatives designed to help this important sector," says Dhaher Bin Dhaher Al-Mheiri, CEO 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 first of its kind in the UAE, the programme is a partnership with leading local and international advisers, aiming to help entrepreneurs from all sectors build up business skills and enhance the investability and scalablility of their ventures, covering areas such as legal, compliance, Finance, accounting and VAT. This programme complements and adds to the support available from the many sector-specific incubators and accelerators in Abu Dhabi and the UAE, to which ADGM-registered startups have access.
"With the new license and Professional Services Support Programme, startups will be able to leverage ADGM’s top-tier ecosystem of investors, advisors and corporate partners and operate their businesses at scale,” adds Omeed Mehrinfar, Managing Partner of Plug and Play, one of the world’s largest innovation platforms and incubators.
Main Image: Dhaher Bin Dhaher Al-Mheiri, CEO of the ADGM Registration Authority. Courtesy of ADGM.
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