Economic Stimulus Package by ADGM (2.0)
On 29 Apr 20, the ADGM’s Registration Authority announced further incentives for new businesses, supporting their ADGM-based establishment amidst COVID-19 pandemic.
Whom do they apply?
These incentives apply to:
- New applicants for financial, non-financial and retail license types excluding SPVs, Foundations, VC firms, Tech Start-up applicants, Accelerators and Incubators and Professional Associations.
- Existing ADGM companies and LLPs
How long is the incentive period?
The incentive is effective from 3 May 20 until 31 Dec 20.
What’s the incentive?
The incentive includes:
- a 50% reduction on incorporation fees of new ADGM companies and LLPs (including branches).
- a 100% reduction on continuation fee for companies continuing into ADGM from a foreign jurisdiction
Filing of annual accounts by existing ADGM companies and LLPs will also be extended on a case by case basis.
What were the previously issued incentives?
Earlier this month, the ADGM launched support measures for existing registered businesses.