For aspiring startups and established firms in Al Reem Island, ADGM offers an exceptional platform for your growth. Now it’s the time to acquire the ADGM license and step into the robust ecosystem to unlock your full potential and achieve sustainable success. As the deadline for transition is fast approaching, all the existing businesses on Al Reem Island, ensure you obtain your necessary licenses before 31st December 2024. It’s important to note that the present DED license becomes invalid after the deadline.

Highlights to date

Abu Dhabi’s ascent as a premier financial hub gains momentum with the expansion of Al Reem Island businesses to ADGM. Existing businesses on Al Reem Island have until December 31, 2024, to undergo transition, with the existing licenses becoming invalid from January 1, 2025. During this period of transition, businesses can operate as usual, exempt from ADGM regulations. Starting November 1, 2023, new businesses aiming to establish on Al Reem Island must apply for licenses through ADGM, further enhancing Abu Dhabi’s economic vision and establishing ADGM as a global financial hub.

Simplify transition: step-by-step guide

The companies undergoing transition get the benefits of fee waivers and incentives. Managing the transition process can be daunting, but here are simplified steps to guide you through completion seamlessly.

Businesses aiming for the new setup 

1. Choosing the perfect business name – Choose a compelling business name that aligns with ADGM’s regulations and submit it for validation to ensure compliance. 
2. Lease agreement finalization – Finalize with the ADGM authority for a lease agreement that favors your retail setup.
3. Document preparation – Necessary documents include financial statements, legal paperwork, and trade licenses meeting the ADGM requirements. 
4. Submission of documents – Submit the documents to the ADGM authority for approval 
5. Issuance of license – Be patient and wait for the issuance of the retail licenses from ADGM upon approval of the submitted documents.
6. Registration with DMT– Register the lease agreement with the Department of Municipalities and Transport (DMT) and ensure it complies with municipal regulations.
7. Ongoing compliance – Follow the ADGM’s compliance rules and complete the annual obligations on time.

Businesses opting for continuance to ADGM

1. No Objection Certificate (NOC) – Obtain an NOC from the Department of Economic Development. 
2. You must adhere to the ADGM guidelines to ensure the validity of the existing lease agreement.
3. You must Prepare and submit necessary documents, including financial statements, legal paperwork, and trade licenses meeting ADGM standards, to ADGM authority for approval, leading to the issuance of your license.
4. Finalized leases must be registered with the Department of Municipalities and Transport (DMT) for official validation.
5. You need to ensure that your business operations and practices comply with the regulations and requirements set forth by the International Compliance Professionals (ICP), the Ministry of Human Resources and Emiratisation (MOHRE), and the Abu Dhabi Global Market (ADGM).

Navigate your process with the Guidance of MS

MS provides comprehensive advisory services for new businesses obtaining licenses on Al Reem Island in ADGM. If you decide not to switch to an ADGM-free zone license or encounter other difficulties, our team will guide you through the application process. We offer all-inclusive services like compliance, tax advice, finance management, and technology optimization for holistic business success. Prepare for an entrepreneurial and corporate voyage with MS as ADGM emerges on Al Reem Island, presenting a captivating blend of opportunity and innovation!

Disclaimer :

Registered in Abu Dhabi Global Market (Registered No. 000007218),
We are not an ADGM Registered Corporate Service Provider.