Category: Blogs

Categories
Blogs

Ready, Set, Innovate: A Beginner’s Guide to Innovation Testing License in DIFC, Dubai

Ready, Set, Innovate: A Beginner's Guide to Innovation Testing License in DIFC, Dubai
Ready, Set, Innovate: A Beginner's Guide to Innovation Testing License in DIFC, Dubai

The ITL Programme in DIFC caters to entities aiming to introduce cutting-edge financial products and services, such as payment solutions, wealth management tools, tokenized payment services, and biometric-enabled financial offerings. Explore the steps involved in obtaining an ITL license in Dubai to test your innovative product or service.

Innovation serves as a crucial pillar of the UAE’s economic progress, firmly establishing its global standing as a leading innovative nation. This peculiarity attracts businesses prioritizing innovation to choose the UAE as their operational hub. The Dubai International Financial Centre (DIFC) further enhances this allure by offering businesses with an Innovation License a distinctive advantage in shaping the future of finance and ensuring their success.

The support ecosystem provided by DIFC, including resources like the FinTech Hive and the Regulatory Sandbox, empowers innovative ventures to have lasting results. To simplify the process of obtaining an Innovation License, DIFC has introduced the Innovation Testing License (ITL) Programme. This Regulatory Sandbox offers a structured environment for startups to test their pioneering products and services before securing a permanent license. Unlike bypassing regulations, the ITL serves as an entry point for innovative firms, particularly startups, to validate their offerings with genuine customer feedback.

Let’s explore the sequential steps involved in obtaining the innovation license.

Application Process for ITL License in DIFC

The journey begins with a simple yet crucial step – submitting a Pre-application Form. This document serves as your introduction to the DFSA, outlining the innovative aspects of your business model. The DFSA reviews these pre-applications diligently, selecting those that meet the ITL eligibility criteria. If your pre-application is successful, you’ll receive an invitation to proceed with the ITL application. At this stage, you’ll need to complete and submit the ITL Application Form, accompanied by a comprehensive Regulatory Testing Plan. This plan serves as your roadmap, detailing the specific aspects of your business model, products, or services that will undergo technology-related testing during the ITL period.

Testing Period of ITL License in DIFC

Now, it’s time to embark on a transformative journey during the 12-month testing period. Collaborating closely with the DFSA, you’ll have the opportunity to test your business model and regulatory preparedness. This testing involves a temporary relaxation of selected regulatory requirements, allowing you to innovate with agility. Throughout this period, diligent documentation, and communication with the DFSA are paramount to ensure a smooth and productive testing experience.

Final Assessment and Exit Options from ITL

As the 12-month testing period draws to a close, the DFSA conducts a final assessment of your performance. If the testing is successful, you can apply to remove restrictions on your license and exit the ITL Program, ready to unleash your innovation upon the market. However, in cases where testing falls short of expectations, you still have options. You can apply to withdraw your license, regroup, and reassess your strategy for future endeavors.

In-Principle ITL

Upon a successful application, the DFSA grants you an In-Principle ITL, subject to the resolution of certain matters to the DFSA’s satisfaction. With this initial approval in hand, you can proceed with confidence. Obtain your DIFC business license, set up a bank account, and fulfill operational requirements to lay the foundation for your innovative venture.

MS as your partner in Innovation License Setup at DIFC

The DIFC Innovation License has played a pivotal role in nurturing the region’s largest innovation ecosystem, now encompassing more than 850 firms. This achievement stems from providing firms with a significantly discounted license and a flexible platform within the region’s top marketplace. At this point, establishing your business in DIFC and obtaining an innovation license can offer enduring benefits. MS offers comprehensive services for ITL applications in DIFC, covering initial consulting, authorization assistance, and support in preparing legal documentation for your seamless journey in DIFC.

Categories
Blogs

Al Reem Island Businesses: Obtain your ADGM Licenses in Easy steps

Al Reem Island Businesses: Obtain you ADGM Licenses in Easy steps
Al Reem Island Businesses: Obtain you ADGM Licenses in Easy steps

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.

Al Reem Island Businesses: Obtain your ADGM Licenses in Easy steps

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.

Categories
Blogs

Elevating your business with ethical leadership through advanced Executive Search

Elevating your business with ethical leadership through advanced Executive Search
3d magnifying glass team leadership red blue

Hiring a C-suite talent for your business can have effects on the future of your growth. Companies select executives in different situations based on their unique needs. When considering the need to bring in an executive, there are various positive scenarios to explore. For instance, your company might be in a phase of expansion or establishing a new department, requiring the recruitment of a capable leader. Additionally, forward-thinking businesses often engage in succession planning to ensure a smooth transition in leadership.
Conversely, the situation takes a more challenging turn when the objective is to replace an underperforming leader, either in the process of being terminated or already dismissed. In such instances, the focus shifts to finding an executive with an optimal skill set to not only address the existing issues but also propel the company forward, recapturing momentum and advancing towards its objectives.
But what if the unethical behavior of the leader is the reason for the replacement. Ethics-driven terminations highlight the need for executives with a strong ethical foundation in the recruitment process. Finding leaders with the right skills and unwavering ethical principles sets the stage for outstanding results and long-term success. Trustworthy leaders prioritize moral integrity, putting others first and avoiding unethical behaviour even in challenging situations.

Qualities of an Ethical Top-notch Leader

  1. Honesty as a Foundation: Ethical leaders prioritize honesty in their actions and communications. While not obligated to divulge every detail, they avoid bending the truth or evading direct answers. Striking a balance between transparency and discretion is key, and consistent dishonesty raises a red flag.
  2. Respect Across Hierarchies: Recognizing that organizational charts are social constructs, ethical leaders treat every individual with respect. Whether engaging with interns, IT department members, or fellow C-suite executives, they uphold a culture of respect, understanding the intrinsic value of each team member.
  3. Leading Through Example: Ethical leaders don’t merely delegate tasks; they lead by rolling up their sleeves and actively participating. While delegation is necessary, demonstrating a willingness to be on the frontline inspires others to follow suit. Leading by example fosters a sense of unity and commitment within the team.
  4. Compassion in High-Stakes Decision-Making: Ethical leaders navigate the complexities of leadership with a compassionate approach. In making tough decisions driven by budgets or personnel management, they remain empathetic to the individual experiences of their team members. This blend of analytical prowess and emotional intelligence creates a supportive work environment.

How MS can aid you in placing an ethical leader for your business:

MS can provide unparalleled expertise and support to meet your executive talent needs, ensuring a seamless and strategic hiring process. We collaborate closely with your organization to understand its unique culture, goals, and leadership requirements. Our proven track record in working in various industries can attract top-tier executive talent. MS ensures the selection of individuals who not only possess the requisite skills and experience but also align with your company’s vision and values. From initial candidate sourcing to final onboarding, our end-to-end solutions streamline the hiring journey, saving your valuable time and resources. Trust us to be your strategic partner in securing the executive talent essential for propelling your company towards sustained success and grow

Categories
Blogs

ADGM leads the way: Abu Dhabi caps off 2023 as the region’s largest financial hub

ADGM leads the way: Abu Dhabi caps off 2023 as the region's largest financial hub
ADGM leads the way: Abu Dhabi caps off 2023 as the region's largest financial hub

ADGM’s outstanding journey in 2023

1. ADGM expanded tenfold by incorporating Al Reem Island in April 2023, solidifying its position as one of the world’s largest International Financial Districts with a vast area of 14.38 million sqm.

2. In May 2023, ADGM launched its inaugural Money Laundering and Terrorist Financing (ML/TF) Risk Assessment of ADGM Legal Persons and Arrangements Report (LPA Report), showcasing a commitment to ensuring a secure financial environment.

3. ADGM FSRA announced crucial revisions to its Anti-Money Laundering and Sanctions Rules and Guidance, collectively known as “the AML Rulebook,” emphasizing a proactive approach to combat illicit financial activities.

4. The Registration Authority (RA) of ADGM contributed significantly by publishing the legislative framework for Distributed Ledger Technology (DLT) Foundations, paving the way for innovation and accountability in the blockchain technology sector within ADGM.

During the inaugural edition of Abu Dhabi Finance Week hosted by ADGM last November, His Excellency Ahmed Jasim Al Zaabi, member of the Abu Dhabi Executive Council and Chairman of the Abu Dhabi Department of Economic Development (ADDED), launched the concept of ‘Falcon Economy’ capturing the imagination of business leaders eager to soar with the emirate’s ascendancy as a premier regional and international business hub.

“In merely eight years, we have become one of the world’s largest financial districts and the fastest-growing international financial centre in the region, for two years consecutively.”

H.E. Ahmed Al Jasim Al Zaabi

Achieving success by turning this imaginative idea into a reality, 2023 marked a triumphant year for Abu Dhabi Global Market (ADGM), the international financial centre in the UAE’s capital, as it solidified its status as the fastest-growing financial hub in the region for two consecutive years. Abu Dhabi’s global recognition as a prominent financial centre was underscored by ADGM’s strong start to the year, building on the significant growth seen in 2022 and exhibiting a positive outlook for the months ahead. The quarterly and half-yearly growth metrics for 2023 showcased impressive advancements across all aspects of the financial centre’s operations.

ADGM: The Financial Powerhouse

Following the trend from 2022, ADGM’s asset management sector experienced an outstanding year, witnessing a remarkable 35% YOY increase in Assets Under Management (AUM) by the end of 2023. The sector attracted 102 asset managers overseeing 141 funds, with names like Brevan

Howard, Goldman Sachs, and Blackstone establishing operations within ADGM. The financial hub’s appeal transcended borders, as operational entities surged to 32% growth from 2022. This influx included global and regional giants like Ardian, Asian Infrastructure Investment Bank (AIIB), and local entities such as ADQ and G42. The end of 2023 also saw 88 financial institutions and 2 exchanges receiving approval from ADGM. Adding to this, ADGM’s workforce mirrored its upward trajectory, expanding by 22% to 13,394. Notably, global financial institutions and investment banks, including JP Morgan and BNP Paribas, found a home within ADGM.

Year of Sustainability and COP28 Initiatives

In line with the ‘Year of Sustainability’ extending into 2024, ADGM took a leading role in sustainable finance. The introduction of the region’s first comprehensive regulatory framework for Sustainable Finance in the first half of 2023 showcased ADGM’s commitment. Designated as the ‘Principal Climate Finance Partner’ of COP28, ADGM launched the Global Climate Finance Centre (GCFC) and witnessed the initiation of ALTÉRRA, a 30 USD billion climate vehicle. The Abu Dhabi Sustainable Finance Declaration gained momentum, attracting 28 new signatories in 2023, bringing the total count to 145.

MS as your partner in ADGM

As the Falcon Economy takes flight, MS can help you achieve success by contributing to the affluent story of ADGM and leaving a lasting impact on the financial landscape of Abu Dhabi. The future is bright, and with strategic collaboration, MS can be a key player in shaping the financial narrative of this dynamic and rapidly growing financial hub for you.

Categories
Blogs

AI in Mergers & Acquisitions: A paradigm shift in streamlining deals for success

AI in Mergers & Acquisitions: A paradigm shift in streamlining deals for success
Imagine stepping back into the not-so-distant past, a time when Mergers and Acquisitions (M&A) were complex, and solved by people armed with experience and gut feelings.

Imagine stepping back into the not-so-distant past, a time when Mergers and Acquisitions (M&A) were complex, and solved by people armed with experience and gut feelings. Deals with every move carefully planned, and success often hangs in the balance of unpredictable market shifts. It was the era of handshakes and late-night strategy sessions – a world where human touch reigned supreme in the business tango.

Now, fast forward to the present, the global AI market is on a roll, growing at a breathtaking pace – from $100 billion to a projected $2 trillion by 2030. The M&A game is changing, and the change is powered by artificial intelligence. It’s not about replacing the old guard but about joining forces, creating a dynamic duo of human expertise and digital precision. The skeptics are slowly turning into believers, and the confidence in companies using AI to up their game is skyrocketing – 65% and counting.

Our story is about this shift, this evolution in the world of M&A. It’s about moving from handwritten contracts to computer-generated insights, from gut feelings to algorithmic precision.

The evolution in M&A Processes:

Analyzing data from financial statements and market trends to identify a target is a critical and time-consuming task in M&A. However, AI tools have streamlined and simplified this process by efficiently analyzing large volumes of data in a shorter time frame. This approach not only enhances efficiency but also proves to be a cost-effective method. Furthermore, AI contributes to cost reduction in various M&A activities by minimizing the reliance on manual labor.

When it comes to due diligence, a significant stage in M&A has undergone automation with the advent of AI tools. Tasks such as document analysis and review, traditionally reliant on human involvement, are now entirely dependent on AI. This shift not only diminishes the likelihood of errors or oversights but also results in significant time savings. For both buyers and sellers, the precise risk assessment facilitated by AI aids in making well-informed decisions regarding their deals.

In the realm of post-merger integration, the landscape has been transformed by the infusion of AI automation. Tasks such as data migration, employee onboarding, and process standardization now benefit from advanced tools that meticulously analyze datasets, recognizing trends, patterns, and insightful information. The incorporation of AI not only expedites the integration process but also significantly reduces errors. Beyond operational enhancements, this evolution allows for the seamless integration of strategic planning and value creation as complementary elements, enriching the overall integration experience.

Along with all these processes, ensuring legal and regulatory compliance in M&A processes is crucial but often involves significant time and costs. AI automation has simplified the task of mitigating risks by adhering to rules and regulations. AI tools now facilitate the review of contracts, legal documents, and filings, minimizing the likelihood of potential errors in the process.

Navigating the pitfalls of AI usage in M&A

Depending heavily on AI tools may undermine human capabilities, diminishing their effectiveness. Using flawed datasets can lead AI tools to draw inaccurate conclusions, raising concerns about their reliability. Also, the ethical dimension comes into play when integrating AI tools into M&A processes, particularly during due diligence. The potential for biases in language, algorithms, and sampling methods during this stage calls for careful consideration.

Your Strategic Mergers and Acquisition Partner

In the ever-evolving landscape of M&A, MS emerges as your indispensable service partner. We navigate the complexities of AI integration, ensuring your deals are not only effective but also ethical and reliable.

Categories
Blogs

How exceptional leaders prepare organizations for the AI-driven future 

How exceptional leaders prepare organizations for the AI-driven future 
How exceptional leaders prepare organizations for the AI-driven future 

In the wake of the AI revolution, our world is witnessing an unprecedented surge in technological advancements, driving artificial intelligence (AI) into the forefront of innovation. The once speculative capabilities of AI models are now unfolding rapidly, leaving us not to question what AI can do, but rather pondering what it can’t. This transformative shift assures to reshape the way we work, learn, and communicate. As organizations grapple with this inevitable technological disruption, the focus turns to leadership and organizational readiness. 

Executives are acutely attuned to the myriad opportunities that AI presents, particularly in the realm of office jobs. From machine learning and natural language processing to expert systems and generative AI, the spectrum of AI applications is vast. The key opportunities identified by leaders encompass the potential for increased efficiency through the effective use of AI, signaling a paradigm shift in workplace dynamics. Beyond efficiency gains, executives foresee enhanced decision-making, improved risk management, and the birth of innovative products and services as additional fruits of embracing AI. 

How can organizations better prepare for the future of AI? 

Leaders recognize the pivotal role they play in steering their organizations towards preparedness for the challenges posed by AI. It comes as no surprise that these leaders are actively taking steps to enhance their organizational readiness for the AI revolution. One crucial initial step leaders are taking involves sharing their personal journey of learning and understanding AI. Recognizing that knowledge is power, they understand that being well-versed in AI is essential to spearhead any transformative efforts within their organizations. Even in the face of uncertainties, leaders are embracing the idea that starting the adoption process, no matter how small, is far better than remaining inert. 

However, simply understanding AI is not sufficient. The dynamic nature of AI, with its ever-changing landscape of possibilities and risks, makes strategy development a complex task. While the disruptive potential of AI is acknowledged, leaders also see immense opportunities that come with it. Yet, a business-as-usual mindset won’t suffice for organizations aiming to thrive in the age of AI. Leaders must recognize that profound change and robust cultural development are imperative.  

To achieve organizational readiness for AI, business leaders need to act boldly and strategically. This entails gaining a deep understanding of current market capabilities and identifying potential gaps within themselves and their organizations. By doing so, leaders can pave the way for their organizations to not just adapt to AI but to flourish in this exciting era of technological innovation. 

How can MS help in identifying AI-savvy leaders: 

MS is actively involved in the identification and cultivation of top-tier leaders with a profound understanding of AI.  The team is committed to pinpointing individuals who possess the requisite expertise and visionary insight in the dynamic AI field. The company leverages its global network and platforms to connect with emerging leaders, provides them with opportunities to showcase their talents, and contributes significantly to the ever-evolving domain of AI leadership within the company. 

Categories
Blogs

Calling Al Reem Island Businesses: Secure Your ADGM License Before Opportunities End!

Calling Al Reem Island Businesses: Secure Your ADGM License Before Opportunities End!
Calling Al Reem Island Businesses: Secure Your ADGM License Before Opportunities End!

The expansion of Al Reem Island to ADGM’s jurisdiction marks a groundbreaking moment in Abu Dhabi’s path to financial leadership. With Al Reem joining Al Maryah Island as a financial-free zone, the expansion aims to offer tax-friendly jurisdiction, attracting international companies with eligible income to establish their presence in Abu Dhabi’s expanding financial landscape. The expansion was confirmed in line with the UAE Cabinet Resolution No. 41 of 2023 on April 24, 2023, reinforcing Abu Dhabi’s economic vision, positioning ADGM as the global financial hub. 

Unlocking Opportunities: Advantages of Establishing Your Business in ADGM

Whether you are a startup looking to flourish in Al Reem Island or an established corporation seeking new opportunities, ADGM offers you the ideal environment to unlock your full potential and achieve sustainable growth. Businesses in ADGM leverage distinct advantages in the direct application of English common law, fostering legal certainty. With an array of in-house services, companies streamline operations. Digital registration simplifies setup processes, and activating the e-records, e-contracts, and e-signatures enhances working efficiency. Access to the ADGM ecosystem provides better networking opportunities and synergies, improving growth and sustainability.

Al Reem businesses: Prepare for Your 100% Fee Waiver!

The business operating at Al Reem should be conscious of the timeline and deadlines required to access ADGM’s incentives. As of now, 31st December 2024 marks the final date of the transition period for the existing Al Reem Island businesses. After the designated timeline, the existing license becomes invalid in Al Reem by 1st January 2025. Obtain the ADGM license before the deadline and consider the key dates and ADGM regulations for a smooth transition process.

The transition period marks its final expedition on 31st December 2024. Companies undergoing transition can benefit from fee waivers and incentives based on the completion of the transition process. Al Reem businesses including, healthcare, hospitality, retail, construction, real estate, professional service businesses, etc. (excluding financial services) can secure an ADGM license without any registration fee until October 31, 2024. Simply ensure your license lists an Al Reem address and has no outstanding fines.

Business Future with ADGM

MS Group offers comprehensive advisory services for new businesses seeking licenses to operate within the ADGM jurisdiction on Al Reem Island. It’s not just a jurisdictional expansion—it’s a strategic leap toward establishing ADGM as the ultimate destination for businesses worldwide. With MS Group by your side, brace yourself for a business adventure in ADGM, where opportunity and innovation converge to propel your business toward success. 

Disclaimer :

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

Categories
Blogs

UAE’s rising M&A market sparks investor interest: Explore the key steps of M&A to ensure success.

UAE’s rising M&A market sparks investor interest: Explore the key steps of M&A to ensure success
UAE’s rising M&A market sparks investor interest: Explore the key steps of M&A to ensure success


The Mergers and Acquisitions (M&A) market in the MENA region showed a huge rise in 2023. UAE reported the region’s largest M&A of the year with the announced acquisition of Univar Solutions by Apollo Global Management and ADIA for $8.2 billion. In line with this trend, 2024 is also augmenting in terms of M&A. This growth may inspire investors to think about M&A as their next business step. All you need is to brush up your understanding of M&A so the beginners can get down into this opportunity. With the new changes on the horizon, we are giving an overview of M&A and its important steps.

Why M&A in UAE?

Mergers and Acquisitions (M&A) have emerged as an essential business strategy in the ever-changing business landscape for organizations looking to grow, expand, and get a larger market share in the UAE. In the competitive market dynamics, it is important to diversify and access more talent by cutting down the combination. To flourish the business, improving the market share is also an essential factor that can give your business an upper hand. You will also be entitled to tax benefits through M&A and can also unlock synergies, which are the additional value created by transactions. M&A can always keep the success rate high if it is done correctly at the right time.

Check out the steps in M&A:

We tend to think a lot and go through a series of steps even for ordering food from a restaurant online. The steps included in M&A play a key role in tomorrow’s success of your business. Let’s glance through the steps:


 Due diligence:
It is just like how we enquire about the ratings and quality of a restaurant before ordering the food. The process of looking into a potential business, its management, its board of directors, its operations, assets, and finances is due diligence. Finding out more about the target business will enable you to make an informed decision about the acquisition. Following this step, you get a chance to determine at this point whether the acquisition is beneficial to your company or not. It is a key step in the whole M&A process.
 Negotiation:
It happens like how you see offers for food items, and unintentionally both you and the restaurant are negotiating. Here, both the company representatives will negotiate the deal and it tends to be very time-consuming.
 Signing:
In this stage, you are signing the deal like you are selecting your favorite food and adding it to your cart.
 Finalizing:
After adding the food to the cart in your online food ordering platform, you get a window where you can finalize the order and proceed. In M&A, this step is where the execution happens, and the deal proceeds further. At this point, standard legal procedures are fulfilled, including completing the purchase of assets, documenting the agreement, and due diligence of the stakeholders.
 Closing:
The actual closing of the deal happens here like how we confirm our food order. The formalities are completed from both parties and the necessary license to operate is given to the acquirer at this stage.

Why MS for M&A?

The world of M&A is complex. Even though we explained the whole M&A process in a way we order food online, at some point, you may need aid to clear your confusion and difficulties. To maximize the benefits for all parties engaged in M&A, you must do rigorous due diligence and seek professional guidance. Team MS can be your touch point to help you in successful M&A transactions by providing a seamless journey.
Please feel free to contact us with your M&A requirements.

Categories
Blogs

ADGM Transition: The Sooner, the Better – Here’s Why

ADGM Transition: The Sooner, the Better - Here's Why
ADGM Transition: The Sooner, the Better - Here's Why

For entrepreneurs eyeing promising business opportunities in the UAE, selecting the right location is crucial for success. While each emirate holds potential, Abu Dhabi stands out as the optimal choice for driving business expansion. At the heart of Abu Dhabi’s business excellence is the Abu Dhabi Global Market (ADGM), playing a pivotal role in fostering the growth of the financial services industry.
The ADGM’s influence is now expanding as part of the UAE’s ambitious economic diversification strategy. In line with a recent Cabinet resolution, Reem Island is set to join its jurisdiction as a financial-free zone, alongside Al Maryah Island. This move increases the combined geographic area of the district to approximately 1,438 hectares, marking a significant tenfold expansion. This strategic initiative reinforces Abu Dhabi’s commitment to growing its financial sector and presents a compelling opportunity for entrepreneurs seeking a thriving business landscape.

Milestone Achieved: ADGM Extends Reach to Al Reem Island

On April 24, 2023, Abu Dhabi Global Market (ADGM), the powerhouse International Financial Centre of Abu Dhabi, achieved a breakthrough by extending its reach to Al Reem Island. This groundbreaking move, as dictated by the UAE Cabinet Resolution No. 41 of 2023, perfectly dovetails with Abu Dhabi’s ambitious economic vision and diversification strategy, firmly establishing ADGM as a bona fide global financial hotspot. Now, the existing business in Al Reem must obtain an ADGM license and the businesses that are planning to establish must submit their license applications to ADGM.

Navigating the Transition: Key Dates and Considerations

For existing businesses on Al Reem Island, a transition period has been established until the 31st of December 2024. During this time, businesses can continue operations as usual, exempt from ADGM’s regulations. However, they are encouraged to obtain an ADGM license before the deadline. Existing Al Reem Island businesses can choose to renew their Abu Dhabi Department of Economic Development (ADDED) license or apply for an ADGM license or permit. Starting from the 1st of November 2023, businesses planning to establish a new presence on Al Reem Island must submit their license applications to ADGM. The online registry provides a streamlined process for submitting applications. The expansion of ADGM’s jurisdiction brings forth new opportunities for businesses, with benefits including the direct application of English common law and a business-friendly environment. Note that, there are attractive incentives for the business which complete the process sooner.

A Financial Adventure Unfolds on Al Reem Island with MS

ADGM, with its unparalleled application of English common law, a vibrant and diverse talent pool, and a flourishing community vibe, emerges as the ultimate magnet for international businesses. It’s not just a jurisdiction expansion; it’s a strategic leap toward turning ADGM into the go-to destination for businesses worldwide. The allure of a dynamic financial landscape, coupled with the unique blend of legal prowess and cultural richness, makes ADGM an irresistible hub for those looking to thrive in the global marketplace.

Disclaimer :

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

Categories
Blogs

Urgent Compliance Alert: Deadline Approaching for CRS/FATCA Self-Assessment in DIFC and ADGM

Urgent Compliance Alert: Deadline Approaching for CRS/FATCA Self-Assessment in DIFC and ADGM


You might be familiar with the current outreach efforts from the Abu Dhabi Global Market (ADGM) and Dubai International Financial Centre (DIFC), urging entities to promptly address the pressing need for compliance with the CRS/FATCA self-assessment. This latest regulatory push serves as a reminder of the crucial importance of keeping pace with the continually evolving realm of financial standards.
A Roadmap for CRS/FATCA Self-Assessment Compliance in DIFC and ADGM
The Financial Services Regulatory Authority (FSRA) of Abu Dhabi Global Market (ADGM) has levied fines totaling AED 170,000 on six financial institutions due to violations of the Common Reporting Standard Regulations (CSR) 2017. This case is a true indication of how crucial is to stay informed about the latest requirements to ensure compliance in the financial landscape. Both the Abu Dhabi Global Market (ADGM) and Dubai International Financial Centre (DIFC) have issued urgent directives related to CRS/FATCA self-assessment.

Understanding more about CRS and FATCA can be an add-on:

Common Reporting Standard (CRS)

Common Reporting Standard (CRS), a regulatory cornerstone developed by the Organisation for Economic Co-operation and Development (OECD) and established in the UAE in 2017 is for guiding the gathering and international exchange of financial account and tax-related information. The CRS outlines the specific parameters within which financial institutions are required to operate, defining the scope of financial information to be collected and reported. Moreover, it sheds light on the due diligence procedures these financial entities must follow.

The Foreign Account Tax Compliance Act (FATCA)

The Foreign Account Tax Compliance Act (FATCA) is a law intended to curb the practice of using offshore accounts and financial assets to evade U.S. taxes. Passed as part of the HIRE Act in 2010, FATCA requires U.S. persons, foreign financial institutions (FFIs), and other non-financial foreign entities (NFFEs) to provide the United States Department of the Treasury reporting on foreign assets or be subjected to serious penalties.

Let’s go through the requirements of both DIFC and ADGM:

Time is of the essence when it comes to compliance.

Entities in DIFC are required to complete and submit the self-assessment form to [email protected] by February 28, 2024, to avoid penalties.

If your entity was newly licensed in ADGM during 2023, the Entity Self-Certification Form (SCF) must reach [email protected] by April 30, 2024, to mitigate potential consequences.

For all the other ADGM entities, you may complete the updated SCF within the stipulated deadline informed to you by the authority.

How MS can help you for your seamless compliance with CRS/FATCA self-assessment:

Stay ahead of the curve! Our Regulatory and Compliance Assistance Team will guide your organization through all the compliance requirements detailed in the latest directives from DIFC and ADGM. Don’t hesitate to get in touch; together, let’s ensure that your entity not only fulfills but exceeds its obligations under these vital directives.
In conclusion, staying informed and compliant with the latest DIFC and ADGM requirements for CRS/FATCA self-assessment is vital for the financial growth of your entity. Act promptly, meet deadlines, and consider partnering with MS for a smooth and reliable compliance journey. Your entity’s financial well-being is our priority!

Contact Us

Disclaimer:  Content posted is for informational & knowledge-sharing purposes only and is not intended to be a substitute for professional advice related to tax, finance or accounting. No warranty whatsoever is made in this regard, and it is not intended to provide and should not be relied on for tax/finance/legal/complaince advice. The content posted is subject to future amendments/changes/clarifications in the regulation by the authorities. For any clarifications, you may contact our tax team.