ADGM’s Company Service Provider framework (“CSP Framework”) came into force on 12 April 2021.

The purpose of the introduction of this CSP Framework was to ensure a robust regulatory regime for the provision of company services in ADGM that is aligned with international best practices and to support the ongoing growth of ADGM’s Special Purpose Vehicles (SPVs) and Foundation structures.

The CSP Framework included the following two key elements.

1. Persons providing or intending to provide company services in or from ADGM must meet the strengthened regulatory requirements set out in the amended ADGM commercial legislation and Rules; and

2. Setting up and maintaining a “non-exempt” SPV or foundation in ADGM requires the appointment of an ADGM-licensed Company Service Provider.

On 23rd February 2023, the CSP Framework was amended, introducing additional requirements for CSP Licensees including but not limited to,

• mandatory annual certification of CSP staff;
• filing of audited accounts annually (regardless of company size);
• minimum regulatory capital;
• staff physical presence in the ADGM registered office;
• minimum professional indemnity insurance cover; and
• provision of an annual compliance return.

What are company services?

“Providing company services” under the Commercial Licensing Regulations 2015 (Controlled Activities) Rules 2023 means providing any one or more of the following services:

• acting as an incorporation agent in connection with the incorporation or registration of ADGM body corporates;
• providing company services to any body corporate incorporated or registered under the Companies Regulations 2020 or the Foundations Regulations 2017;
  acting as a Registered Office Provider;
• providing directors, secretaries, councillors, registered agent, or other officers to any body corporate in ADGM; or
• providing nominee shareholders of companies to any body corporate in ADGM
• “Registered Office Provider” means the business activity of providing registered office services to any body corporate in ADGM.

Being granted an ADGM Company Service Provider (CSP) Licence enables CSPs to be appointed to provide company services (e.g. company formation, registered office address, and company filing services) to non-exempt SPVs and foundations, under ADGM’s CSP Framework.

As we delve into the intricate landscape of ADGM’s Company Service Provider (CSP) Framework, MS Group helps you with setting up advice. We understand the nuances, and we’ve not just embraced the complexity but mastered it. With a commitment to precision, we position ourselves as your trusted partner, ensuring seamless compliance with the CSP Framework. At MS Group, we’re here to meet and exceed your unique business needs in ADGM. Let us be the key to unlocking regulatory excellence tailored just for you.

Under ADGM’s CSP Framework, setting up and maintaining a non-exempt SPV or foundation requires the appointment of an ADGM-licensed Company Service Provider.

Note: existing non-exempt SPVs and foundations must notify the Registrar of the appointment or cessation of a CSP within fourteen (14) days of the appointment or cessation.

Disclaimer:

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