Tag: Featured

Categories
Blogs

Different types of financial licenses available in the ADGM

financial licenses available in the ADGM

The Abu Dhabi Global Market (ADGM) is a financial-free zone that operates as an international financial center in Abu Dhabi, UAE. In order to carry out financial activities within the ADGM, financial institutions must obtain the appropriate financial license. The ADGM Financial Services Regulatory Authority (FSRA) is responsible for issuing and regulating these licenses. Here are the different types of financial licenses available in the ADGM:

Bank License: This license allows financial institutions to carry out commercial banking activities within the ADGM. This includes accepting deposits, making loans and providing other banking services.

Insurance License: This license enables financial institutions to carry out insurance and reinsurance activities within the ADGM. This includes underwriting insurance policies, managing insurance claims, and providing insurance-related services.

Asset Management License: This license enables financial institutions to carry out asset management activities within the ADGM. This includes managing and investing client funds, providing investment advice, and offering investment products.

Capital Markets License: This license enables financial institutions to carry out capital markets activities within the ADGM. This includes offering investment products such as bonds and equities and providing investment banking services such as underwriting and trading.

Islamic Finance License: This license enables financial institutions to carry out Islamic finance activities within the ADGM. This includes offering Sharia-compliant financial products and services and adhering to Islamic finance principles and regulations.

Each type of financial license has its own set of requirements and regulations that financial institutions must comply with. The ADGM FSRA is committed to maintaining high standards of regulation and ensuring the stability and integrity of the financial sector in the ADGM.

As a risk-based regulator, the ADGM FSRA assesses firms to ensure that they adhere to the standards of conduct and business set by the FSRA following all the market regulations. Financial services entities registered in the ADGM must meet specific obligations outlined by the FSRA in addition to standard obligations required for all ADGM-registered entities.

MS is well-equipped to support firms in navigating the process of setting up a financial company in the ADGM and obtaining FSRA authorization. MS offers a full range of services to help firms meet the regulatory requirements, including:

• Outsourced Accounting and Finance Officer

• VAT advisory, registration, and implementation

•CRS/FATCA assistance and implementation

• Assistance with policies, procedures, and regulatory returns

• Economic Substance Tests

Obtaining FSRA authorization can be a confusing and challenging process, but with MS, you can ensure a smooth setup from start to finish. MS will manage your relationship with the FSRA and ADGM Authority. If you’re interested in setting up a financial company in the ADGM and obtaining FSRA authorization, feel free to contact MS for support.

Disclaimer: MS is not responsible for the approval of licenses by the authority.

Categories
Blogs

From desert to Mars! UAE being the first Arab country on Mars Mission – With Hope, nothing is impossible, and the UAE knows no limit.

The probe carried the dreams of millions of Emiratis, Arabs and expatriates in the UAE. The wait is now finally worth as the UAE made history on Tuesday 9th Feb 2020, the United Arab Emirates just became the fifth nation to successfully send a spacecraft to Mars when its robotic probe, named Hope, began orbiting the red planet.

The Emirates Mars Mission “Hope Probe” will be the first probe to provide a complete picture of the Martian atmosphere. The mission was initiated six years ago to come to fruition at the time of the UAE’s golden jubilee (The federation was founded on 2 December 1971). Having only recently started (2009) flying satellites at Earth, the nation didn’t have the full skill set to mount an interplanetary mission.

What will the probe study?

The Hope probe is expected to provide the first-ever complete picture of the Martian atmosphere. It will do this by monitoring weather changes throughout the day during all seasons — something no other mission to the Red Planet has done to date.

One example of weather phenomena in Mars that the UAE hopes to study are the famous, massive dust storms that have been known to engulf the Red Planet — as compared to the short and localized dust storms on earth.

It will also focus on better understanding the link between weather changes in Mars’ lower atmosphere, with the loss of hydrogen and oxygen from the upper layers of the atmosphere.

The probe, for the first time, will study the link between weather change and atmospheric loss, a process that may have caused the Red Planet’s surface corrosion and the loss of its upper atmosphere.

Exploring connections between today’s Martian weather and the ancient climate of the Red Planet will give deeper insights into the past and future of Earth and the potential of life on Mars and other distant planets.

This plays into the story of why the planet is now missing most of the water it clearly had early in its history. However, the goal is to study how the different layers of the atmosphere interact with one another and how those interactions change depending on the time of day and year.

It will take about 55 hours to complete one orbit. Scientists will be able to learn the details about atmospheric changes in Mars and this study is expected to continue for one Martian year (687 Earth days).

Objectives of the Mission:

  • Integrate the global Mars science community on specific and vital questions.
  • Examine why Mars is losing its upper atmosphere to space. Track the behavior and escape of oxygen and hydrogen as well as the building blocks of water.
  • Study the connection between the upper and lower levels of the Martian atmosphere.
  • Create a first global picture of how the Martian atmosphere alters through the course of a day and between different seasons.    
  • Observe various weather phenomena such as temperature patterns and dust storms. Understand how the atmosphere interacts with the Mars topography.
  • Examine and uncover the causes of surface corrosion.
  • Look for the connection between the real climate of Mars and todays’ weather. 

The excitement across the nation is palpable. Buildings are being lit up in red to celebrate the success of the mission. It is a great inspiration to the youth and Arab youth in general to take up STEM subjects in school and at higher education levels.

The successful arrival of the UAE’s Hope Probe to Mars has made us the world’s first Arab and Islamic country to reach Mars!

Categories
Blogs

Last Sprint for the Filing of the ESR Notification and Economic Substance Report in the UAE!

The Ministry of Finance’s portal for the filing of the Notifications and Economic Substance Reports is now live!

The due date for filing the ESR notification and report (for the reporting period ending 31st December 2019) is 31st December 2020.

In August 2020, the UAE Cabinet issued updated economic substance regulations which revoked and replaced the previous economic substance regulations introduced in 2019. The new ESR is accompanied by updated guidance on the application and interpretation of the new ESR and notice regarding the deadline for submission of notification and reporting under the new ESR.

The new ESR together with the supporting documents have introduced important changes to the economic substance regime. All entities should re-assess whether they fall within the scope of the new ESR and if so, will be required to submit (or resubmit) notification to the Ministry of Finance portal.

Given that the ESR notification and ESR report are due less than a month from now, businesses should start concluding their ESR assessments as soon as possible.

Failure to comply and submit the Notification and Substance Report within the allotted time frame shall result in penalties.