Abu Dhabi Global Market, the international financial center of UAE’s capital has announced the launch of a new commercial license for the technology startups and entrepreneurs.
According to a statement by ADGM, it’s a full operational license that costs $700 and allows startups to apply for four residential visas and also get a registered address through different available options.
Even though the statement did not specify, it can be assumed that the $700 is the annual cost for the first year and the charges for renewing the license could be higher. The $700 most likely also does not cover the cost of residential visas. But even without that it could be a great bargain for startups who currently have to rely on different free zones in UAE that normally start from $5,000 without the residential visas.
The newly launched license is sector agnostic and will allow entrepreneurs to “obtain an ADGM operational license, taking advantage of the same globally recognized international operating standards that current ADGM funds, multinationals, SMEs, advisers and other registered entities benefit from.”
ADGM has also announced the launch of its Pofessional Services Support Programme that has been made possible due to partnerships with leading local and international advisers to help entrepreneurs and enhance the investability and scalablility of their ventures, covering areas such as legal, compliance, Finance, accounting and VAT.
Speaking about the launch of ADGM Tech Startup License, Dhaher Bin Dhaher Al Mheiri, CEO of the ADGM Registration Authority said, “The Tech Start-up License and the Professional Services Support Programme provide tangible solutions to address set-up costs, access to funding and business support. They are only two of the many ADGM initiatives designed to help this important sector.”
“Together with the many excellent support initiatives from Abu Dhabi government and the greater entrepreneurship ecosystem, they will serve to make Abu Dhabi an even more attractive base for new businesses and ultimately promote economic diversification, foster growth and stimulate the region’s innovation environment,” he added.
For now, we could not find details about the license on ADGM’s website so we’re not sure about the registration process. As soon as we have more details, we’ll update the story or write another one to keep you guys posted.
Latest posts by MB Staff (see all)
- Rush Brush witnesses increased consumer demand during pandemic - September 21, 2020
- Saudi angel groups Riyadh Angels and Najd Angels announce merger - September 14, 2020
- Kuwait’s Boutiqaat looking to raise fresh funds at a valuation of up to $1 billion: report - June 25, 2020