Abu Dhabi Global Market implements major reductions in corporate licensing fees
Date
7/18/2024 7:20:06 AM
(MENAFN) Abu Dhabi Global Market (ADGM) has announced sweeping revisions to its company licensing fees, slated to take effect from January 1, 2025, aimed at easing the transition for businesses operating on Al Reem Island. The reforms will see non-financial and retail companies benefitting from reductions of 50 percent or more in licensing fees.
In a press release, ADGM highlighted that these changes are designed to bolster its robust business ecosystem, enhancing the appeal and accessibility of its regulatory framework for companies across diverse sectors. The adjustments reflect ADGM's commitment to fostering a conducive environment for business growth and innovation.
Specifically, registration fees for non-financial companies will be slashed from USD10,000 to USD5,000, with annual license renewal fees reduced from USD8,000 to USD5,000. Similarly, retail company registration fees will be reduced by two-thirds, dropping from USD6,000 to USD2,000, while annual renewal fees will decrease by 50% to USD2,000.
These revised fee structures are scheduled to coincide with the conclusion of the current transitional period on December 31, 2024, and will apply uniformly across the entirety of Abu Dhabi World, encompassing Al Maryah and Reem Islands.
ADGM noted that the fee adjustments follow extensive consultations conducted throughout 2023 in collaboration with a select group of companies operating on Reem Island. These consultations aimed to gather insights, feedback, and proposals regarding the expansion of ADGM's geographical footprint and regulatory incentives.
The move underscores ADGM's proactive approach in adapting to market dynamics and enhancing its competitiveness as a preferred business hub in the region, fostering growth opportunities and economic resilience.
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