The Abu Dhabi Global Market (ADGM) has launched a new commercial licence for ADGM tech start-ups, it was announced on Saturday.
The licence will allow entrepreneurs to obtain an ADGM operational licence, as well as the option to apply for four residential visas and meet the requirement for a registered address through a range of options, at a nominal cost of $700 (AED2,570).
ADGM has also launched a ‘professional services support programme’, a partnership with local and international advisors that is designed to help entrepreneurs in various sectors improve their business skills and enhance their business.
The programme will also cover topics including legal, compliance, finance, accounting and value-added tax (VAT).
“The tech-start up licence and professional services support programme provide tangible solutions to address setup costs, access to funding and business support,” said ADGM Registration Authority CEO Dhaher bin Dhaher Al Mheiri. “They are only two of the many ADGM initiatives designed to help this important sector.”
“Together with the many excellent support initiatives rom 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.
Omeed Mehringar, the managing partner of Plug and Play, one of the world’s largest incubators, said that the company sees ADGM as an “ideal platform” to host start-ups that are looking to expand in the GCC and the greater MENA region.
“With the new licence and professional support programme, start-ups will be able to leverage ADGM’s top-tier ecosystem of investors, advisors and corporate partners and operate their businesses at scale,” he said.For all the latest business news from the UAE and Gulf countries, follow us on Twitter and Linkedin, like us on Facebook and subscribe to our YouTube page, which is updated daily.
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