Abu Dhabi Global Market (ADGM), the domineering financial hub of the United Arab Emirates aims to revamp how startups receive commercial licensing throughout its states while empowering entrepreneurs through supporting them when it comes to attaining the internationally-renowned ADGM operational license that perks the interests of current ADGM funds, shareholders, and stakeholders.
The new law awards tech startups with plenty of room for flexibility in the senses of expansion and furthering their business efforts, with the option to secure a full operational license,a chance to request up to four residential visas while adhering to the obligation of having a registered address and all at a reasonable cost.
This type of tech startup-centric scheme is unlike any other law preceding it, as it comes to fruition through the collaboration of pioneering advisors regionally and globally, with the end goal of strengthening entrepreneurs by covering aspects such as legalities, profitability, the scale of their operations, financing, the accounting process in addition to it being available in industry-agnostic incubators and accelerators across the UAE.
The Chief Executive Officer of ADGM Dhaher Bin Dhaher Al Mheiri stated that “The Tech startup License and the Professional Services Support Programme provide tangible solutions to address set-up costs, access to funding and business support”, adding that the new initiative will “ultimately promote economic diversification, foster growth and stimulate the region’s innovation environment”.
