Abu Dhabi Global Markets launches support measures for COVID-19 affected businesses
Year-long measures in line with UAE government’s COVID-19 initiatives
Abu Dhabi: In keeping with Abu Dhabi’s economic stimulus package to support the economic activity and facilitate business in the Emirate, Abu Dhabi Global Market (ADGM), the International Financial Centre in Abu Dhabi, has launched a set of financial and support measures to mitigate the adverse impact of the coronavirus (COVID-19) pandemic on registered entities operating in its financial free zone on Al Maryah Island.
“ADGM has prepared a set of support measures to assist our registered entities and the community through this challenging period. These measures will complement the current robust packages from the UAE Authorities and Abu Dhabi Government, and bolster the nation’s economic strategy and initiatives to keep our people and country sustainable and safe,” said Ahmed Ali Al Sayegh, Minister of State (UAE) and Chairman of Abu Dhabi Global Market.
ADGM support measures
(i) 100 per cent waiver on commercial licence renewal fees (with exception of special purpose vehicles (SPVs) and foundations licences) until 25 March 2021
(ii) 100 per cent waiver on business activity renewal fees until 25 March 2021
(iii) 100 per cent waiver on data protection renewal fees until 25 March 2021
(iv) 100 per cent waiver on new temporary work permits issuance, renewal and late application fees until 25 March 2021
(v) 100 per cent waiver on annual Funds fees until 31 December 2020
(vi) 100 per cent refund of annual Funds fees already paid by FSRA regulated entities for 2020
(vii)50 per cent refund of Supervision fees already paid by FSRA regulated entities for 2020
(viii) 50 per cent waiver on any new Financial Services Authority (FSRA) supervision fees to be collected until 31 December 2020
(ix) Deferment of rental payments and service charges for office tenants at ADGM Square on Al Maryah Island for 2020
“The ADGM support measures are effective immediately and many of which are applicable until late March 2021. We will continue to work closely with everyone to weather this storm together and become a stronger and more resilient financial and business marketplace,” said Al Sayegh.
Open for business
ADGM and all its Authorities, including the ADGM Academy and the ADGM Arbitration Centre, remain fully operational and all the services are available digitally. ADGM has, and will continue to, actively provide its community with the latest guidance to safeguard the health and well-being of the businesses and community on Al Maryah Island.