ADGM launches support measures for registered businesses

The Abu Dhabi Global Market (ADGM), 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.
Ahmed Ali Al Sayegh, Minister of State (UAE) and Chairman of Abu Dhabi Global Market, said: "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. 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."
The ADGM support measures include:
100% waiver on Commercial Licence renewal fees (with exception of SPVs and foundations licences) until 25 March 2021
100% waiver on Business Activity renewal fees until 25 March 2021
100% waiver on Data Protection renewal fees until 25 March 2021
100% waiver on new Temporary Work Permits issuance, renewal and late application fees until 25 March 2021
100% waiver on annual Funds fees until 31 December 2020
100% refund of annual Funds fees already paid by FSRA regulated entities for 2020
50% refund of Supervision fees already paid by FSRA regulated entities for 2020
50% waiver on any new FSRA Supervision fees to be collected until 31 December 2020
Deferment of rental payments and service charges for office tenants at ADGM Square on Al Maryah Island for 2020
- business@khaleejtimes.com