Abu Dhabi is the capital of the United Arab Emirates, and the various government efforts of the country have made Abu Dhabi one of the most sought after places to set up a business. Though the city of Dubai is the recipient of most of the limelight, Abu Dhabi is comparatively a quieter place and thus is suitable both for corporates and families. We all know about the presence of the various free zones which are scattered all around the United Arab Emirates.
In this blog, we will be talking about the Abu Dhabi Global Market, and we will also find out how can a company registered in the Abu Dhabi Global Market benefit by having proper accounting services.
Abu Dhabi Global Market (ADGM)
As we know that most of the free zones are designated to provide services to a specific sector or business, the Abu Dhabi Global Market which has been established with the help of a Federal Decree in 2013 and caters to the need of the financial sector. This Free Zone takes up all of the Al Mayrah Island and has its own commercial and civil laws. It has been designated as the financial centre of Abu Dhabi and plays a significant role in the Economic Vision of Abu Dhabi.
The ADGM became fully operational in the year 2015, and all the decisions in the Free Zone are taken up by Three autonomous authorities. These authorities are:
1. Registration Authority
The Registration Authority is accountable for the Registration, Incorporation and the Licencing of all companies that come to the Free Zone and also help to provide all the government-related services to the companies in need.
2. Financial Services Regulatory Authority (FSRA)
This regulatory authority provides all the legal services that can be required by an up and coming business and are responsible for inculcating a favourable legal business environment in the Free Zone. The aim of the Financial Services Regulatory Authority (FSRA) is to provide, fair, transparent and efficient marketplace.
3. Abu Dhabi Global Market (ADGM) Courts
The ADGM courts opened up on 30th May 2016. The courts help the Free Zone to realize the aims and objectives of providing the best possible legal help to the businesses and provide a very suitable business and legal environment to the markets. The AGDM Courts are considered as one of the primary fora for the conducting of international trade.
Benefits of setting up a Company in the Abu Dhabi Global Market
The Abu Dhabi Global Market aims to provide an environment that will allow the companies established in the free zone to reach their full potential. The various benefits that a company established in the Free Zone are:
● Complete Ownership
A foreign businessman can own100% of his business without engaging in the services of a local sponsor.
● Repatriation of Profits
A foreign businessman has the right to 100% repatriation of all profits and also the capital that has been brought in by the person.
● Simplified Business setup
The business setup processes are comparatively streamlined and straightforward, making business setup in the free zone a straightforward process.
● No requirement of physical space
There is no need for physical office space in the free zone.
● No restriction of Currency
There is no limitation on any currency, and every type of Currency can be used in the transactions.
● No restriction of Nationality
The Free Zone strives to provide a suitable business environment for people of all nationalities.
There are many more benefits that a company can avail by setting up the company in the Free Zone, but setting up a company is not the only thing you need to worry about. After setting up a company, you need to take care of various things such as Accounting, Auditing etc.
Need for Accounting in the Abu Dhabi Global Market
With proper Bookkeeping and Accounting, the management of a company can keep track of all the different transactions done by the company and also the financial condition of the company. After keeping a record, the proper analysis of these records can provide us with a final decision that can be taken by the companies.
With access to the global markets and with the presence of entrepreneurs and people in business from all over the world, it is imperative to understand the working of the company and take decisions accordingly. This will allow the company to grow without any hindrance and the management of the company will be prepared for any future event.