TMF Group's increased presence in the UAE comes at a time where, despite the oil price slump, the number of companies looking to set up or establish in the region is growing.
Some may question the timing of our decision to open an office in Abu Dhabi, given the Middle East is heavily impacted by low oil prices – and they are set to remain at this level for some time, as shale companies in the US continue with operations.
However despite the oil price slump and the UAE's 4th place ranking on the latest Global Benchmark Complexity Index, the number of companies looking to set up or establish in the Emirates is growing.
Why?
Abu Dhabi, the capital and largest Emirate in the UAE, is growing its reputation as a tourist hub with a large expansion of the international airport underway and other significant developments including infrastructure, housing, schools and cultural projects - notably the construction of the Guggenheim museum and the scheduled opening of the Louvre Abu Dhabi on Saadiyat Island.
Abu Dhabi has also taken steps to make doing business much easier; with new financial free zone the Abu Dhabi Global Market (ADGM) on Al Maryah Island recently welcoming its first member companies.
The ADGM has significantly decreased bureaucracy for private and institutional investors, multinationals and even SMEs.
- It's possible to incorporate a legal entity that is wholly owned by a foreign corporation.
- The average setup time has been reduced to only two to three weeks for operational companies for all sectors.
- ADGM offers a holding and SPV regime and TMF Group is working closely with them to reduce formation formalities to just two to three days at a maximum.
The ADGM aims to complement the growing needs and diversity in the business markets in the UAE, and offer new and more streamlined options for a range of companies; financial, non-financial, regulated and non-regulated. With its own Courts and using the English Common Law system, ADGM is an exciting addition and TMF Group is pleased to now have a presence there.
The content of this article is intended to provide a general guide to the subject matter. Specialist advice should be sought about your specific circumstances.
We operate a free-to-view policy, asking only that you register in order to read all of our content. Please login or register to view the rest of this article.