Invites entrepreneurs to raise funds and later list those startups on the financial exchange
The Abu Dhabi Global Market (ADGM) on Saturday launched a commercial licence for technology startups at a nominal cost of Dh2,570, inviting entrepreneurs to raise funds and later list those startups on the financial exchange.
The financial centre said in a statement that the new licence is highly flexible, offers four residential visas and meets the requirement for a registered address at a nominal cost of $700 (Dh2,570).
The startup licence will help companies to begin with seed funding and then progress onto an IPO in a reputable legal framework and robust regulatory regime where the startups can access funds and meet bankers, family offices and advisors, it added.
The Dubai International Financial Centre (DIFC), the other major financial centre, has also been promoting financial technology startups through its Fintech Hive programme, the first financial technology accelerator in the region. The accelerator invites startups from the region and around the world to pitch their ideas to join a programme that grants them access to and feedback from potential clients and investors.
In addition, the ADGM has also launched a Professional Services Support Programme in partnership with local and international advisers to help entrepreneurs from all sectors build business skills and enhance the investability and scalablility of their ventures, covering areas such as legal, compliance, finance, accounting and value-added tax (VAT).
Dhaher bin Dhaher Al Mheiri, CEO of the ADGM Registration Authority, said the tech startup licence and the Professional Services Support Programme provide "tangible solutions" to address set-up costs, access to funding and business support.
"Together with the many excellent support initiatives from the Abu Dhabi government and the greater entrepreneurship ecosystem, they will serve to make Abu Dhabi an even more attractive base for new businesses and ultimately promote economic diversification, foster growth and stimulate the region's innovation environment," Al Mheiri said.
Omeed Mehrinfar, managing partner of Plug and Play, one of the largest innovation platforms and incubators, said with the new licence and Professional Services Support Programme, startups will be able to leverage the financial centre's top-tier ecosystem of investors, advisors and corporate partners and operate their businesses at scale.
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