Abu Dhabi Global Market Cuts Fees By 50% For Non-Financial, Retail Businesses From January

Abu Dhabi Global Market (ADGM), the UAE capital's international financial hub, has announced a new fee schedule for obtaining and renewing commercial licenses. Starting Jan. 1, fees for non-financial and retail businesses within ADGM will be reduced by 50% or more.

This move is designed to improve ADGM's business environment, making it more appealing and accessible to different types of businesses, WAM reported. Under the new fee schedule:

Non-Financial Category:

• The initial registration fee is reduced from US$10,000 to US$5,500.
• The annual license renewal fee is reduced from US$8,000 to US$5,000.

Retail Category:

• The initial registration fee is reduced from US$6,000 to US$2,500.
• The annual license renewal fee is reduced from US$4,000 to US$2,000.

These fee changes are aligned with the end of the Al Reem Island transition period, which concluded on Dec. 31. The new fees apply across the entire ADGM jurisdiction, including Al Maryah and Al Reem Islands.

The updated fee structure follows consultations held in 2023 with ADGM's business community. These discussions focused on expanding the jurisdiction and making it easier to do business.

Based on the feedback, the Registration Authority (RA) reviewed the fees to ensure the new structure supports ADGM's growing commercial landscape and facilitates a smooth transition for its expanding businesses.

"The revised fee structure reflects our commitment to supporting businesses within ADGM's thriving jurisdiction," CEO of ADGM RA Hamad Sayah Al Mazrouei said.

He added, "By significantly reducing fees for non-financial and retail categories, we aim to cultivate a vibrant and efficient business ecosystem, reinforcing ADGM's position as a leading international financial hub."

With the end of the Al Reem Island transition period on Dec. 31, fee exemptions for eligible non-financial and retail businesses have been removed. The updated fee schedule also includes changes for other categories:

• Financial Category: Initial registration fees have increased from US$15,000 to US$16,700, while annual renewals have gone up from US$13,000 to US$16,200.
• Tech Startups: Fees have been raised from US$1,000 to US$1,500 for both new registrations and renewals.

Furthermore, a US$300 data protection fee will continue to apply for all categories when registering or renewing a license.