Application for Temporary License. Guidance

Transcription

1 Application for Temporary License Guidance

2 Contents Contents... 2 Introduction... 3 Registration Authority Office... 3 The Registrar s main functions under Companies and Commercial Licensing Regulations... 3 Opening Hours... 3 Application for a Temporary License in ADGM... 4 Business activities... 4 How to file an application for temporary license Create an Account Complete an application for temporary license... 6 Fees... 9 Payment... 9 Approval Process... 9 The effects of issuance of the temporary license... 9 Disclaimer Guidance Application for Temporary License Page 2 of 10 Ver1.2 /

3 Introduction Abu Dhabi Global Market ( ADGM ) was established pursuant to Abu Dhabi Law No. 4 of 2013 as a financial free zone in the Emirate of Abu Dhabi, with its own civil and commercial laws. ADGM offers market participants a world class legal system and regulatory regime. This document has been written to guide potential registrants through the process of obtaining temporary license. This document gives a comprehensive step by step guide to the practicalities of this process, providing greater understanding of what is required from the potential applicants and highlighting some of the issues to be aware of. The Registration Authority will do all that it can to ensure that the process of issuance of a temporary license is as easy and as seamless as possible. Registration Authority Office The Abu Dhabi Global Market Registration Authority (the Registrar or the ADGM RA ) is one of the three independent authorities of ADGM. The Registrar is an independent body which has the powers, among other things, to license and register the ADGM establishments. The Registrar s office is located at 3rd floor, ADGM Building, Abu Dhabi Global Market Square, Al Maryah Island, Abu Dhabi, United Arab Emirates. The Registrar s main functions under Companies and Commercial Licensing Regulations Registration of ADGM establishments Registration of business names and maintenance of register Registration of post incorporation documentation and event driven filings Registration of changes in business name particulars Registration of changes in directors, officers, shareholders and share capital Enforcement, prosecution and strike off, dissolution or restoration of ADGM establishments Cancellation of Commercial Licenses, amendment, suspension, etc. Opening Hours The Registrar s office is open from Sunday to Thursday, 9:00am to 3:00pm and may be contacted during normal working hours at or by at ra@adgm.com Guidance Application for Temporary License Page 3 of 10 Ver1.2 /

4 Application for a Temporary License in ADGM Potential applicants who are interested in having a temporary promotional stand, kiosk or food cart in the designated areas of The Galleria or other designated areas of Abu Dhabi Global Market Square or other locations on Al Maryah Island in ADGM must file an application for a temporary license. Every application for obtaining a temporary license must be lodged in the office of ADGM Registration Authority ( ADGM RA ) prior to commencing operation of the temporary promotional stand, kiosk or food cart. An integral part of such application is to obtain a No Objection Certificate from Gulf Related or any other relevant authorities to operate a stand, a kiosk or a food cart. A copy of such No Objection Certificate must be lodged together with the application form along with other documents. Business activities Company who wishes to obtain temporary license to operate a temporary promotional stand, kiosk or food cart in the designated areas in ADGM must specify in its application the activities it intends to conduct in ADGM. These activities will be reflected in the temporary license issued by ADGM RA. The activities to be conducted at the stand are limited to non financial activities and also limited to promotional activities of marketing nature to raise awareness about a business or a service. Unless the application for temporary licence is made for a pop up store concept or food cart, no business deals are to be concluded at the temporary stand, or documents for business deals signed, or money received in exchange for services or products. Only referral to the main office in the UAE for obtaining services or products is permitted. It is prohibited to conduct business activities listed below which are financial services: Financial and insurance activities Monetary intermediation Accepting Deposits Trusts, funds and similar financial entities Managing Assets Managing a Collective Investment Fund Providing Trust Services Acting as the Trustee of a Fund Other financial service activities, except insurance and pension funding activities Providing Credit Managing a Profit Sharing Investment Account Dealing in Investments as Principal Dealing in Investments as Agent Operating a Representative Office Insurance Effecting Contracts of Insurance Carrying out Contracts of Insurance Activities auxiliary to financial service activities, except insurance and pension funding Operating an Exchange Providing Money Services Arranging Credit or Deals in Investments Advising on Financial Products or Credit Providing Custody Arranging Custody Operating a Clearing House Operating an Alternative Trading System Operating a Credit Rating Agency Operating a Multilateral Trading Facility or Organised Trading Facility Providing Information in Relation to a Specified Benchmark Activities auxiliary to insurance and pension funding Insurance Intermediation Insurance Management Fund management activities Providing Fund Administration Guidance Application for Temporary License Page 4 of 10 Ver1.2 /

5 Application for Temporary License Guidance How to file an application for temporary license The Application for temporary license can be filed and paid online through ADGM Registry online solution. 1. Create an Account Step 1: Go to and select Register Step 2: Complete the form.

6 Step 3: Select Create 2. Complete an application for temporary license Step 1: Select Online Services > Companies > Registration > Application for Temporary License. Guidance Application for Temporary License Page 6 of 10 Ver1.2 /

7 Step 2: Provide the details of the event and proposed activities. Step 3: Upload a copy of NOC and commercial license of the applicant. Guidance Application for Temporary License Page 7 of 10 Ver1.2 /

8 Step 4: Complete the Applicant s details and select Next Step:.. Step 5: Review the information, provide the declaration and select Proceed to Payment Guidance Application for Temporary License Page 8 of 10 Ver1.2 /

9 Fees Below are the schedule of fees to be paid for a temporary license in ADGM. Transactions Application to obtain temporary license in ADGM Fees for a temporary license per month Fees $100 (one off) $400 (per month) Total $500 Payment Payment to the Registrar can be made through the following channels: Credit Card Credit card payment can be done by visiting our office: 3 rd Floor, Abu Dhabi Global Market Square Al Maryah Island, Abu Dhabi UAE Bank Transfer USD Account Bank Name: National Bank of Abu Dhabi Account Name: ADGM Registration Authority Account Number: IBAN Number: AE AED Account Bank Name: National Bank of Abu Dhabi Account Name: ADGM Registration Authority Account Number: IBAN Number: AE Approval Process All documents submitted to the Registrar are subject to checks. If the application is in order, a system generated temporary license will be ed to the applicant. The effects of issuance of the temporary license The issuance of the temporary license has the following effects as from the date of its issuance. (1) The temporary stand/kiosk/food cart can be installed in the designated area. (2) Marketing and promotional activities may be commenced. Guidance Application for Temporary License Page 9 of 10 Ver1.2 /

10 Disclaimer This Guidance (the Guidance ) is prepared in good faith for guidance purposes only and has no legal force. It provides answers to many frequently asked questions and provides information on completing the application for a temporary license. This is only a guide and should be read together with the relevant legislation, in particular, ADGM Commercial Licensing Regulations 2015 and any other relevant regulations and enabling rules, which may change over time without notice. The Guidance only refers to the procedures that need to be completed in relation to the Registrar. It does not cover other requirements as set out in the relevant legislation (which includes contact with the court and other obligations of an applicant). Further advice from a specialist professional may be required. While the Registration Authority makes every effort to ensure the accuracy and completeness of the information provided in this Guidance, Registration Authority makes no representations and/or warranties as to accuracy, completeness, correctness or suitability of any information contained within it. The information provided in this Guidance is not to be deemded, considered or relied upon as financial and/or legal advice and should not be treated as a substitute for a specific advice concerning individual situation(s). Any action you take upon the information provided in this Guidance is strictly at your own risk and Registration Authority will not be liable for any losses and damages in connection with the use or or reliance on information provided in this Guidance. For more information, you may contact the Registrar: Telephone No.: adgm.registration@adgm.com Address: 3rd floor, ADGM Building, Abu Dhabi Global Market Square, Al Maryah Island, Abu Dhabi, United Arab Emirates. Guidance Application for Temporary License Page 10 of 10 Ver1.2 /