Abu Dhabi Global Market announced significant changes to company license fees as part of measures to ease the transition process for companies operating on Al Reem Island.
The market said in a statement that it will start from January 1, 2025, applying significant reductions of 50% or more in license fees for non-financial companies and retail companies. He explained that this initiative aims to strengthen the essential comprehensive business system of Abu Dhabi Global, thus increasing the attractiveness and ease of companies from various sectors that fall under its regulatory framework.
Under the latest changes, registration fees for the “non-financial business” category will be reduced from $10,000 to $5,000, while annual license renewal fees for the same category will be reduced from $8,000 to $5,000. Significant two-thirds reductions have also been applied to retail business registration fees, from $6,000 to $2,000, and annual retail business license renewal fees will be reduced by 50% to $2,000.
These revised fees will come into effect on 1 January 2025, coinciding with the end of the current transition period on 31 December 2024. The new fee structure will apply across the entire geographic scope of the Abu Dhabi Global Market, which includes Al. Maryah and Al Reem Islands.
Abu Dhabi Global said the new fee changes came after consultations it carried out in 2023 in collaboration with a select group of companies working on Reem Island.
Hamad Sayyah Al Mazrouei, CEO of Abu Dhabi Global Market Registration Authority, said: “To ensure a smooth and easy transition process for companies operating on Reem Island, Abu Dhabi Global and its registration authority continue to make proactive efforts and launch various initiatives. paying attention to the interests of the business community, for every decision made.”
He added: “In this context, we worked to analyze the financial impact of the transition process on different business categories, and we exempted non-financial retail companies that previously operated on Reem Island from the quota during the transition period. Continuing these efforts, we have revised the fee structure, applying significant discounts to these business categories starting next year, to mitigate and enable companies to transition to the Abu Dhabi Global Market. conduct their business effectively and efficiently in the market.
Abu Dhabi Global stated that the quota waiver initiative previously provided by the market for qualified companies operating in the financial and retail sectors of Reem Island will expire on October 31, 2024.
He stated that the complete list of registration and license renewal fees for new companies will be established from January 1, 2025, and will be published in December of this year.
Financial companies and emerging companies
Abu Dhabi Global Market has announced that it has revised the fees applicable to the “Financial Companies” category. This revision includes an increase in license fees from $15,000 to $20,000, in addition to an increase in annual license renewal fees from $13,000 to $15,000.
A change was also applied to the fees applicable to “tech and financial technology start-ups”, with registration and renewal fees increasing from $1,000 to $1,500. There was no adjustment in the fee for the “special purpose companies” category, which remained at $1,900.
