An ADGM Representative Office is a specialized branch of an established financial firm that operates within the Abu Dhabi Global Market (ADGM). While regulated by the Financial Services Regulatory Authority (FSRA), this office type is distinct from other Authorised Firms due to its lack of capital requirements. This unique structure allows firms to establish a presence in ADGM without the financial obligations typically associated with other types of licenses.
Key Functions of an ADGM Representative Office:
Promotion and Marketing: The Representative Office can market and promote the financial products and services offered by its parent company or other group entities.
Introductions and Referrals: It can facilitate introductions and referrals to the parent firm.
Distribution of Materials: The office is allowed to distribute marketing materials, such as fund prospectuses and investment research.
Information Provision: It can provide information on the parent company's products and services.
Restrictions for ADGM Representative Office:
No Advisory Role: The Representative Office cannot provide advisory services or arrange deals in investments.
No Order Handling: It is not permitted to receive or transmit orders.
No Investment Advice: The office cannot offer opinions, recommendations, or specific investment advice.
No Invoicing: It is prohibited from invoicing clients for services.
No Regulatory Capital Requirements: As a branch of a foreign entity, it does not have regulatory capital or share capital requirements.
MVG Dubai Office Support
Partnering with MVG Dubai Office provides valuable expertise and support throughout the ADGM Representative Office application process. Our services include:
Regulatory Guidance:
Introduction to the FSRA and assistance with navigating the regulatory landscape.
Drafting and submission of Regulatory Business Plans and related documents.
Comprehensive Application Support:
Preparation of regulatory applications for the entity and authorized individuals, including Principal Representative and Money Laundering Reporting Officer (MLRO).
Development of essential policies and manuals, such as Compliance Manual, Anti-Money Laundering Policy, Risk Management Policy, and Corporate Governance Framework.
Operational Setup:
Assistance with office lease arrangements and introductions to UAE banks for account opening.
Provision of full-time or part-time functions, including Executive Director/Non-Executive Director (ED/NED) and Principal Representative roles.
Regulatory Liaison:
Ongoing communication with the FSRA to address queries and manage the application process until the in-principle approval is obtained.
Continued support until the issuance of the formal financial services license.
By leveraging MVG Dubai Office’s expertise, businesses can efficiently navigate the regulatory requirements and establish a successful ADGM Representative Office, enhancing their presence and operations in the region.