Abu Dhabi Global Market (ADGM) on Saturday announced the launch of a new commerical licence for start-ups.
The financial free zone said the licence was not sector specific and would enable entrepreneurs to operate under the same standards as other companies under its remit including a common law framework.
ADGM said start-ups could receive the full licence, the option for four residency visas and a registered address through options beginning at $700.
The zone said it was also introducing a professional services support programme in partnership with local and international advisors to help entrepreneurs develop their business skills, improve their attractiveness for investors and scale their operations.
“The Tech Start-up License and the Professional Services Support Programme provide tangible solutions to address set-up costs, access to funding and business support,” said ADGM Registration Authority CEO Dhaher Bin Dhaher Al Mheiri.
“Together with the many excellent support initiatives from 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.”
ADGM has previously sought to position itself as a fintech hub through the FinTech Abu Dhabi Innovation Challenge and a Regulatory Laboratory Programme allowing financial start-ups to test their ideas.
The new licence broadens the zone’s remit beyond the financial industry to other sectors and could place it in competition with other start-up-friendly zones in Dubai and the wider UAE.