Abu Dhabi Global Market (ADGM), the leading international financial centre in the MENA region, signed a Statement of Co-operation (SoC) with Companies House Gibraltar (CHG), Gibraltar’s registration authority, on 19 October 2020. It is intended to enhance collaboration through the exchange of knowledge and ultimately to augment their respective registration functions.
The agreement will enable ADGM and CHG to develop their respective registry functions through the provision of expertise, the facilitation of applicable activities within their respective jurisdictions and the provision of support in the integration of international standards and best practice across their operations.
Signed by ADGM Registration Authority Chief Executive Officer Dhaher bin Dhaher Al Mheiri and CHG Registration Authority Managing Director Bruno Goutaland de Greysier, they have also agreed to provide training and secondment opportunities that will serve to strengthen their relationship and boost mutual business opportunities.
“We are pleased to enter into an agreement with Companies House Gibraltar as we aim to develop a productive partnership that results in the continued development of our respective registration functions,” said Dhaher bin Dhaher Al Mheiri. “Through this agreement, we look to reinforce and develop our current registration function further, in line with best practices and international standards. We are confident that this agreement will serve as a gateway to the achievement of our strategic objectives and contribute significantly to our development as an international financial centre.”
The ADGM is an attractive venue for a broad range of professional and business services, along with family businesses, corporate headquarters and various management functions. It also provides a beneficial environment for domicile holding companies, special purpose vehicles and other structures to hold and protect assets, while having the independent court system modelled on the English judicial system to create a coherent and recognised legal framework and judicial system.
CHG is Gibraltar’s exclusive authority responsible for registering all legal entities across the British overseas territory, as well as holding the entirety of the records concerning these legal entities and making these records available for public consultation. The standard rate of corporate tax is 10%, which is levied only on profits accrued in or derived from Gibraltar. There is no withholding tax on dividends, interest or royalties.