This ADGM guidance document clarifies exemptions from the requirement to appoint a Company Service Provider (CSP) as outlined in the Companies Regulations 2020. It details specific scenarios where a body corporate, particularly subsidiaries, may be exempt, focusing on factors like regulatory status of the parent company and demonstration of adequate presence in the UAE. The document provides examples and criteria for assessing these exemptions.
Key requirements
- Subsidiaries of entities exempt under the Commercial Licensing Regulations 2015 (Exemptions) Order 2020 are exempt from appointing a CSP.
- Subsidiaries of authorized persons under the Financial Services and Markets Regulations 2015 are exempt from appointing a CSP.
- Subsidiaries of companies whose shares are admitted to trading on a regulated market in the UAE (including ADGM) are exempt from appointing a CSP.
- A company can demonstrate adequate presence in the UAE based on assets, turnover, employees, and governance policies to be exempt from appointing a CSP.
Applies to: Bodies corporate seeking to establish a presence in ADGM and potentially eligible for exemption from appointing a Company Service Provider (CSP)