The Essentials 

Not sure how non-exempt SPVs or foundations comply with ADGM rules? 

Under the CSP Framework, you must appoint an ADGM‑licensed Company Service Provider to handle incorporation, registered office, statutory filings, and ongoing compliance. CSPs are regulated, maintain minimum capital, have in-office staff, and file annual audited accounts and compliance returns. 

The Abu Dhabi Global Market (“ADGM”) Company Service Provider (CSP) Framework was first introduced on 12 April  2021 to establish a robust and internationally recognized regulatory regime for the provision of company services in ADGM. The primary objectives are to: 

• strengthen oversight of company services providers operating in or from ADGM; and 

• support the sustainable growth of ADGM’s Special Purpose Vehicles (SPVs) and Foundations ecosystem.  

Under the ADGM CSP Framework, non‑exempt SPVs and foundations must appoint an ADGM‑licensed Company Service Provider for incorporation and ongoing statutory compliance.  

What Are “Company Services” under the ADGM CSP Framework? 

“Providing company services” in ADGM is a controlled activity under the Commercial Licensing Regulations. It includes: 

• acting as an incorporation agent for the registration and incorporation of ADGM body corporates; 

• providing company services to entities incorporated/registered under the Companies Regulations 2020 or the Foundations Regulations 2017; 

• acting as a Registered Office Provider; 

• providing directors, secretaries, councillors, registered agents, or other officers to any ADGM body corporate; and 

• providing nominee shareholders to companies in ADGM.  

A Registered Office Provider specifically means providing a registered office address to an ADGM‑registered body corporate.  

Being granted an ADGM CSP license enables a firm to undertake these activities and be appointed to provide company services (e.g., company formation, registered office address, and statutory filing services) for non‑exempt SPVs and foundations.  

Key Requirements of the ADGM CSP Framework 

The CSP regulatory framework has evolved since its introduction and now includes enhanced rules designed to improve compliance and governance standards for CSPs operating in ADGM. These include: 

1. Licensing & Regulatory Criteria 

To be licensed and maintain a CSP license in ADGM, an entity must: 

• satisfy the fit and proper test; 

• demonstrate adequate financial, human, and technical resources; 

• have staff physically present in ADGM premises; 

• maintain minimum regulatory capital; 

• obtain appropriate professional indemnity insurance; 

• establish robust policies, procedures, and controls; and 

• meet other conditions of license as set out in the Commercial Licensing Regulations and related rules.  

These licensing conditions ensure that CSPs operate prudently and in line with internationally accepted standards.  

2. Ongoing Compliance Obligations 

CSPs are subject to continuing regulatory requirements, including: 

• annual certification of CSP staff; 

• filing of audited accounts regardless of entity size; 

• annual compliance returns to the ADGM Registration Authority (RA); and 

• dedicated compliance and AML officers with clear responsibilities.  

3. Appointment & Notification Obligations 

• All new non‑exempt SPVs or foundations must be incorporated by an ADGM licensed CSP.  

• Existing non‑exempt SPVs and foundations must notify the ADGM Registrar of the appointment or cessation of their ADGM CSP within 14 days of the change.  

Non‑Exempt vs. Exempt SPVs and Foundations 

Not all ADGM SPVs and foundations are required to appoint a licensed CSP. 

Non‑Exempt SPVs/Foundations 

A non‑exempt SPV or foundations in ADGM is one that does not satisfy the exemption criteria and therefore must: 

• appoint a licensed CSP; 

• use the CSP’s registered office address; and 

• rely on the CSP to complete ongoing filings and statutory obligations with the Registrar.  

Exemptions 

Entities may be exempt from appointing a ADGM CSP if they can demonstrate to the Registrar, among other things, that they: 

• have significant presence in the UAE (e.g., substantial assets, employees, governance framework); 

• are subsidiaries or related to regulated financial entities; or 

• are otherwise captured under specific exemption categories set out in the ADGM Regulations.  

Exemption assessments are made on a case‑by‑case basis and require submission of supporting evidence. 

How MS as an ADGM‑Licensed CSP Can Help? 

As a licensed Company Service Provider in ADGM, MS offers support for SPVs and foundations set up in ADGM, including: 

• Entity formation & incorporation – handling all applications and regulatory requirements. 

• Registered office & compliance services – providing an ADGM office address, statutory filings, and annual compliance support. 

• Governance & advisory – guiding on corporate governance, regulatory compliance, and strategic structuring. 

• Risk & reporting support – assisting with annual accounts, compliance returns, and risk management frameworks. 

With MS as your CSP, your SPV or foundation set up in ADGM remains fully compliant, allowing you to focus on growth and strategic objectives.