Abu Dhabi Global Market (ADGM) recently introduced a Company Service Providers (CSP Framework) which has been effective from July 12, 2021.
What is the CSP Framework?
The CSP Framework addresses the challenges and risks of increasing demand for ADGM's special purpose vehicles (SPVs) and foundations structures. It also introduces mandatory requirements for certain non-exempt SPVs and foundations to appoint a registered Company Service Provider (CSP) in ADGM.
Existing SPVs/Foundations
There is a transition period of max 12 months for SPVs/Foundations established before 12 July 2021. These entities will need to file their CSP appointment application before the license renewal date. New SPVs/Foundations need to appoint a CSP at the time of incorporation.
New SPVs/Foundations
New SPVs/Foundations will need to appoint a CSP at the time of incorporation. The appointment or withdrawal of a CSP must be filed within 14 days to the ADGM Registration Authority. Organisations that file late run the risk of incurring an automatic fine.
The role of a CSP
A non-exempt SPV/Foundation appointed CSP is responsible for:
- Maintaining all mandatory corporate records (incl. UBO information)
- Acting as registered office service provider
- Representing the company in its dealing with the ADGM Registration Authority
- Making notices/filings to the ADGM authorities on behalf of the company (incl. license renewal)
How Vistra can help
The good news is that Vistra is one of the first registered Company Service Providers, and we would be happy to be registered as the CSP for your company to help reduce your risk and ensure you comply with the regulation.
Below is the scope of work under the standard package we offer:
Scope of work
- Registered as a Corporate Service Provider for your Company
- Maintaining mandatory corporate records
- Provision of registered office services
- Assistance with filing of annual renewal of license and data protection
- Assistance with annual filing of Confirmation Statement
- Assistance with annual accounts filing
For further information, kindly contact [email protected] and we will get in touch with you.
