An ADGM SPV is required to use an ADGM licensed Company Service Provider (CSP) to set up their ADGM SPV and to manage the SPV once incorporated unless they can show that they are an exempt SPV.
To be an exempt SPV, the incorporating shareholders must demonstrate to the satisfaction of the ADGM Registrar, that the entity falls into one of the following categories of exemption:
A body corporate (or its subsidiary) established by decree or federal law
An entity registered in ADGM holding a Financial Services Permit issued by the FSRA
An entity licensed or regulated by the Central Bank of the UAE
An entity whose shares are admitted to trading on UAE regulated market
A company with adequate presence in the UAE, taking into consideration assets, employees, governance policies and procedures.