An ADGM Special Purpose Vehicle (SPV) will not be suitable for all applicants and the following requirements and restrictions should be considered:
Purpose: A SPV is a passive entity that can be used to hold assets and cannot be used to engage in commercial activities or sponsor employees. Its purpose needs to be clear and achievable within 6 months from the date of incorporation of the SPV.
ADGM Authorised Signatory: An SPV must have a GCC National or UAE Resident appointed as the Authorised Signatory for the SPV. Clara can provide nominee services if you do not have a qualifying person to fulfil this role.
Appoint a Company Service Provider: 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. A non-exempt ADGM SPV must use the registered office address of their CSP.