An ADGM Special Purpose Vehicle (SPV) will not be suitable for all applicants and the following requirements and restrictions should be considered:
Nexus: an applicant must be able to show adequate nexus with ADGM. The SPV must be used to hold an asset in the GCC or it will have shareholders resident in the GCC that hold (either individually or collectively) at least 25% of the SPV.
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 clearly defined in the business plan submitted as part of the application and must be 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.