Comparing Cayman Islands and ADGM

	Cayman Islands	ADGM
How much does it cost?	Incorporation fee: USD 2,889.02 Renewal fee: USD 2,350	Incorporation fee: USD 3,295 Renewal fee: USD 3,195
How long does it take?	5 to 7 working days	5 to 7 working days
What is the process?	Online incorporation on the Clara platform. Purchase the formation package and submit the KYC documents on Clara.	Online incorporation on the the Clara platform. Purchase the formation package and submit the KYC documents on Clara.
Is my company required to carry out certain activities to demonstrate economic substance?	Yes - click here to read more.	Yes - click here to read more.
What are the tax considerations?	Tax free jurisdiction	Tax free jurisdiction
Am I required to have a director who is a resident in the jurisdiction?	No	No. However a UAE resident or GCC National is required to be appointed as an Authorised Signatory. Clara can provide a nominee service for an annual fee.
Are multiple classes of shares allowed?	Yes	Yes
Are there restrictions on shareholders or capital?	None	None
Law	Common Law	Common Law
Audited Accounts	Not required unless: The company activity is regulated by Cayman Island Monetary Authority; or The company is acting as a private fund.	Not required unless: Revenue of the Group exceeds USD 13.5 million; or The employee count of the Group exceeds 35 employees.
Other points to consider	All companies in the Cayman Islands renew on 31 December regardless of the date of incorporation.	Must have nexus to the GCC. An SPV must be used to hold at least one asset in the GCC (shares or other assets) or 25% of the shares in the SPV will be owned by shareholder(s) in the GCC.