ADGM Special Purpose Vehicle Support
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ACCOUNTING, TAX & COMPLIANCE SUPPORT FOR ADGM SPVS
An ADGM Special Purpose Vehicle (SPV) is a separate legal entity established for a specific passive purpose.
ADGM SPVs are not intended for ordinary operational business activities or for employing staff.
Elevate Accounting & Auditing provides accounting, tax, documentation and compliance support to businesses and individuals dealing with ADGM SPV requirements.
Our role is focused on helping clients understand relevant accounting and compliance obligations, organise supporting information and coordinate with the appropriate professional providers where required.
Official registrations, regulatory decisions and functions reserved for an ADGM-licensed Company Service Provider (CSP) remain with the relevant ADGM authorities and licensed providers.
WHAT IS AN ADGM SPECIAL PURPOSE VEHICLE?
An ADGM SPV is a separate legal entity designed for a defined passive purpose.
Unlike a conventional operating company, an SPV is generally not intended to conduct ordinary commercial operations or employ staff.
When dealing with an ADGM SPV, businesses may need to consider a range of administrative, accounting and compliance matters, including:
- ✓Ownership information
- ✓Directors and authorised signatories
- ✓Corporate records
- ✓Accounting records
- ✓Supporting documentation
- ✓Tax requirements
- ✓Beneficial ownership information
- ✓Statutory filings
- ✓Registered-office requirements
- ✓Changes to corporate information
UNDERSTANDING ADGM'S SPV FRAMEWORK
ADGM has specific requirements governing the registration and ongoing administration of Special Purpose Vehicles.
The ADGM Registration Authority is responsible for company registration and related corporate administration.
Some SPVs are also required to appoint an ADGM-licensed Company Service Provider.
This is why it is important to distinguish between:
- ✓Functions performed by ADGM authorities
- ✓Functions reserved for an ADGM-licensed CSP
- ✓Accounting and tax responsibilities
- ✓Compliance and record-keeping responsibilities
- ✓Supporting professional services
*Important Consideration
Elevate Accounting & Auditing focuses on the accounting, tax, documentation and compliance aspects relevant to the client.
Where a matter must be handled by an ADGM-licensed CSP or another appropriately licensed professional, that function remains with the relevant provider.
ADGM SPV REQUIREMENTS
Establishing and maintaining an ADGM SPV may involve a range of information and documentation.
Depending on the application and circumstances, this may include:
- Ownership Information
- Management Information
- Supporting Documents
- Business Information
- Registered Office
- Corporate Records
- Financial Information
*Keep in Mind: Additional documents or information may be required depending on the circumstances and the applicable ADGM requirements.
EXEMPT AND NON-EXEMPT ADGM SPVS
ADGM's Company Service Provider framework distinguishes between exempt and non-exempt SPVs.
A non-exempt SPV is required to appoint an ADGM-licensed Company Service Provider.
Certain SPVs may qualify for an exemption from the requirement to appoint a CSP where the applicable ADGM criteria are satisfied.
Whether an SPV qualifies for an exemption should not be assumed without reviewing the applicable ADGM requirements.
Where a CSP is required, functions reserved for that licensed provider must be performed by the appointed ADGM-licensed CSP.
Elevate Accounting & Auditing can assist with relevant accounting, tax, documentation and compliance matters alongside the appropriate professional providers.
ADGM SPV ACCOUNTING & COMPLIANCE
Registration is only one part of maintaining an ADGM SPV.
Depending on the entity and its circumstances, ongoing matters may include:
- ✓Maintaining accounting records
- ✓Maintaining corporate records
- ✓Beneficial ownership information
- ✓Applicable statutory filings
- ✓UAE tax compliance
- ✓Data protection requirements
- ✓Maintaining relevant supporting documentation
- ✓Changes to ownership or corporate details
- ✓Record retention
- ✓Other applicable corporate compliance requirements
*For your Attention
The exact obligations will depend on the SPV and the rules applicable to it.
For non-exempt SPVs, the appointed ADGM-licensed CSP also performs responsibilities assigned to the CSP under the applicable ADGM framework.
Elevate Accounting & Auditing can provide support with accounting, tax and related compliance matters within our professional service scope.
DOCUMENTATION & RECORD SUPPORT
Maintaining complete and accessible records can help businesses manage ongoing accounting and compliance responsibilities.
Elevate can assist clients with organising relevant:
- ✓Corporate documents
- ✓Accounting records
- ✓Financial records
- ✓Tax documents
- ✓Supporting schedules
- ✓Ownership information
- ✓Compliance documentation
- ✓Records required for professional review
*What to Remember: Where documents or filings must be prepared, submitted or maintained by an ADGM-licensed CSP, those functions remain with the appointed CSP.
WORKING WITH AN ADGM-LICENSED CSP
Under the applicable ADGM framework, non-exempt SPVs are required to appoint an ADGM-licensed Company Service Provider.
Certain company-service activities are specifically carried out by licensed CSPs.
Where a CSP is required, Elevate does not replace that provider or perform functions reserved for the licensed CSP.
Instead, Elevate can work alongside the client's CSP by assisting with relevant:
- ✓Accounting information
- ✓Financial records
- ✓Tax matters
- ✓Supporting documents
- ✓Compliance information
- ✓Professional coordination
WHAT ELEVATE CAN HELP WITH
Accounting & Bookkeeping
Support the maintenance of appropriate accounting records and financial information.
Financial Reporting
Assist with financial statements and relevant accounting schedules where applicable.
UAE Tax Support
Provide assistance with relevant UAE tax requirements based on the circumstances of the entity.
Documentation Support
Help organise accounting, tax and compliance-related documentation.
Compliance Support
Assist with relevant accounting and financial compliance matters.
Corporate Record Support
Help clients organise relevant corporate and financial records.
Professional Coordination
Work alongside the client's ADGM-licensed CSP or other professional providers where their involvement is required.
*Important To Understand
Our role is limited to the professional services we are authorised and qualified to provide.
We do not represent ourselves as ADGM, the ADGM Registration Authority, a regulator or an ADGM-licensed Company Service Provider unless expressly authorised to perform the relevant activity.
FREQUENTLY ASKED QUESTIONS
An ADGM Special Purpose Vehicle is a separate legal entity established for a defined passive purpose. It is not intended to operate like an ordinary trading business.
ADGM describes SPVs as passive entities. They are not intended for ordinary operational business activity or for employing staff.
Under ADGM's Company Service Provider framework, non-exempt SPVs are required to appoint an ADGM-licensed CSP. Certain SPVs may qualify for exemption where the applicable criteria are satisfied.
No. The requirement depends on whether the SPV is exempt or non-exempt under the applicable ADGM framework.
Non-exempt SPVs are required to appoint an ADGM-licensed CSP.
Requirements vary depending on the application and circumstances.
Relevant information may include identification documents, corporate documents, ownership information, business information, registered-office information and other supporting evidence requested as part of the applicable process.
Elevate Accounting & Auditing provides accounting, tax, documentation and compliance support.
Where registration, incorporation or other company-service activities are required to be performed by an ADGM-licensed CSP, those functions must be handled by the appropriately licensed provider.
Yes. Elevate can assist with bookkeeping, accounting records, financial reporting and related financial documentation based on the entity's requirements.
Elevate can assist with relevant UAE tax matters within its professional service scope, including reviewing applicable requirements, maintaining supporting documentation and assisting with tax compliance.
Tax treatment depends on the entity's specific circumstances and applicable UAE legislation.
No particular tax outcome should be assumed simply because an entity is established as an ADGM SPV.
The applicable tax treatment depends on the entity's circumstances and current UAE tax legislation.
Ongoing responsibilities may include maintaining accounting records, corporate records, beneficial ownership information, applicable filings, tax compliance and other documentation.
The exact requirements depend on the entity and the applicable ADGM framework.
Yes.
Where appropriate, Elevate can coordinate accounting, tax and supporting documentation matters with the client's appointed ADGM-licensed CSP while maintaining clear professional responsibilities.
Yes. An ADGM SPV may be required to maintain appropriate accounting and financial records depending on its circumstances and applicable requirements. Elevate Accounting & Auditing can assist with bookkeeping, financial records and related compliance support.
*Our Service Scope
Elevate Accounting & Auditing is a private professional services firm and is not the Abu Dhabi Global Market, ADGM Registration Authority, Financial Services Regulatory Authority, ADGM Courts or an official government portal.
Our ADGM SPV-related services are limited to accounting, tax, documentation, compliance support and other professional services falling within our applicable scope.
Elevate does not provide functions reserved for an ADGM-licensed Company Service Provider unless separately and appropriately authorised to perform those functions.
Where appointment of an ADGM-licensed CSP is required, the relevant licensed provider must perform the functions assigned to it under the applicable ADGM framework.
Registration, licensing, exemptions and other regulatory determinations remain subject to the applicable ADGM requirements and decisions of the relevant authorities.
Information provided on this page is general in nature and should not be treated as legal, regulatory or investment advice.
Applicable laws, regulations, guidance and administrative requirements may change. Clients should confirm current requirements and obtain appropriate professional advice based on their individual circumstances.