Client story · Software, Abu Dhabi
Two founders, one ADGM holding and three banks to choose from
Daniel Price and Sana Qureshi needed a regional holding company in Abu Dhabi and a bank that would accept a US investor on the cap table.
The story
Ferrous Labs builds scheduling software for hospital pharmacies. Its first Gulf customer, a hospital group in Abu Dhabi, wanted to contract with a local entity, and the founders’ lead investor in Boston wanted a holding structure it could understand.
Their first meeting with us was a video call from London. Layla recommended ADGM: English common law for the shareholders’ agreement, a structure the US investor’s lawyers already knew, and a path to 0% corporate tax on qualifying income if the company met the substance rules.
Arjun knew the hard part would be the bank account. A US shareholder and a two-year-old company is a file many banks decline. He chose three banks with appetite for venture-backed technology companies, prepared one file for all three, and sat beside Daniel and Sana in every meeting. All three made offers.
Six weeks after that first call, Ferrous Labs sent its first invoice from Abu Dhabi.
- bank offers
- 3
- to first invoice
- 6 weeks
- founder visas
- 2
- corporate tax on qualifying income
- 0%
How it went
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Week 1
First meeting by video call; ADGM holding and a local operating company compared in the written plan.
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Weeks 2 to 3
ADGM registration, shareholders’ agreement reviewed by the investor’s lawyers, two founder visas started.
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Weeks 3 to 5
One bank file, three applications, three meetings with Arjun in the room.
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Week 6
Account opened with the bank of their choice; first invoice sent to the hospital group.
Arjun told us which banks would say yes before we applied. He was right about all three, and he sat beside us in every meeting.
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