Task:

[07.018-ADGM] - CORP SUPPORT # COMMERCIAL LICENCE RENEWAL

Purpose:

The ADGM commercial Licence must be renewed annually on an entity’s registration anniversary. This is a mandatory requirement for all ADGM registered entities.

Legal Entities:

Companies, Partnerships, Foundations

Questions:

1) Send the current entity profile to the client and ask them to verify that all the data is still correct.

2) Does the client have a valid office lease agreement valid for the period of commercial license renewal? Please request for a copy of the lease agreement to identify the fee for the lease registration (ADGM fees are USD 100/- per lease year with no pro-rata calculation).

Pay Attention:

1) If any data/details are incorrect, the corrections must be made using the relevant maintenance services before submitting the Licence Renewal service.

2) Only professional membership associations, foundations, DLT Foundations, SPVs, investment companies, and fund vehicles are exempt from the requirement to have a valid office lease agreement for physical office space. All other entity types must have a valid office lease agreement.

3) KOUNTED is not licensed as CSP or registered office address provider, and therefore cannot offer these services to clients.

4) The valid office lease agreement must be for an adequate office space in the jurisdiction of the ADGM.

5) Failure to renew the commercial license may result in a fine up to Level 6 (the amount of a level 6 fine is USD 20,00) (See s3(1) of the ADGM COMMERCIAL LICENSING REGULATIONS “[…] A person who contravenes the general prohibition commits a contravention of these Regulations and shall be liable to a fine not exceeding level 6 on the standard fines […]”)

6) Please note that it is mandatory requirement to register the lease agreement. For guidance in registering the lease, please visit the Real Property page located in this link https://www.adgm.com/operating-in-adgm/obligations-of-all-adgm-registered-entities/leaseand-real-property. Once the lease agreement is registered, Certificate of Registration of Lease will be issued. Consent letter is applicable for entities that co-share office with service provider, holding company or its parent company.

Submission:

Online via the ADGM RA portal https://newreg.adgm.com/ à Select the entity from your Dashboard àSelect Maintain Company > Application to Renew Commercial Licence.

Timeline:

The ADGM commercial Licence must be renewed annually on an entity’s registration anniversary (please note that the service will become available on the portal 30 days prior to the anniversary date).