Task:                     

[07.027-ADGM] - CORP SUPPORT # APPLY FOR LICENSED ACTIVITIES VARIATION

Purpose:             

This application form must be submitted by ADGM registered entities to inform the ADGM RA of changes in their business activities.

Legal Entities:    

Companies, Branches of Companies, Partnerships, Branches of Partnerships

Questions:         

1) Will the entity continue carrying out its current business activities?                 
2) Will a business activity be added/and or removed?             
3) Do we have access to the client’s entity profile on the KOUNTED portal? If not, this must be requested via ORS.              
4) Is the desired additional activity FSRA regulated?   
5) Will the business activity change involve a change in the business activity category/sub-type?
6) Is the desired target activity a controlled activity that may require a special permit from a third party authority? (Special requirements are imposed on controlled activities.
7) Do the new business activities fall under the definition of Designated Non-Financial Businesses and Professions?

Pay Attention:   

1)      Note that for the change to Financial Services Activities, the FSRA approval must be obtained before the Application “Apply for Licensed Activities Variation” can be filed.

2)      The licensed activity variation application must be approved by the ADGM RA before the additional business activities can be conducted, otherwise a fine up to Level 6 may be imposed for conducting business in or from ADGM without a valid commercial license s3(1) of the ADGM Commercial Licensing Regulations.

3)      SPVs changing their business activities to an operational non-financial or financial company will need to provide an office lease for physical office space. They can no longer use the registered office address of their respective CSP.

4)      Certain business activities require NOCs from third party authorities.

Submission:       

Online via the ADGM RA portal https://newreg.adgm.com/           
Use the application form: “Apply for Licensed Activities Variation”

Timeline:             

Before conducting the activities

Timeframe:        

KOUNTED 1-2 working days including drafting the online application, provided all the relevant information has been provided


ADGM: 3-5 working days, returns and timeframe for approval subject to review.

Supporting documents:

1. Business Plan (applicable if the business activity type is changed)

2. Approval from FSRA (applicable if the business activity type is changed to Financial)

 

Money Laundering Reporting Officers (applicable if the new business   activities fall under the definition of Designated Non-Financial Businesses and Professions)

3. Passport

4. UAE residence visa   

5. Curriculum Vitae

6. Proof of relevant AML qualifications/certifications

7. AML program, policies, and procedures

8. Business and client risk assessment framework

 

Applicable Legislation:   

KOUNTED Fees:

Please add the KOUNTED fees

ADGM Fees:      

100 USD plus additional fees may apply depending on the business activity(ies) to be added, and/or if the change includes business activity type/subtype (for example, if an SPV changes to an operational non-financial company)

Fine:                     

A fine up to Level 6 is imposed for conducting business in or from ADGM without a valid commercial license s3(1) of the ADGM Commercial Licensing Regulations

LINKED FILES: