|Annual Account Filing|
Every ADGM entity must keep adequate accounting records, prepared in accordance with International Accounting Standards (IAS). The first Accounting Reference Period is a period of more than six months but not over 18 months from date of incorporation.
Public companies are required to lay accounts before a general meeting. Private companies are obliged to circulate a copy of accounts and reports to members when filing to the Registrar. A company’s director must prepare the director’s report and deliver the accounts and reports required for each financial year to the Registrar (except RSCs and Foundations).
Every ADGM entity has a duty to deliver annual returns within one month of the anniversary of incorporation and then on an annual basis. Annual Return and Annual Accounts are completely separate filing and not to be confused as both will not usually be filed at the same time. The annual return confirms basic information such as details of registered office, directors, secretary, Type & the business activities, statement of capital and shareholder information about the entity.
|Comercial License Renewal|
All entities registered in ADGM are required to hold a valid commercial licence issued by the ADGM Registration Authority. Entities that fail to comply with these requirements are liable to fines under ADGM’s commercial legislation.
|Data protection Renewal|
Entities are obliged to annually renew their registration of adherence to Data Protection Regulations 2015 which set out the obligations of ADGM entities and the rights of individuals, in relation to the processing and privacy of personal data.
ADGM requires all the firms registered under FSRA to submit information on a regular basis, including regulatory and financial reports, so they can better understand their activities and financial position on a periodic basis. ADGM’s Electronic Prudential Reporting System is a portal dedicated to simplifying the submission of regulatory filings.