According to the Companies Regulations, a licensed person wishing to continue to carry on, in or from the ADGM, the controlled activities for which it has a licence must, prior to the expiry of such licence, apply for and obtain a new licence in respect of such activities.
ADGM have a 30 day grace period to renew the licence, data protection and file the annual confirmation statement of the company, where no fines will be imposed. However, failure to submit these filings within that 30 days, will result in the following penalties:
USD 150 for the commercial licence renewal, increasing monthly by USD 150;
The annual confirmation statement is due 1 month after the expiry date – late filing of this by even just 1 day will result in an automatic USD 300 fine;
The data protection renewal coincides with the commercial licence renewal – late filing of this will result in a fine of USD 450.
In extreme circumstances, failure to renew your commercial licence on time can lead to penalties of up to USD 20,000.