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 of the company, where no fines will be imposed. However, failure to renew the commercial licence of a company can lead to penalties of up to USD 20,000 in extreme circumstances.
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 up to USD 450.