Once your ADGM Tech Startup is incorporated, you will have two types of ongoing obligations:
Event-driven filings
Annual filings
In addition to the filing requirements which will be discussed below, all ADGM entities must maintain day to day accounting records. An ADGM Tech Startup must also have a visa associated with it (employee or shareholder has a UAE Residence visa) within the first 12 months or its commercial licence renewal will not be permitted.
Event Driven Filings
Most changes to the details of an ADGM Tech Startup (or any of its stakeholders) triggers filing obligations with ADGM which are usually time sensitive in nature and must be submitted in the required time frame to avoid late filing penalties.
Common changes include:
a Director or Authorised Signatory or Shareholder changes their residential address;
a change in Director or Authorised Signatory appointments;
a change in shareholders or issued share capital following a share allotment or share transfer; and
an amendment to the Articles of Association or a change to name of the Company.
You can read more on these changes here.
If you need to make changes to your ADGM company, you can complete our online scoping form so that we can advise you of the filing fees, process and requirements. Our current fee schedule can be accessed here.
Annual Filings
Each year, there are a number of filings that an ADGM Tech Startup must submit. Clara's annual renewal fee includes the following annual filings:
commercial licence renewal;
data protection renewal;
annual return (confirming the details regarding directors, shareholders etc are correct);
lease registration; and
For most companies, the lease start and end date will closely align with the commercial licence period. This means that each year before we can complete your company's renewal filings, you will need to provide Clara with a signed lease for the Tech Startup covering the next commercial licence period.
Before Clara commences the renewal filings, you will need to:
provide updated KYC for any expired documents that we have on file (this covers all shareholders, directors, authorised signatory and data protection contact),
provide KYC documents that are required annually,
confirm the data regarding the Tech Startup, including all its Stakeholders,
provide the new lease, and
pay the renewal fee.
Finally, should you require our assistance to file for the annual Economic Substance filings with the Ministry of Finance, our fee starts from USD 495 (ex VAT) for the annual notification and USD 895 (ex VAT) for the full substance report.