All ADGM entities must produce individual accounts and there are limited exceptions to this rule.
If an ADGM company is a subsidiary undertaking and it has been dormant throughout the entire financial year, then it can rely on the exemption to filing individual accounts under section 384 of the ADGM Companies Regulations 2020 and file audited consolidated financials of the Parent instead.
To rely on the section 384 exemption:
Clara will prepare:
the shareholder resolution for your ADGM company agreeing to apply for the exemption in respect of the relevant financial year,
a declaration of guarantee to be signed by the Parent company, and
You will provide Clara with the audited consolidated financials of the Parent company which must include in the notes section of the financials a statement to the effect that the ADGM Company is exempt from the requirement to submit individual accounts by virtue of s 384 Companies Regulations 2020.
Clara's fee for assistance with this process is USD 650 + VAT.