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What do I need to do to renew an ADGM SPV on the Clara Platform?

This article outlines the information and documents that you will need to renew your ADGM SPV using the Clara Platform

To renew your ADGM SPV you will need to:

  1. provide compliance documents,

  2. confirm the data regarding the SPV, including all its Stakeholders, and

  3. pay the renewal fees.

A notification will be sent to the Clara Profile Owner(s) 6 weeks before the renewal deadline to prompt them to login and complete the steps outlined in detail below.
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Provide compliance documents
There are two types of compliance document requests:

  1. Replace any expired documents (passports, visas, commercial licence of corporate shareholders)

  2. Interim compliance update

The Clara platform will identify any expired documents that you will need to source and upload to complete the renewal.

Interim compliance updates will be requested on annual or bi-annual basis depending on the company's compliance rating. If the current renewal requires you to provide an interim compliance update, you will need to supply:

Individual Stakeholders

Current dated proof of Residential Address.

Corporate Stakeholders

Proof of the current directors and shareholders using one of the below:
a. current dated Register of Directors and Register of Shareholders certified by Regulator / CSP or Director of the Company, or

b. current dated certificate of incumbency showing directors and shareholders, or

c. current dated Registry extract showing shareholder and directors

Confirm the data regarding the Company

To complete your ADGM SPV's renewal, you will need to confirm the information that we have for your ADGM SPV as well as each Stakeholder. This is because Clara has to provide a confirmation to ADGM that the data registered with ADGM is correct and up to date when we submit the renewal filings.
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You will need to confirm the following:

ADGM SPV

  1. The SPV's directors

  2. The SPV's Authorised Signatories. If you are using the Clara Nominee, do you wish to continue or replace the nominee with your own signatory who is a UAE Resident or GCC National?

  3. The SPV's shareholders and the shares they hold

  4. The SPV's UBO / UBOs (who owns or controls 25% or more of the shares or voting or who otherwise controls the ADGM SPV)

  5. The SPV's data protection contact and data processing activities

  6. The SPV's purpose (for example, confirm that the purpose continues to be to hold shares in Subsidiary ABC Ltd registered in Saudi Arabia or provide updated information on its purpose)

  7. The SPV's Account Reference Date and Auditor details (if applicable)

Individual Stakeholders

  1. Residential Address and service address

  2. Passport details (this includes whether they have a second passport or nationality)

  3. Occupation

  4. Email and phone number

  5. Status as a Politically Exposed Person (and if so, on what grounds)

  6. Fit and Proper status (are they still fit & proper to hold their role)

  7. Source of wealth and funds

Corporate Stakeholders

  1. Name of company

  2. Country of registration and registration number

  3. Registered office address and address for notices

  4. The directors and shareholders of the company

  5. The name, email, telephone number and authority of the individual authorised to sign resolutions on behalf of this corporate stakeholder

  6. Status of company's stakeholders as a Politically Exposed Person (and if so, on what grounds)

  7. Source of wealth and funds

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