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

Updated over 8 months ago

To renew your ADGM SPV you will need to:

  1. provide updated KYC for any expired documents,

  2. provide KYC documents that are required annually,

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

  4. pay the renewal fees.

Clara will send you a notification when it is time to commence the renewal process. Before Clara can submit your renewal filings, we need updated KYC documents, your confirmation that the information we have regarding the SPV is correct and payment of the renewal fee. This article provides further information to help you prepare for the renewal process.

Provide updated KYC for expired documents

We are required under the AML Rules to maintain valid identification documents for the directors, shareholders, authorised signatory, data protection contact and Ultimate Beneficial Owner (UBO) (Stakeholders) of companies managed by Clara. This includes:

Individual Stakeholders

Passports

Residence Visa (if applicable)

National ID Card (if applicable)

Corporate Stakeholders

Commercial Licence

Passports of the Directors of the Corporate Entity

If these documents have expired during the year, you will need to collect these from the applicable stakeholder and upload them to the Clara Platform before we can submit the renewal filings with ADGM. The Clara Platform will identify the expired documents for you as a task to complete.

Provide KYC documents that are required annually

The following documents are a mandatory requirement for every renewal and therefore you should reach out to all Stakeholders for these documents:

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

If your ADGM entity has a partnership as a shareholder, then we will need current dated evidence of the partners as well as the documents listed in the table above for the General Partner.

If your entity has a Trust as a shareholder, we will require a completed Trustee Declaration, current dated proof of address for the beneficiaries and trustee (if an individual). If the trustee is a corporate entity, then we need the documents listed above for corporate entities.

Our compliance team may identify additional requirements based on the structure of your ADGM SPV. You will see these requirements as a task to complete on the Clara Platform before you can finalise your renewal process.

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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