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What do I need to do to renew an ADGM Tech Startup on the Clara Platform
What do I need to do to renew an ADGM Tech Startup on the Clara Platform

This article outlines the process, information and documents needed to renew your ADGM Tech Startup on the Clara Platform.

Updated over a week ago

To renew your ADGM Tech Startup you will need to:

  1. complete a questionnaire on the current activities of your Tech Startup to confirm if the company can renew as a Seed or Emergent Tech Startup or will have to convert to a full operational licence,

  2. provide updated KYC for any expired documents,

  3. provide KYC documents that are required annually,

  4. confirm the data regarding the Tech Startup, including all its Stakeholders,

  5. provide your new lease if this has expired or will soon expire, and

  6. pay the renewal fees.

Approximately 8 - 10 weeks before the end of the current commercial licence, you will receive a notification from Clara 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 Tech Startup is correct, your new lease (if applicable) and payment of the renewal fee. This article provides further information to help you prepare for the renewal process.

Questionnaire

To confirm whether your Tech Startup can renew at its current licence classification (Seed or Emergent), you will need to answer this questionnaire.

Once submitted, we will discuss with ADGM and notify you once your classification has been confirmed. This can take approximately 7 business days.

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 company's 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 Tech Startup. 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 Tech Startup renewal, you will need to confirm the information that we have for your company 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 Tech Startup

  1. The company's directors

  2. The company'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 company's shareholders and the shares they hold

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

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

  6. The company'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

Lease

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.

If you will be renewing with the same registered office address, you will need to upload the new signed lease and enter the start and end date of the lease. If you are changing your registered office address, you will need to provide the lease details, upload the signed lease and confirm the start and end date. Additional fees apply to change the registered office address.

Related Articles
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What are the ongoing obligations for an ADGM Tech Startup?
What is the difference between the Seed and Emergent stages for an ADGM Tech Startup Licence?
How do I appoint Clara to manage my ADGM Tech Startup Licence?
What do I need to do to renew an ADGM SPV on the Clara Platform?
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