Abu Dhabi boasts first-class infrastructure and unparalleled global connectivity, making it a premier international destination. Its exceptional qualities make it an ideal location to live, work, and conduct business.
A financial centre that provides transparency, efficiency, and integrity, through its progressive frameworks, future focused infrastructure, all within a familiar independent legal jurisdiction – ADGM is the perfect platform for success.
Our community of business professionals, entrepreneurs, and investors can depend on ADGM to provide timely news and reliable insights.
At ADGM, we offer various support options, including contact details, FAQs, enquiry forms, and a whistleblowing form.
Identification of corporate beneficial ownership and control is an important tool in the fight against money laundering and other financial crime. Beneficial ownership identification forms an integral part of ADGM’s application review process in registering a legal entity in ADGM. An applicant must provide such information at the time of incorporation and this information must be kept up to date during the life cycle of the legal entity.
In particular, applicable ADGM entities must keep a record of the required particulars of their beneficial owners in a ‘record of beneficial owners’ and notify the Registrar of any changes in beneficial ownership.
ADGM’s Beneficial Ownership and Control Regulations 2022 (the ‘BOCR 2022’) apply to all legal entities operating within ADGM, except for branches of foreign companies or foreign partnerships.
Application of amended Regulations:
BOCR 2022 was published on 26 October 2023, wherein all existing licensees incorporated prior to 26 October 2023 (i.e. licensees to whom the Beneficial Ownership and Control Regulations 2018 (“BOCR 2018”) still apply until 26 April 2024), may have their beneficial ownership details populated in the new ADGM RA registry system, as per the design of the system, from now onwards, without contravening BOCR 2018.
As of 26 April 2024, BOCR 2018 will be repealed.
*UPDATE – Registration Authority No Action Position until 31 July 2024*
On 22 February 2024, an amendment to BOCR 2022 was enacted (the Beneficial Ownership and Control Regulations (Amendment No. 1) 2024 (the “Amendment”)). The purpose of the Amendment is to clarify the so called ‘cascade’ approach to identifying beneficial owners of legal persons.
As a result of the Amendment, the RA has introduced a no action position for completing and updating beneficial ownership and control information with the RA.
As per the no action position, applicable ADGM licensees have until 31 July 2024 to complete or update their beneficial ownership and control information with the RA, via the RA’s online registry system.
When populating UBO information in the online registry system, the appointment date of any appointments of beneficial owners / controllers should be completed as per the actual / original appointment date.
As a result of the no action position, where the appointment occurred prior to the statutory timeframe for filing with the RA, i.e. more than 15 days ago, the RA will not be imposing late filing penalties for those UBO details populated in the system by no later than 31 July 2024.
The no action position does not apply to late UBO filings submitted to the RA prior to 26 October 2023.
The definition of a beneficial owner, in relation to a company or limited liability partnership (LLP), provides for a two-fold test for identifying a beneficial owner, which is as follows:
The Regulations also provide for a definition of beneficial owner in relation to partnerships (other than an LLP), trusts and foundations.
We use cookies and similar technologies that are necessary to operate the website. Additional cookies are used to perform analysis of website usage. By continuing to use our website, you consent to our use of cookies. For more information, please read our Cookies Policy.