The Abu Dhabi Global Market (ADGM) has invited public feedback on the proposed amendments to its commercial legislation.
As part of ADGM’s ongoing enhancement of regulatory framework, its Registration Authority (RA) is proposing changes, including the introduction of a late filing fees framework.
Rather than attracting a penalty, certain late filings will attract a late filing fee of $150 per month, capped at three months.
The changes also include the introduction of a commercial license renewal obligation, under which a licensed person will be allowed a grace period, such that no late renewal fee will be payable where an application is made to renew a license within one month following its expiry (provided the renewal application is approved).
Also a late renewal fee ($150 per month, capped at three months) will be payable where an application to renew a license is submitted more than one month after its expiry.
Licensed persons who do not intend to renew their commercial license will be required to notify the registrar of that intention and take steps to terminate their operations/registration in ADGM within a set timeline, failing which they will have to pay a penalty.
The RA’s proposed changes comprise various miscellaneous amendments, including but not limited to providing for a simplified strike off process for companies and LLPs; amending the definition of ‘working day’ to align with the changes introduced by the UAE government; removing the obligation to have ‘RSC’ on the name of a company by making it optional.
ADGM invited the public to submit feedback and comments on the proposed CSP Framework through [email protected].