Beneficial ownership identification and verification is essential component and an integral part of ADGM’s 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, each ADGM Person (hereinafter referred to as ‘ADGM Person’) must keep a record of the required particulars of its beneficial owners in a register of beneficial owners.
Where the ADGM Person is existing at the time of the enactment of ADGM Beneficial Owners and Control Regulations (“Regulations”), the ADGM Person must ensure that its record of beneficial owners is established no later than ninety (90) days after the date of enactment of the Regulations.
Where the ADGM Person comes into existence after the date of enactment of the Regulations, the ADGM Person must ensure that a record of beneficial owners is established in accordance with that ADGM entity’s rules of formation.