Annual accounts – General information
All Companies, whether trading or not, must keep adequate accounting records.
Accounting records must, in particular, contain entries from day to day showing all money received by the Company and the matters in respect of which the receipt and expenditure takes place, and a record of the assets and liabilities of the Company. Parent Companies must ensure that any subsidiary keeps sufficient accounting records to enable the directors/members of the parent Company to prepare accounts that comply with CR 2020 or LLPR 2020.
A Company must keep its accounting records at its registered office address or any alternative location that the Company thinks suitable. Accounting records must be preserved by the Company for ten years from the date on which they are made.
Company’s accounts must be approved by the Board of Directors and a director must sign the balance sheet on behalf of the Board. A Company’s accounts must be audited unless the Company is exempt from audit, as per CR 2020 and LLPR 2020, as applicable. All Companies must file their accounts with the RA every year. If a Company’s accounts are filed late, the Company is liable to a fine.
Your Company should take appropriate measures to ensure that accounts are filed on time through the ADGM’s online registry solution: www.registration.adgm.com.
Please review the CR 2020 or LLPR 2020 to ensure that all requirements in relation to your Company’s annual accounts are complied with.