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ADGM publishes amendments to its commercial legislationADGM RA 05/05/2020
The Abu Dhabi Global Market (ADGM) has announced changes to the following commercial regulations and rules:
- Companies Regulations 2020 (repealing the Companies Regulations 2015 and its amendments);
- Foundations Regulations 2017;
- Limited Liability Partnership Regulations 2015;
- Limited Liability Partnership Rules 2020;
- Beneficial Ownership and Control Regulations 2018; and
- Real Property Regulations 2015.
The changes include, but are not limited to, abolishing the requirement to issue paper certificates and licenses to electronic format, amending the scope of the definition of ‘members of the same family’ in the Companies Regulations, changing the term “Annual Returns” to “Confirmation Statements”, and removing the current prohibition for foreigners to own freehold land in Al Maryah Island.
The amended versions of the regulations and rules are publicly available and have been uploaded to the ADGM website. Please visit the Commercial Regulations and Rules (Miscellaneous Amendments) webpage.
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