ADGM RA Issues Alert Concerning Forged Registration Authority Commercial Licence – Emirates Commercial Insurance LLCADGM RA 23/11/2022
The Registration Authority (RA) of Abu Dhabi Global Market (ADGM) wishes to alert members of the public about persons issuing a forged RA commercial licence under the name of Emirates Commercial Insurance LLC. The RA has become aware of persons purporting to operate a business under the name Emirates Commercial Insurance LLC have been issuing a fake RA commercial licence to members of the public.
The RA confirms that Emirates Commercial Insurance LLC is not, and has never been, incorporated in the ADGM or licensed by the RA to conduct business activities in the ADGM. The issuance of the forged RA commercial licence appears to have been used as part of a fraudulent business operations and could result in significant financial losses for unwary persons
Falsely claiming registration and licensing to conduct business in ADGM is a serious contravention of ADGM legislation. This type of misconduct, which can result in a fine up to USD 15,000 per contravention, typically involves the spread of false claims to the public through company’s website, material contract, investor subscription form or other similar communications or documents.
The Registration Authority warns the public that such false claims and forged documents can potentially mislead members of the public to invest in these non-ADGM companies by spreading false claims about their registration or obtaining of the licence in ADGM, in part, based on the incorrect belief that these companies are, or are about to be, incorporated, registered or licensed to carry on certain activities in or from ADGM. This type of fraudulent misconduct can result in fines of up to USD 50,000 and can also cause significant financial harm to unwary companies and individuals.
Members of the public and potential investors are encouraged to conduct an online search on ADGM’s online public Register of Companies to ensure that a company is incorporated and licensed in ADGM by using this link: www.registration.adgm.com.
By using the “Company Search” function, individuals can view the details of all ADGM registered and deregistered entities, including incorporated companies and registered branches of foreign companies in ADGM. The service is free of charge.
The RA advises members of the public and potential investors to always exercise caution when contacted by a representative of any entity that purports that it will register, incorporate and obtain a licence from ADGM to conduct business in or from the ADGM. Prior to dealing with such companies, you should always exercise the appropriate due diligence, including confirming the entity’s current status and their licence scope by checking the ADGM Register of Companies.