Introduction...3 The Registrar’s main functions...3 ADGM Beneficial Ownership Requirements...4 Who are beneficial owners?...5 Beneficial ownership vs legal ownership...10 Nominee Directors...10 Company...11 How to determine the UBO of a Company?...11 Test 1: The Ownership Test...11 Test 2 – The Control Test...16 Test 3 – The Management Test...17 Limited Liability Partnership...18 How to determine the UBO of a Limited Liability Partnership?...18 Test 1: The Ownership Test...18 Test 2 – The Control Test...19 Test 3 – The Management Test...20 Limited Partnership...21 How to determine the UBO of a Limited Partnership?...21 Test 1: The Ownership Test...21 Test 2 – The Control Test...23 Test 3 – The Management Test...24 Foundation...25 How to determine the beneficial owners of a Foundation or DLT Foundation?...25 Trust...26 How to determine the beneficial owners of a Trust?...26 Disclaimer...29
Abu Dhabi Global Market (“ADGM”) is established pursuant to Abu Dhabi Law No. 4 of 2013 as a financial free zone in the Emirate of Abu Dhabi, with its own civil and commercial laws. ADGM offers market participants a world-class l...