Request for Certification/ Renewal of Certification of an Escrow Agent or Audit Firm
Request for Certification/ Renewal of Certification of an Escrow Agent or Audit Firm

Description

This service allows banks and financial institutions to apply for registration with the Real Estate Regulatory Agency to open and manage real estate development escrow accounts and financial audits of the real estate project.


Service Form

Required Documents

Account Trustee
1- Signing an account trustee agreement with Dubai Land Department. (New account trustee)
2- Training course certificate issued by Dubai Real Estate Institute for employees in the unit
3- A list of employees with contact information


Audit Office
1- Submit a CV and answer the questions approved by the Real Estate Regulatory Agency (new application).
2- Presenting the articles of incorporation.
3- Registration of the audit office and the employees approved by the Ministry of Economy.
4- Signing an audit office agreement with Dubai Land Department. (New audit office)


Service Terms

Account Trustee
- Must be licensed by the Central Bank.
- A technical management for project control or contracting with a consulting company to do this monitoring and follow-up.
- An integrated unit for managing the escrow account in Dubai.
- Signing an account trustee agreement with Dubai Land Department. (New account keeper)
- The enrollment of employees in this unit in a training course (the escrow accounts course for account trustees) on how to apply the law and the executive regulations.
- Ensure that the account trustee adheres to the annual evaluation criteria (account trustee classification)
- Ensure that a list of employees is submitted in addition to contact information on a quarterly basis.

Audit Office
- Must be licensed by Dubai Economy and the Ministry of Economy to audit the accounts.
- Submit a CV and answer the questions approved by the Real Estate Regulatory Agency (new application).
- Submission of Articles of Association.
- Ensure that the audit office adheres to the annual evaluation criteria (in case of renewal).
- Registration of the audit office and the employees approved by the Ministry of Economy.
- Signing an audit office agreement with Dubai Land Department. (New audit office)


Service Fees

Request for Certification/ Renewal of Certification of an Escrow Agent
AED 75,000 annually
AED 10 Knowledge Fee
AED 10 Innovation Fee


Request for Certification/ Renewal of Certification of an Audit Firm
AED 50,000 annually
AED 10 Knowledge Fee
AED 10 Innovation Fee


Service Procedures

Step 1: The application will be sent to the Real Estate Regulatory Agency by e-mail
Step 2: RERA studies the request of the strategic partner, checks it, and issues approval or rejection
Step 3: A certificate of approval is sent by e-mail



Payment Method

Manager Cheque



Service Channels

Email



Issued Documents

Certification of Escrow Agent/ Audit Firm



Service Time

Waiting time 29 working hours
Serving time 28 working hours