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

Description

This service allows all audit firms and escrow agents in the UAE to apply for certification or renewal of certification as auditors or escrow agents.

The service is provided by the Real Estate Trust Account  Section at the Real Estate Trust Account Development  Department.

Required Documents

Request for Certification/ Renewal of Certification of an Escrow Agent:-

1-  The escrow agent must  Submit the license by the Central Bank
2- An escrow agent agreement must be concluded with the Dubai Dubai Land Department. (new escrow agent)

Request for Certification/ Renewal of Certification of Audit Firm:

1- Curriculum vitae shall be submitted, and all questions prescribed by the Real Estate Regulatory Agency must be answered (new requests)
2- A Memorandum of Association must be submitted
3-  The registration of the audit firm and employees must be certified by the Ministry of Economy
4- An audit firm agreement must be concluded with the Dubai Dubai Land Department. (New audit firm)

 

Request for Certification/ Renewal of Certification of an Escrow Agent

1-  The escrow agent must be licensed by the Central Bank
2- The escrow account must have a technical department to monitor projects, or contract with a consultancy firm to monitor and follow up projects
3-   Employees of this organizational unit must attend a training course (Escrow Agent Course) on applying the law and its Implementing Regulation
4- Compliance by the escrow agent with the annual appraisal standards must be verified (in case of renewal request)
5-The number of warnings issued to the escrow agent must not exceed three (3) warnings within a single financial year
6- Reports on field visits to the escrow agent must be reviewed, and his compliance must be verified
7-  A list of employees and contact details must be submitted on quarterly basis
8- The escrow agent must have an integrated unit to manage escrow accounts in the Emirate of Dubai


Request for Certification/ Renewal of Certification of Audit Firm
1- Applicant must be certified as an auditor by the Department of Economic Development
2- Compliance by the audit firm with the annual appraisal standards must be verified (in case of renewal requests)
3- Employees of the firm attend a training course on applying the law and its implementing regulation

 

Service Procedures

​The escrow agent / audit firm shall head to the Escrow Account Department accompanied with all requirements

Service Fee
Request for Certification/ Renewal of Certification of an Escrow Agent
75,000 annually
10 knowledge Dirham
10 innovation Dirham
Request for Certification/ Renewal of Certification of an Audit Firm
50,000 annually
10 knowledge Dirham
10 innovation Dirham  
Service Branches
Dubai Land Department- Main Office
Related Services
Additional Information

​Service Form:-

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

 

Issued Documents :-

Certification of Audit Firm/ Escrow Agent

 

Last updated 10/02/2019 15:18:13
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