INSIGHTS INTO THE REVISIONS TO MOVEABLE SECURITY REGISTRATION FEES

26 February 2024

Ahmed Abdul Aziz Alqasem

On December 15, 2023, amendments were introduced to the fees and services offered by the Emirates Integrated Registries Company (EIRC).

Dubai: The current registration cost on the EIRC stands at AED 100; however, these fees are set to undergo a significant transformation. The modifications, under  Cabinet Decision No. 129/2023  effective from February 27, 2024, bring about 16 new services, each accompanied by distinct fees that escalate in accordance with the term period for each category of registered right.

The amendments encompass several aspects, affecting both the existing and new categories of services. The adjustments to the existing categories, namely registration of a right, amendment of registration, and extension of registration, introduce a tiered fee structure based on the duration of the service. The breakdown includes:

•AED 100 for registration of a right lasting less than 12 months

•AED 150 for registration of a right spanning 12 to 24 months

•AED 400 for registration of a right ranging from 2 to 5 years

•AED 800 for registration of a right extending 5 to 10 years

•AED 1,000 for registration of a right exceeding 10 years

The new categories, subject to an incremental fee basis, incorporate various services such as registration of amendments, extensions, objections, permissions, clearances, acceptances, and orders related to existing rights over moveable assets. Notably, this includes services like registering a sale of an asset and requests to take possession.

These revisions underscore a heightened cost for perfecting security or enforcing rights over moveable assets, emphasizing the duration of the registered right as a determining factor in the associated expenses. Stakeholders involved in securing moveable assets are advised to be cognizant of these changes, effective February 27, 2024.

IN CONCLUSION

Stakeholders in moveable assets should be prepared for increased costs based on the term duration of registered rights, signaling a significant shift in financial considerations for perfecting security or enforcing existing rights.

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