All About Cancel of Account Trustee and Auditing Company Application in Dubai
- Cancel Trustee Application Requirements
- Cancel Audit Company Requirements
- Cancellation Process and Steps
- FAQs
Cancelling an Account Trustee or Auditing Company application in Dubai involves specific steps and legal requirements set by the Real Estate Regulatory Agency (RERA). Banks and financial institutions must follow a structured process, including compliance with agreements and timely notifications. Let’s learn about the key steps, obligations and timelines required to ensure a smooth deregistration.
Cancel Account Trustee Application in Dubai
To cancel an Account Trustee application, the following commitments are required:
- Information Provision: Continue providing RERA with any necessary information even after deregistration.
- Agreement Compliance: Adhere to the terms outlined in the Account Trustee’s agreement with RERA.
- Asset Transfer: Transfer all project escrow accounts to the new Account Trustee within 30 business days.
- Deposit Transfers: Immediately transfer any collected deposits to the escrow account at the new Account Trustee.
- Account Maintenance: Keep the project escrow account open for a minimum of 3 months and a maximum of 1 year.
Additionally, developers must be notified to transfer their projects’ escrow accounts to another approved Account Trustee within one month.
Cancel Auditing Company Application in Dubai
To deregister an auditing company, the requirements are as follows:
- Report Completion: Submit all remaining financial reports through the escrow account system to RERA.
- Agreement Adherence: Comply with the auditing firm’s agreement terms regarding deregistration.
- Information Provision: Continue to provide RERA with any requested information after deregistration. It is a crucial step for auditing company application cancellation in Dubai.
Note: No additional notifications are required for developers in this case.
Dubai Account Trustee Cancellation Process
If you want to cancel account trustee application in Dubai, the process is elaborated below in a step-by-step manner.
- Submit Application: Through the Land Department’s website (Real Estate Developers Portal – Oqood), escrow account system, or via email.
- Review and Audit: RERA reviews and audits the application.
- Issuance of Cancellation e-Certificate: An e-certificate is issued and sent via email upon approval.
- System Update: RERA updates its systems to reflect the cancellation.
Follow all the key steps to cancel account trustee in Dubai for a smooth process.
FAQs
How long does it take to process the cancellation of an Account Trustee or Auditing Company application in Dubai?
The processing time for cancellation is 6 business days from the date of application submission.
Where can I apply for the cancellation of an Account Trustee or Auditing Company registration?
Applications can be submitted through the DLD website on the Real Estate Developers Portal (Contracts) or via the Trust Account System.
What are the legal requirements to terminate an auditing company in Dubai?
To terminate an auditing company in Dubai, all financial reports must be completed, and the firm must comply with its agreement terms with RERA.
Is there a fee for cancelling an Account Trustee or Auditing Company application in Dubai?
No, the cancellation process is a free service with no associated fees.
Can you transfer the escrow account in Dubai?
Yes. There is a legally recognised process to initiate the escrow account transfer application in Dubai with DLD services.
This is how to cancel account trustee application in Dubai in a legal and streamlined manner. RERA is the progressive wing of DLD that caters to many real estate legalities and technicalities.
If you are planning to buy or rent a property in Dubai, know-how of every technical aspect is crucial.
For more informative updates on laws, regulations and taxation, keep reading UAE’s leading property blog.
