Amendments In Moveables Security Registration Fees

The fees and available services provided by the Emirates Integrated Registries Company (“EIRC”) were amended on 15 December 2023. Currently, registration on the EIRC costs AED 100. This fee will change significantly as the change in law introduces 16 new services and new fees that rise incrementally based on the term period of for each category of right being registered. The new categories and fees will be effective from 27 February 2024.

The changes to the categories of services provided for in the Executive Regulation (the “Existing Categories”) include the following:

• Addition of different stages of fees depending on the service duration being rendered (i.e. incremental fee basis) that shall be as follows:
  • AED 100 for each registration of a Right of less than 12 months;
  • AED 150 for each registration of a Right from 12 to 24 months;
  • AED 400 for each registration of a Right from 2 to 5 years;
  • AED 800 for each registration of a Right from 5 to 10 years;
  • AED 1000 for each registration of a Right exceeding 10 years; and
• The above shall apply to the following services under the Existing Categories:
  • Registration of a right;
  • Amendment of registration; and
  • Extension of registration.

With the exception of the new service of issuing a certified paper or electronic report (at a cost of AED 200), the new categories of services that will be subject to the incremental fee basis as stipulated above (the “New Categories”) are as follows:

• • Registration of amendment of an existing right over a moveable asset.
  • Extension of registration of an existing right over a moveable asset.
  • Registration of an objection on an existing right over a moveable asset.
  • Registration of lifting/cancelling an objection on a decision to possess.
  • Registration of lifting/cancelling an objection on an existing right over a moveable asset.
  • Registration of a permission to sell a seized moveable
  • Registration of a request to possess based on an existing right over the moveable asset.
  • Registration of a notice of ownership possession on a charge.
  • Registration of a notice of clearing a charge.
  • Registration of an acceptance of a notice of clearing a charge.
  • Registration of a sale of an asset in relation to an existing right over a moveable asset.
  • Registration of a request to take possession in relation to an existing right over a moveable asset.
  • Registration of a clearance/release of obligations in relation to an existing right over a moveable asset;
  • Acceptance of a clearance/release of obligations over a moveable asset in relation to an existing right.
  • Registration of an order of possession over an existing right over a moveable asset.

In light of the above, those taking security over moveable assets must be aware that effective from 27 February 2024, perfecting security or enforcing rights pertaining to an existing security will bear a higher cost depending on the term period of the right being perfected or enforced.

For queries or further information on the above, please contact Mark Brown or Divya Abrol Gambhir.