The UAE FTA has released a new version of the warehouse keeper and Designated Zone user guide. The new version of the guide contains significant additions, with practical screen shot Appendices to assist with actioning the requirements dealt with.
The FTA has specified that Designated Zone registration must be renewed annually. If the registration is not renewed, it will expire and the Designated Zone status will be lost.
In order to renew the registration, the Amendment of the Designated Zone registration application, including the Valuation and Financial Security section must be completed. Further, a renewal fee of AED 2,000 must be paid, and the FTA may require an updated financial guarantee.
If the Designated Zone is not renewed by the due date, or the renewal payment is not made, the Designated Zone will become suspended and the Designated Zone number will be locked. If payment is not received within 20 days after the suspension, the Designated Zone will expire and the warehouse keeper will have to re-register a new Designated Zone.
As the consequences of non-renewal of the Designated Zone status are potentially significant, it is important for affected businesses to diarize the need to follow up and take the appropriate action.
Given that the process is still fairly new, we would also suggest that, in seeking to renew registrations, businesses anticipate that there may be delays in the process, and therefore that they consider commencing the renewal process early.