Lease, Trade License & Establishment Card Renewal

Greetings from in5!

We would like to take this opportunity to thank you for being a valuable partner within our community.

Please follow the steps below to conclude renewal of your Occupancy Agreement (Lease), Trade License, and Establishment Card.

Lease Agreement & Payment

• The lease agreement is emailed via DocuSign to the authorized signatory of the company for e-signature. 
• Email your updated email address and phone number (including international dialling code) in case you have not received your renewal agreement via DocuSign.  You will receive OTP to download your lease agreement via DocuSign. Providing accurate contact details helps avoid delays or additional costs.
• Lease Payment instalment details are specified within the lease agreement sent through DocuSign and available at AXS Portal.
• Lease payment can be made in one of the following methods:
  • Wire Transfer 100% lease payment to the in5 bank account, or
  • Submit post-dated checks issued to in5 FZ-LLC at the AXS counter
    • If checks are issued by a third party, a signed undertaking is required.

 

2. Third-Party Liability Insurance

• A valid third-party liability insurance is mandatory for lease renewal.

• You may arrange the required TPL insurance through any insurance provider of your choice. Alternatively, you may contact ADNIC, TECOM’s recommended insurance provider, at TecomDirect@adnic.ae and share with ADNIC the following details:

  • Your Company Name (as per your Trade License)
  • TPL coverage period: Lease start date to end date
  • Lease Type = Hot Desk, Estimated Cost   250*
  • Lease Type = Executive Office, Estimated Cost  550*
  • Coverage amount:  500,000
    
    

  *Subject to ADNIC’s final quotation and terms.

 

3. Lease Counter Signing

• Submit at AXS Portal, the following documents to initiate the process of Lease Counter Signature
  • Clear scanned copy of the signed and stamped lease agreement
  • Insurance certificate or payment receipt
• Download the counter signed lease in 2-3 working days.

 

4. Trade License & Establishment Card Renewal

• Initiate renewal of the Trade License and Establishment Card through AXS, after the lease agreement is counter signed.

 

5. Penalty Structure for Delays
   Establishment Card Penalties:

•  600 for a delay of 1 day
•  100 for each additional month of delay
  Trade License Renewal Penalties:

•  2,500 for delays up to 30 days
•  5,000 for delays up to 60 days
•  10,000 for delays up to 90 days

 

Important Reminders

• Notify in5 in writing at least 1 month prior to lease expiry to express your intention to renew or cancel your lease.  

• • If you are proceeding with a renewal, ensure renewal of lease, license, and establishment card is completed at least 30 days before lease expiry date to avoid penalties.
  • In case of cancelation, lease, license and establishment card, cancelation process will need to be followed https://dda.gov.ae/en/registration-licensing/existing-businesses/license-cancellation
    
    

For any support and clarifications, Email to schedule an online meeting between Monday to Friday, 09:00-15:00 Hrs. Wishing you the very best with your endeavours.

Best Regards,

Team in5