This section lists out the schedule of violations in respect of the registration, licensing and operational matters along with the corresponding fines and sanctions that may be imposed. This schedule may be revised and updated from time to time, as deemed necessary and appropriate. The capitalized terms used in this schedule shall have the same meaning as given to them in the Free Zone Rules and Regulations.
|
SR No. |
REGISTRATION & LICENSING VIOLATIONS |
Penalty/Amount (AED) |
|
1. |
Breach of any Rules or Regulations relating to the registration, licensing or commercial operation of a Free Zone Entity |
10,000 |
|
12. |
Failure to comply with share pledge requirements |
20,000 |
|
13. |
Failure to maintain a registered address |
5,000 |
|
23. |
Failure of a director or liquidator to comply with obligations in relation to insolvency |
15,000 |
|
24. |
Failure to advertise in the case of winding up |
15,000 |
|
SR No. |
LEASING VIOLATIONS |
Penalty/Amount (AED) |
|
1. |
Failure to permit inspection of the Lease or to hinder inspection |
2... |