UAE Regulatory
Compliance
Companies in UAE are required to submit substance notifications in a max 6 months and economic reports in max 12 months from the end of the fiscal year, failure to which attract sanctions
The UAE Economic Substance Regulations were introduced on 30th April 2019 requiring companies and other business forms registered in UAE that carry on one or more “Relevant Activities” to have economic substance in UAE in relation to those “Relevant Activities” and comply with “Annual Information Submission” and “Economic Substance Report”.
ESR applies to all forms of business including free zone carrying on any of the following relevant activities:
- Banking Businesses
- Insurance Businesses
- Investment Fund Management Businesses
- Lease-Finance Businesses
- Headquarters Businesses
- Shipping Businesses
- Holding Company Businesses
- Intellectual Property Businesses
- Distribution and Service Centre Businesses
How can AKW help?
Diagnostic and Notification
Gap Analysis & Reporting
Diagnostic and Notification
- Diagnostic and Notification
- Assess whether the company qualifies within the definition of Licensee
- Conduct review of the business activities to determine “Relevant Activities”
- Differentiate between Main or Ancillary Relevant Activities to prevent duplicate reporting
- Identify State Core Income Generating Activities (“CIGA”)
- Assess whether the Intellectual Property Business gets covered under High Risk IP Licensee definition
- Submission of Information Notification on an annual basis covering:
- Whether there are Relevant Activities conducted or not
- Gross income subject to tax in a jurisdiction outside of the UAE
- Date of end of the Financial Year
Gap Analysis & Reporting
- Identify current gaps to fulfill the requirements of Economic Substance Test with regards to:
- Ensuring adequate Staff, Expenses and Assets
- Ensuring frequent Board of Directors’ meetings and maintenance of minutes and quorum
- Having adequate Supervision of Outsourced Activity
- Advise on possible restructuring and recommendation to increase the level of Economic Substance
- Submission of Economic Substance Report within 12 months of end of the Financial Year
- Provide additional information as may be required by the Authority
- Provide additional information for High Risk IP Business.
further queries
How we can help?
- AKW team will review and submit the Reporting requirements under the Foreign Account Tax Compliance Act (FATCA) and Common Reporting Standard (CRS) relating to preliminary requirements for centralised reporting through UAE Ministry of Finance (MOF) and DIFC portal.
- Download XL Templates from MOF portal and Preparation of the Data files offline.
- Check the XL Files and ensure that it is compliant with the guidelines issued by MOF.
- Upload & Validate the Data files in the mandated format on FATCA /CRS Portal.
- Check the status of the files uploaded to ensure the approval or acceptance of the same by MOF.
- Deal with any MOF questions or further requirements, if asked.
Financial success of any person or organization
GRC Credentials
Relevant Projects Undertaken by The Team
AML / CFT Policies & Procedures for a Gold Refinery and Ensuring Compliance with Internaitonal Standards
- Assist the refinery in establishing a team to ensure compliance with international standards.
- Act as Compliance Officer for the Refinery and make decisions on opening of new accounts
- Regularly improvise and implement new technologies and advanced methodologies in the Compliance sector to ensure
- Obtain International Supply Chain Certifications from Responsible Jewellery Council for COC and COP
- Obtain International Accreditation including UAE Good Delivery, ISO 9001:2015, ISO 14001:2015, ISO 45001:2018, ISO 10002:2014