Economic Substance Regulation (ESR)
UAE Economic Substance Regulations were introduced on 30 April 2019 requiring companies & other businesses registered in UAE that carry on one or more “Relevant Activities” to have economic substance in UAE in relation to those “Relevant Activities” & comply with “Annual Information Submission” & “Economic Substance Report”.
Under the UAE’s Ministry of Finance guidelines on ESR, the businesses must submit a Notification within 6 months & ESR Report within 12 months from Financial Year-end. Failure to submit could result in penalties.
Our team has been assisting companies by providing:
A review ascertaining the applicability of regulations on the company
Analysing the gaps to fulfill the requirements of Economic Substance Test
Restructuring & recommendations to enhance economic substance
Submission of Report within 12 months from the end of the Financial Year