Economic Substance Regulations |ESR reporting requirements in UAE | Notification | Test | Compliance

In this video, we will be discussing the new Economic Substance Regulations that have been implemented in the UAE. We speak about what the reporting requirements are as well.

Most regulatory authorities in the UAE have a deadline of June 30th for the notification to be submitted.

Some examples of regulatory authorities in the UAE are -
1. Ministry of Economy
2. JAFZA
3. Saif Zone
4. Hamriyah Free Zone
5. RAKEZ
6. DWC
7. DSO
8. Shams free zone
9. DMCC
10. DAFZA
11. Ajman Free Zone
12. Fujairah Free Zone

The requirements and deadlines in all the regulatory authorities vary.

We recommend getting professional advice to determine if your company is falling under the ESR regulations.

UAE implemented the economic substance law in on 30 April 2019. The objective of this law is to make sure that the business is carrying on activity within the state that meets the economic substance interest. The economic substance report must be submitted to the relevant authorities within 12 months of the financial year-end.

This is applicable for companies whose financial year begins from 1st January 2019. For companies that have a financial year-end of December 31st, 2019, they will have to submit the report no later than December 31st, 2020. The format of this has not been revealed yet. Businesses must file a notification to their respective licensing authorities as well before the deadlines stated

Not meeting the requirements could lead to penalties varying from 10K to 300K AED, and suspension of licenses.

To read a quick summary on ESR click on this link - http://www.msiauditors.com/economic-s...

Click on this link to see the entire playlist -    • ESR Explained  

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To read a quick summary on ESR click on this link - http://www.msiauditors.com/economic-s...

We are one of the oldest audit firm based out of UAE, with over 30 years' experience. We are experts in Audit, Accounting, Taxation & Consultancy related services. Get in touch with us for more professional advice on your company's ESR compliance requirements.