11 May

REQUIREMENT FOR ALL UAE LICENSED ENTITIES

On 30 April 2019, the UAE introduced Economic Substance Regulations (ESR) under the Cabinet of Ministers Resolution No.31 of 2019.

The Regulations require ALL UAE licensed entities to comply with notification and return filing obligations and those that carry out any of the ‘Relevant Activities’ to maintain an adequate ‘economic presence’ in the UAE. A list of ‘Relevant Activities’ can be found in the RAKEZ ESR Guidance HERE.
 
All UAE licensed entities are required to submit an annual notification (regardless of being exempt or not earning income), i.e. the ‘ESR Submission’. Please submit your notification by clicking HERE. ESR Submission must be filed no later than the 30th of June 2020.
 
UAE licensed entities that are not exempt and undertake a Relevant Activity from which they earn income during a relevant Financial Year, will be further required to:

  1. Meet economic substance requirements.
  2. File an Economic Substance Regulations Return ‘ESR Return’.
For all ESR enquiries please email rakezesr@rakez.com.

MORE ANNOUNCEMENTS

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