In reference to our previous email regarding the submission of Economic Substance Regulations (ESR) return, we have compiled the below Frequently Asked Questions (FAQ) to help you gain a better understanding about this new requirement. Q: SHOULD THE ESR RETURN BE SUBMITTED BY ALL UAE licenceD ENTITIES? Yes, the ESR return should be submitted by All UAE licenced entities whether carrying out a relevant activity or not. Q: WHAT ARE THE RELEVANT ACTIVITIES? Please refer the RAKEZ ESR Guidance document by clicking here. Relevant activities are listed in the document. Q: WE ARE CARRYING OUT A RELEVANT ACTIVITY BUT NOT GENERATING ANY INCOME, SHOULD THE ESR RETURN BE COMPLETED IN SUCH A CASE? Yes, as mentioned earlier All UAE licenced entities, whether carrying out ‘Relevant Activities’ or not and whether generating income or not, will have to submit the ESR return. Q: WHAT HAS TO BE MENTIONED UNDER “FINANCIAL YEAR END/ACCOUNTING REFERENCE PERIOD” IN THE FORM? Please mention your company’s Financial/Accounting year as documented in your constitutional documents. For example, Jan to Dec (or) Apr to Mar, etc (ie: 31/12/2019 or 31/03/2020 as the case may be). Q: WHAT HAS TO BE MENTIONED UNDER “REPORTABLE PERIOD FOR ECONOMIC SUBSTANCE PURPOSES” IN THE FORM? The UAE ESR regulations (Cabinet of Ministers Resolution no. 31 of 2019) requires ESR return submissions from Financial/Accounting Years commencing from 1 Jan 2019 onwards. Therefore, if a company’s Financial/Accounting Year is from 1 Jan 2019 to 31 Dec 2019, the reporting period will be 1 Jan 2019 to 31 Dec 2019. Similarly, for a company whose financial year is from 1 Apr 2019 to 31 Mar 2020, the reporting period will be 1 Apr 2019 to 31 Mar 2020. Q: OUR COMPANY IS NOT CARRYING OUT A RELEVANT ACTIVITY BUT THE RETURN ASKS FOR A MANDATORY SELECTION OF A RELEVANT ACTIVITY. HOW CAN WE BE ABLE TO SUBMIT THE ESR RETURN? We have carried out changes and a revised form is now available. In the form, please select the option “None of the above” under relevant activities in such cases. We hope that you find this information helpful. If you have further enquiries, please contact rakezesr@rakez.com. On the other hand, you can click here to submit your ESR.
Dear Valued Client, We would like to wish you and your family a blessed Ramadan! Please be informed that during the Holy Month, our offices will welcome you from Monday to Thursday, starting at 9:00 AM until 2:30 PM. Please note, the issuance of the last service tick... Read More
Dear Valued Client, We would like to wish you and your family a blessed Ramadan! Please be informed that during the Holy Month, our offices will welcome you from Monday to Thursday, starting at 9:00 AM until 2:30 PM. Please note, the issuance of the last service tick...
Dear Valued Client, Please be informed that all RAKEZ offices will be closed on Monday, 1 January 2024, to observe the New Year holiday. Our offices will resume work on Tuesday, 2 January 2024. You can continue submitting all your service requests through Read More
The UAE Federal Authority for Identity, Citizenship, Customs and Ports Security (ICP) has increased their immigration file renewal service fee by AED 50 across the UAE. This notice is to inform you that the additional fee will be reflected in your licence renewal. Thank you for your u... Read More
The UAE Federal Authority for Identity, Citizenship, Customs and Ports Security (ICP) has increased their immigration file renewal service fee by AED 50 across the UAE. This notice is to inform you that the additional fee will be reflected in your licence renewal.
Thank you for your u...