8 Jun 2020
28 Apr 2020
UAE has issued resolution in connection with Economic Substance Regulations last 30th April 2019 as a part of UAE’s efforts to comply with global standards that aim to combat harmful tax practices. The Regulations require companies and other business forms registered in the UAE that are conducting “Relevant Activities” to demonstrate their economic substance here in the UAE and to comply with notification and reporting requirements to their Regulatory Authorities as set in the Regulations.
As a part of the new Regulation, DMCC, the UAE's largest free zone, has already issued a notification template to be followed by all member firms to comply with their Economic Substance Regulation ("ESR") filing obligations. As expected, the notification will be electronic, via the free zone's member company portal.
Elsewhere in the UAE, other Authorities have also communicated on their ESR Notification procedure.
Note: Including Irrelevant Activity which needs to be notified.
|Authority Name||Notification required||Notification deadline||Summary/ Guidance|
|Fujairah Creative City||Yes||31st July 2020||All entities/ licensees, including those who do not undertake relevant activity|
|Dubai International Financial Centre (DIFC)||Yes||By 30 June 2020 (extended from 12 June 2020)||All entities/ licensees, including those who do not undertake relevant activity|
|Dubai Multi Commodities Centre (DMCC)||Yes||30th June 2020||All entities/ licensees, including those who does not undertake relevant activity|
|Abu Dhabi Global Market (ADGM)||Yes||30th June 2020||Applicable to all licensees carrying out a Relevant Activity, located in ADGM and whose financial year commences on or after 1 January 2019.|
|Dubai Airport Free Zone Authority (DAFZA)||Yes||By 31 May 2020 (extended from 3 May 2020)||All entities/ licensees, including those who do not undertake relevant activity|
|Ras Al Khaimah Economic Zone (RAKEZ)||Yes||30th June 2020||All entities/ licensees, including those who do not undertake relevant activity|
|Dubai World Trade Centre (DWTC)||Yes||30th June 2020||Only entities/ licensees that are carrying out relevant activity|
|Jebel Ali Freezone (JAFZA)||Yes||30th June 2020||Only entities/ licensees that are carrying out relevant activity|
8 Jun 2020
Certified Public Accountant