UAE Economic Substance Regulations (ESR) - Deadlines

 


As the United Arab Emirates is heading towards its objective of achieving economic transparency, investors should be adequately prepared to follow the regulations. This is particularly true in the matter of ESR in the UAE as the latest updates and renewed submission deadlines have forced the organizations to reconsider their ESR. According to law, EconomicSubstances Regulations notification needs to be submitted within 6 months of the financial year-end. Yet the portal is not live yet, this deadline has been extended to 31st Dec 2020. Ie. Licensees with 31st March 2020 or 30th June 2020 financial year-end will also be mandatory to submit the notification by 31st December 2020. Also, Licensees that earlier submitted the ESR notification directly to their Regulatory Authorities are compulsory to re-submit the ESR notification on the MOF portal by 31st December 2020.

Licensees with 31st March 2020 or 30th June 2020 financial year-end will be mandatory to submit the ESR notification by 31st Dec 2020. Also, those entities that had financial year-end of 31st December 2019 and already submitted the notification earlier by the deadline of 30th June are compulsory to re-submit the ESR notification by 31st December 2020. If anyone failed to submit an ESR notification on time will result in penalties of AED 20,000 and also if an entity failed to submit ESR report on time will result in penalties of AED 50,000. Therefore, all entities in UAE are strongly recommended to evaluate or re-assess whether and which of their activities & entities fall inside the scope of the Economic Substance Regulation and how to guarantee they can meet the Economic Substance Test in regard to each relevant Activity.

How ARC Associates Can Assist You to Comply With ESR?

If you are concerned about whether your business operations meet the ESR tests and compliance responsibilities, then you can take the help of leading Economic Substance Regulation services in Dubai, ARC Associates. As the top ESR Consultants in Dubai, Sharjah, Abu Dhabi & all over the UAE, ARC Associates is here to back you to describe to which extend ESR apply to your business, provide expert guidance & assistance on ESR Notification Filing to help you follow with all ESR requirements & evade non-submission &any kind of penalties too. We offer a range of services to help you with this journey., so take a look at what we offer:

  • Consulting on ESR
  • Find the qualifying entities for ESR compliance
  • Recognize the qualifying business sectors for ESR compliance
  • Ongoing ESR compliance
  • Report & advise on complete ESR readiness by the Entity
  • ESR filing with the Regulatory authorities in the right format

So, if you need any help for ESR notification filing service, please get in touch with us today, we will be happy to help you!

Location: United Arab Emirates

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