Economic Substance Regulations (ESR) in the UAE
The UAE introduced a Resolution on the Economic Substance (Cabinet of Ministers Resolution No.31 of 2019, the “Regulations”) on 30 April 2019. It requires UAE resident companies that carry on a “relevant activity” (RA), including finance, holding, shipping, headquarter and service centre activities, to demonstrate economic substance in terms of people, assets and functions in the UAE. Under the ESR, all filing requirements fall under the remit of the relevant Regulatory Authority, and as such it is the Regulatory Authorities that set the requirements, deadlines and format for notification filing as they believe is appropriate and which may vary.
QUANTUM AUDITING provides the following services related to ESR:
- Continue monitoring the announcements closely and keep clients updated
- To have primary check for business on the applicability of ESR
- To assist the Licensee to file ESR Notification with the Relevant Authorities
- To provide step by step guidance regarding further ESR requirements
- Providing suggestions and improvements to ensure the compliance of Law
- To file an Economic Substance return for the Reportable Period (where required)
Quantum Auditing offers support to the business community in the UAE with diligence in compliance with Economic Substance Regulations. We are well placed to assess the impact of the Rules on your organisation and assist you in complying with the Resolution, including working with you to complete and submit the required ESR notification and ESR Annual Return.
For ESR related enquiries:
Mobile: +971 55 4145900