Issuance of Cabinet of Ministers Resolution No. 57 of 2020 and Ministerial Decision 100 of 2020 – In-depth review On 10th and 19th August 2020 respectively, the Ministry of Finance issued Resolution No. 57 of 2020 (“Resolution”) and Ministerial Decision No. 100 of 2020 (“Ministerial Decision”) on Economic Substance Regulations [ESR]. The Resolution repeals (i) […]
The deadline for UAE Licensees to file the ESR Notification is now passed. Missing the deadline will trigger fines unless Authorities make use of their discretion to apply a grace period. So far, no grace period for any of the Authorities has been published. ESR took effect on 30 April 2019. There are a number […]
30 June has emerged as the almost-consensus notification deadline date for most UAE registrars and authorities with respect to ESR compliance. DDA has issued an update stating that the deadline for the ESR filing obligations of its Licensees has been extended to 30 June 2020. All Licensees irrespective of whether they carry out a Relevant […]
Dubai Aviation City Corporation (DACC) and Umm Al Quwain Freezone Authority (UAQFZA) issue updates on Economic Substance Regulation (ESR) deadline and submissions DACC has issued a new circular stating that the deadline for the ESR filing obligations of its Licensees has been extended to 23 June 2020. Umm Al Quwain Freezone authority has also issued […]
JAFZA and the MoE have issued guidelines and announced the deadline for Licensees to comply with their Economic Substance Regulation (“ESR”) filing obligations. JAFZA and DED Licensees undertaking a Relevant Activity are expected to comply with their ESR filing obligation and notify their respective Authorities by 30th June 2020. ESR took effect on 30 April […]
JAFZA and the MoE have issued guidelines and announced for Licensees to comply with their Economic Substance Regulation (“ESR“) filing obligations. JAFZA and DED Licensees undertaking a Relevant Activity are expected to comply with their ESR filing obligation and notify their respective Authorities by 30th June 2020. ESR took effect on 30 April 2019. There […]
DDA has issued a notification template to be followed by all member firms who carry out a Relevant Activity 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. DDA has urged all its relevant Licensees to ensure that they look beyond the […]
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