An important notification and reminder to abide by the Economic Substance Regulations (ESR) in the UAE for companies that carry out any of the defined “Relevant Activities“ to comply with the regulations by making timely submissions of the ESR notification and report.
The filing deadlines for entities that have a financial year-end of 31 December 2022 are as follows:
- ESR Notification: Within 6 months of the financial year-end. Deadline 30th June 2023
- ESR Report: Within 12 months of the financial year-end. Deadline 31st December 2023
For those entities that are within scope, the ESR notification and report needs to be filed via the Ministry of Finance (MOF) portal. According to the legislation, if a business is unable to determine whether it conducts any of the Relevant Activities and/or needs assistance with filing the ESR Report, it should seek external professional advice from legal advisors/accountants.
Relevant Activities include:
- Banking Business
- Insurance Business
- Investment Fund management Business
- Lease – Finance Business
- Headquarters Business
- Shipping Business
- Holding Company Business
- Intellectual property Business (“IP”)
- Distribution and Service Center Business
If your business is not within scope and does not conduct a Relevant Activity, no action needs to be taken.
Full information on the ESR, the MOF portal, and all FAQs can be found here.
If you require further assistance, please don’t hesitate to contact firstname.lastname@example.org or call/Whatsapp +971 56 218 4695. Do you need support with company formation in Dubai or your Dubai visa application? Then get in contact with our friendly team.