Economic Substance Regulations Deadline UAE

Jay Krishan, Partner

13 June, 2020

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The United Arab Emirates Cabinet has issued the Cabinet of Ministers Resolution No.31 of 2019 and it requires all in-scope entities to maintain an economic substance UAE.

Economic substance regulations will be applicable to companies that engage in any of the below mentioned “Relevant Activities”;

  • Banking
  • Insurance
  • Investment Fund Management
  • Lease-Finance
  • Headquarters Businesses
  • Shipping
  • Holding Company Businesses
  • Intellectual Property
  • Distribution and Service Centers Businesses
   Free Zone AuthorityDeadline
   Abu Dhabi Media Zone Authority30th June
   ADGM30th June
   Ajman FZ30th June
   DAFZA15th June
   DIFC30th June
   DMCC30th June
   Dubai Aviation City Corporation7th June
   Dubai Development Authority25th June
   Dubai Healthcare City7th June
   Dubai World Trade Centre30th June
   Fujairah Free Zone15th June
   Hamriyah Free Zone Authority30th June
   International Free Zone Authorities30th June
   KIZAD20th June
   Ministry of Economy30th June
   RAK EZ30th June
   RAK ICC30th June
   SAIF30th June
   Umm Al Quwain Free Trade Zone30th June

 

All mainland companies must file ESR notification within 30th June.

What HLB HAMT offers?

  • Consulting on ESR
  • Identify the qualifying entities for ESR compliance
  • Identify the qualifying business segments for ESR compliance
  • Report and advise on overall ESR readiness by the Entity
  • Ongoing ESR compliance
  • Secretarial services in connection with ESR record maintenance
  • ESR filing with the authorities in the proper /prescribed format

 

Did you find the blog informative?         

 

Mohamed Sheriff
Mohamed Sheriff
16:16 28 Jun 20
Experience with HLB Hamt in audit experience is great pleasure. They deploy well qualified accounts team for audits.... And the amount of checking they perform give the management of the company confidence that internal controls are well in place. We are glad to see they have high standard of audit practices.read more
218141 JOSEPH THOMAS
218141 JOSEPH THOMAS
16:20 23 Jun 20
Professionally managed firm with commitment to the engagements taken. My company and its group are assigning our... requirements for last 12 years to HLB and we don’t have any negative remarks on any assignments.read more
PMI
PMI
07:14 23 Jun 20
In my opinion, HLB Hamt is one of the best professional firms in UAE after big4. Excellent client service, professional... and competent staff and timely delivery are their strength. Over the years they have developed the infrastructure and skill set to handle multiple verticals ie, audit, tax services, consulting, IT support etc. Wishing HLB Hamt team all the very best.read more
RAVI CHOKSI
RAVI CHOKSI
08:28 21 Jun 20
Thank you Team HLB hamt...Your internal auditing team put the good amount of time and inputs in helping the... organisation making considerable improvements throughout the organisational working structure and helps in building the better business.Thanks.read more
Maharajan Subramaniam
Maharajan Subramaniam
18:17 06 Jun 20
High-Performing IT Teams, I'm impressed with the knowledge level of their deputed staff, audit procedures, and... checklist adopted. Mr. Vimal especially understand the requirement and provide solution not only technical feasibility and also considered budgeting. We’re confident in their abilities.read more
Mohammed L
Mohammed L
08:07 05 Jun 20
We have been working closely with them on payroll services for quite sometime.They provide very professional... services,experts in domain and excellent support. Would recommend them.Cheers.read more
ROY ROSHAN VIVIAN
ROY ROSHAN VIVIAN
06:32 04 Jun 20
Very professional team. Vimal has always given us good solution advice for various Software and IT Infra projects. We... are very Extremely satisfied working with him and his team. Wishing them success.read more
Basil Daniells
Basil Daniells
05:55 03 Jun 20
I have worked with HLB as a partner of Sage for about 2 years, they were dedicated to the success of the partnership... and kept aligned with the business plan that was agreed between our two companies. They are always ready to go the extra mile for a customer and don’t shy away from challenging circumstances. Keep up the good work and wish you all the success in the future.read more
Amar Kashyap
Amar Kashyap
19:28 02 Jun 20
Team of well qualified and organised professionals. Their reports are not based on numbers first they will understand... their client and their business. They are highly recommended and trust worthy.read more
Radz de Jesus
Radz de Jesus
16:03 02 Jun 20
We're glad to have found HLB Hamt to conduct the IT audit and risk assessment for our organization. We have learned a... lot from their team during that first project. And since then, we've continued to be in touch with them. Mr. Vimal especially is very good at presenting technical concepts in simple yet interesting ways that non-IT and business people alike would easily catch. We are very happy with the professionalism and quality of service they provide. They leave their clients nothing short of satisfied. Highly recommended.read more
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