The ESR compliance deadline in UAE has been extended for a month to January 31st 2021. The extension is a great relief to businesses as they had a rough time preparing the documents to be submitted in a short period of time.
The amended ESR was released in September and those who submitted the notifications in June were caught up in a year-end rush in December, thus the extension has been a great relief for them. This extension should be considered a golden opportunity and the organizations must act smart to get things done during this period.
This extension period also provides a chance for businesses that has already submitted the ESR notification to make amendments if any. The corrections made during this period will free them from the financial penalties.
The ESR compliance requires the board meeting reports of every organization and as the situation is not suitable for in-person meetings, the businesses demand the clarity of such requirements. The board meetings may not be even conducted in the UAE or may not take place at all. The ‘strategic decisions’ may not involve all the board member’s approval, a clarification of all these is necessary for businesses to move forward.
The one-month extension is not something that you get often so it is important to make the most out of it and could even be a fresh start for the businesses to ensure accurate compliance of the ESR.
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