EXTENSION GRANTED FOR UAE ECONOMIC SUBSTANCE REGULATIONS REPORT

To support businesses that may have been impacted by COVID-19 and temporary inaccessibility of the Ministry of Finance Economic Substance Regulations Filing Portal, the Ministry of Finance has extended the deadline for businesses to submit their Notification and Economic Substance Report to 31^st January 2021.

The revised filing deadlines for the 2019 Reportable Period are as follows:
●        Notification: The later of six months after the financial year end, or 31^st January 2021
●        Economic Substance Report: The later of 12 months after the financial year end, or 31^st January 2021

This is an exceptional, one-off extension of the filing deadline for businesses with a 2019 Reportable Period and businesses with a 2020 Reportable Period that are required to file their Notification by 31 December 2020. No further extensions will be granted, so businesses should indeed take this as the last call to file their Economic Substance Regulations Notification & Report.

Failure to submit your Notification and Economic Substance Regulations Report on time will result in the application of penalties. For non-compliance administrative penalties of up to AED400, 000 have also been introduced along with suspension or non-renewal of trade licenses.

For support and assistance on this matter contact our corporate team today.

Extension has been granted for the filing of the Economic Substance Return. This is the final call for all businesses to submit their ESR Notification and file the ESR Return.

How can we assist you with the UAE Economic Substance Regulations Report?

Wincore Advisory Group can assist you in this regulatory self-assessment to fulfil your compliance legal responsibilities by:

• Assistance with the reassessment of your entity in accordance with the new UAE ESR;
• Assistance with filing UAE ESR re-notification / annual notification/ reporting;
• To get a clear view of the new regulations and your entity’s categorization;
• Reviewing internal corporate governance, Management information system and ESR criteria fulfilment;
• Implementing the most cost & time effective compliant (implementing contractual and delegation arrangements) strategy to help you pass the economic substance test;
• Provision of professional directorships, board support services, company secretarial/administrative services and registered office/meeting space.

Outsourcing this function to Wincore Advisory Group enables you to meet your obligations in the most efficient way and avoid to waste valuable time and energy in establishing an in-house process.

Be reminded that administrative penalties of up to AED400, 000 apply, so do not wait until it is too late. Contact our corporate team for assistance.