Last Call To Submit The UAE Economic Substance Regulations Report

December 24, 2020by Mohammed Rahali

This is the UAE Economic Substance Regulations Report’s last call to all UAE Licensees to assess their companies, and if carrying out any relevant activity for the year end 2019, to file before December 31, 2020.

As a consequence of the most recent updates to the UAE Economic Substance Regulations these actions must be applied:

  • Re-assessment to determine the applicability of the UAE ESR to your UAE company;
  • Re-submission of the notification report must be filed with MOF (Ministry of Finance);
  • Prepare and file the ESR Report by December 31st, 2020 as a consequential action.

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.

This is the last call to all UAE Licensees to conduct a reassessment to determine whether their companies are subject to the UAE ESR, and as a consequential action re-submit a notification and file the ESR Report.

How can we assist you?

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 categorisation;
  • 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.

mm

Mohammed Rahali

Managing Partner | E: m.rahali@wincoreadvisory.com | M: +971 (0) 55 138 9591

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