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Economic Substance Regulations Report | Deadline December 31st 2020

December 16, 2020by Mohammed Rahali
In Brief

The UAE Economic Substance Regulations (ESR) Report filing deadline is fast approaching and the deadline for UAE Licensees carrying out any relevant activity for the year end 2019, to file is December 31st, 2020.

The most recent UAE Economic Substance Regulations Updates have also seen substantial modifications and so all companies must therefore re-evaluate the applicability of the UAE ESR to their businesses, re-notify and prepare and file their ESR Return by December 31st, 2020 as a consequential action.

Administrative penalties of up to AED400, 000 have also been introduced along with suspension or non-renewal of trade licenses.

Contact our corporate team for assistance.

Deadline for the Economic Substance Report is 31st December 2020. Regardless of your company’s previous ESR assessment and classification, you must conduct a reassessment to determine whether the filing of the notification and report, which must be filed with MOF by 31st December 2020 for the year ending 31st December 2019, apply to it.

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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