Business Setup Consultants in Dubai

Business Setup Consultants in Dubai

It’s time for Economic Substance Regulation (ESR) notification submission:

Companies and establishments that are involved in ‘relevant activities’ in the UAE are required to submit economic substance notifications and reports to the regulatory authority on an annual basis, in accordance with the provisions of the Cabinet Resolution, which stipulates the submission of these notifications and reports. Failure to adhere to this will result in sanctions.

๐๐จ๐ญ๐ข๐Ÿ๐ข๐œ๐š๐ญ๐ข๐จ๐ง๐ฌ – ๐ƒ๐ž๐š๐๐ฅ๐ข๐ง๐ž
• A maximum period of 6 months is granted from the end of the fiscal year.

๐„๐œ๐จ๐ง๐จ๐ฆ๐ข๐œ ๐’๐ฎ๐›๐ฌ๐ญ๐š๐ง๐œ๐ž ๐‘๐ž๐ฉ๐จ๐ซ๐ญ๐ฌ – ๐ƒ๐ž๐š๐๐ฅ๐ข๐ง๐ž
• A maximum period of 12 months is granted from the end of the fiscal year.

๐‘๐ž๐ฅ๐ž๐ฏ๐š๐ง๐ญ ๐€๐œ๐ญ๐ข๐ฏ๐ข๐ญ๐ข๐ž๐ฌ:
• Banking Business
• Insurance Business
• Investment Fund management Business
• Lease – Finance Business
• Headquarters Business
• Shipping Business
• Holding Company Business
• Intellectual property Business (“IP”)
• Distribution and Service Center Business

All legal entities are encouraged to determine their upcoming ESR filing obligations as soon as possible for any completed FYs and take necessary steps to ensure filings are made within the applicable deadlines and all necessary supporting documentation is available at the time of the filing. 

Penalties for noncompliance with the ESR include financial penalties for the failure to submit a notification (AED 20,000), submit a report (AED 50,000), provide accurate or complete information (AED 50,000), and demonstrate sufficient economic substance in the UAE (first failure is AED 50,000 and second consecutive instance of failure is AED 400,000). Nonfinancial penalties include information exchanges with certain foreign authorities. The Federal Tax Authority (FTA) has begun to initiate audits.

Our expert team is ready to assist you with ESR preparation and submission.

FN Year Jan 2023 to Dec 2023 - Notification Filing Deadline is 30th June 2024
FN Year Jan 2023 to Dec 2023 - Report Filing Deadline is 31st December 2024

Please contact Your Office Partners for more info!

https://yourofficepartners.com/business-setup-consultant-dubai

 

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