The UAE Cabinet of Ministers has issued Cabinet Resolution No. 57 of 2020 (the “amended ESR”) along with updated Guidance clarifying the amended ESR (Ministerial Decision 100 of 2020 dated 19 August 2020) which repeals and replaces the original ESR (Ministerial Decision No. 215 of 2019 and Cabinet Decision No. 31 of 2019).
Economic Substance Regulations
To know more about the following:
- Who is subject to ESR?
- Who is exempt from ESR?
- Which are Relevant Entities and Relevant Activities?
- How to meet ESR Test?
- What are the penalties for non-compliance?
How MARS can assist you on ESR in the UAE?
- Preliminary Assessment: Identify whether your business is within the scope of the ESR regulations.
- Core Assessment: If within the scope of the Regulations, check whether your business pass the ESR Test.
- Defaults Assessment: Identify the non-compliant elements if criteria of Regulations are not met.
- Rectification Procedure: Suggestions to correct the weaknesses in order to pass the Economic Substance Test.
- Submission of reports: Filing the notification, returns and reports to the Relevant Regulatory Authority.
For Assessment on Economic Substance Regulations in UAE