Economic Substance Regulations- ESR
Dear Valued clients, we would like to invite your attention to the Economic Substance Regulation in UAE (ESR). As per the regulation and guidance note on notification, ESR is to be applied only for those doing relevant activities. But, since some of the freezone authorities, requested all licensees to file the notification and also considering that the latest notification Forms published by majority of the Authorities (including the Ministry of Economy) allow the filing of notification for those who are not involved in the relevant activity (by choosing the options to be no and not applicable in the concerned form), we request all the business to file the notification under ESR with relevant Authorities ( as a matter of prudence). We request all to be in touch with us for further details or assistance.
As against the repeated request from our clients, a video is made to explain the steps for filing the Economic Substance notification form, for those companies who are involved in the Mainland and doesn't covered their main activity under Banking, Insurance, Lease finance and Investment Fund Management Business, those are highly regulated.