UAE based onshore and free zone business entities conducting “Relevant Activities” as per the current Economic Substance Regulations (ESR), can now file their Economic Substance Notifications and Economic Substance Report directly from the webpage of Ministry of Finance (MoF) at Economic Substance Regulations (mof.gov.ae)

ESR filing are made effective from financial year commencing 1 January 2019 and therefore for many businesses, first deadline for ESR filings will be 31 December 2020.  Late filing of Economic Substance Notifications and Economic Substance Reports will incur penalties and administrative sanctions. “Relevant Activities” include Banking Business, Insurance Business, Investment Fund Management Business, Lease – Finance Business, Headquarters Business, Shipping Business, Holding Company Business, Intellectual Property Business, Distribution and Service Centre Business.

Related Services: UAE Compliance Advisory

For those interested, please note that the MoF is also conducting a webinar on ESR filing requirements on Thursday, 10 December 2020 at 12 pm (UAE time). Registration form to the webinar can be found at Webinar on Economic Substance filing requirements in the UAE (office.com)