Action required: Economic substance notification deadlines imminent
The UAE Ministry of Finance has issued important guidance relating to Economic Substance Regulations that companies licensed to operate in the UAE need to be aware of.
Following the issuance of the updated Economic Substance Regulations earlier this year (the Updated ESR), the UAE Ministry of Finance has issued (i) the template for the UAE Ministry of Finance economic substance notification (the Notification), (ii) the template for the economic substance report (the Report) and (iii) clarification of the approaching deadlines for the submission of Notifications and the Reports. The UAE Ministry of finance has also issued guidance on its website which provides clarifications on how the MoF Notifications and the ESR Report are to be completed.
Clyde & Co can advise on the application of the Updated ESR to your business. Please email EconomicSubstance@Clydeco.com for further information.