ESR Compliance & Filing Services
ESR
Economic Substance (ESR) was introduced in United Arab Emirates as per UAE Ministry of Finance in the form of Cabinet of Ministers Resolution No. 31 of 2019, dated 30 April 2019 (UAE ESR) followed by the Ministerial Decision No. 215 on the issuance of directives for the implementation of ESR and Cabinet Resolution 58 of 2019 determining the Regulatory Authorities for the purposes of ESR.
As per Economic Substance Regulations, every entity in the UAE is required to evaluate whether:
01.
It is conducting any of the prescribed Relevant Activities as per the law or not;
02.
In case where it is conducting one or more of the prescribed Relevant Activities, then whether the entity satisfies the ESR requirements/tests or not.
Licensee conducting the prescribed Relevant Activities is required to file a notification and ESR report in the specified format on its Relevant Activities on an annual basis to its Regulatory Authority.
List of Relevant Activities
The following are considered as “Relevant Activities” as per the ESR Regulations:
- Banking
- Insurance
- Fund management
- Lease-finance
- Headquarters
- Shipping
- Holding company
- Intellectual property (IP)
- Distribution and service center business
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