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The UAE issued economic substance regulations (the “Regulations”) in April 2019, amended by Cabinet Resolution No.57 of 2020 in August 2020, which introduced a requirement for UAE entities to maintain an adequate “economic presence” in the UAE relative to the activities they undertake

The UAE economic substance requirements apply to all UAE onshore and free zone companies and certain other business forms that undertake one or more “Relevant Activity” for financial years commencing on or after 1 January 2019.

Relevant Activities:

  • Banking services

  • Insurance activities

  • Fund management activities

  • Financing and leasing activities

  • Headquarter activities

  • Shipping activities

  • Holding companies

  • Intellectual Property (IP)

  • Distribution of goods from a connected foreign person

  • Provision of services to foreign connected services

At Merali’s Group, we provide following services:

  • ESR impact assessment: We can assess entities and activities whether they fall under the relevant activities or exempted from the regulations

  • GAP analysis and action plan: where we map the transactions and corporate governance process to ascertain its required changes as per the regulations

  • Reporting: where we assist the clients preparation of ESR notification and ESR report to the relevant authority.

For more information please contact us