ESR Notification In UAE
ESR Notification Services In UAE
Economic Substance Regulations (ESR) in the UAE require companies and establishments engaged in “relevant activities” to submit annual economic substance notifications and reports to the regulatory authority. These submissions must adhere to the provisions outlined in the Cabinet Resolution. Failing to comply with these requirements can lead to sanctions.
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ESR Submission Deadlines in UAE
ESR Notifications UAE
Companies have a maximum period of 6 months from the end of the fiscal year to submit their economic substance notifications. This means that notifications should be submitted within this timeframe to ensure compliance.
Economic Substance Reports
Economic Substance Reports should be submitted within a maximum period of 12 months from the end of the fiscal year. Companies must adhere to this deadline to fulfill their reporting obligations.
Submitting Economic Substance Notification in UAE
Companies are required to submit their Economic Substance Regulations’ notifications and reports through the e-platform available on the Ministry of Finance’s website. The process involves the following steps:
- Access the e-platform on the Ministry of Finance’s website.
- Companies that fall under the jurisdiction of local economic development departments, Fujairah Municipality, or Dibba Fujairah Municipality and engage in specific activities must apply through the platform. They should select the Ministry of Economy as the relevant authority. This applies to the following related activities:
- Headquarters Business
- Shipping Business
- Holding Companies Business
- Intellectual Property Business
- Distribution and Service Centre Business
3. Follow the platform’s instructions to complete the submission process for both notifications and reports.
It’s crucial for companies engaged in relevant activities to stay informed about these submission requirements, adhere to the specified deadlines, and use the designated e-platform for compliance. Failure to do so may result in sanctions or penalties.