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UAE Economic Substance Regulation Update
ESR ESR Notification Deadline Tracker (5.1)
DACC and UAQFZA: New Circular Released Extending ESR Notification Filing Regardless of whether or not your business has trade license activities which are "Relevant Activities" as per Cabinet Resolution (No. 31) of 2019 on Economic Regulations Substance, there is a need to submit an Economic Substance Notification. A new circular has been released and the deadline for notification submission are as follows:
If you want regulatory experts to help you comply with the new legislation on economic substance, call us here in Farahat & Co!. Below is the updated ESR Tracker with information on all relevant Regulatory Authorities. |
|
Authority |
Applies to who? |
Mode of submission |
Notification Deadline |
|
Abu Dhabi Global Market (ADGM) |
Only the Licensees who undertake a Relevant Activity |
ESR Notification form to be filled in and signed by the Licensee. Email the form to sales@farahatco.com |
30 June 2020 |
|
Dubai International Financial Center (DIFC) |
All Licensees |
ESR Notification form to be filled in and signed by the Licensee. Details to be uploaded on the DIFC portal |
30 June 2020 |
|
Dubai Multi Commodities Center (DMCC) |
All Licensees incorporated on or prior to 31 December 2019 |
ESR Notification form to be filled in and signed by the Licensee. Details to be uploaded on the DMCC portal |
30 June 2020 |
|
Dubai Aviation City Corporation (DACC) |
All Licensees which have a financial year commencing on or after 1 January 2019 and ending on or before 31 December 2019. |
ESR Notification form to be filled in and signed by the Licensee. Email the form to sales@farahatco.com |
23 June 2020 |
|
Dubai Airport Freezone Authority (DAFZA) |
Only the Licensees who undertake a Relevant Activity |
All Licensees have received an email from DAFZA with the steps to be taken/method of filing |
31 May 2020 |
|
Dubai World Trade Centre Freezone (DWTC FZ) |
Only the Licensees who undertake a Relevant Activity |
All Licensees have received an email from DWTC FZ with the steps to be taken/method of filing |
30 June 2020 |
|
Dubai Development Authority (DDA) |
Only the Licensees who undertake a Relevant Activity |
ESR Notification form to be filled in and signed by the Licensee. Details to be uploaded on the DDA portal |
25 June 2020 |
|
Dubai Health Care City (DHCC) |
Only the Licensees who undertake a Relevant Activity |
Details to be uploaded on the DHCC portal |
15 June 2020 |
|
Department of Economic Development (DED) – Dubai |
Only the Licensees who undertake a Relevant Activity |
ESR Notification form to be filled in and submitted by the Licensee |
30 June 2020 |
|
Jebel Ali Freezone Authority (JAFZA) |
Only the Licensees who undertake a Relevant Activity |
The ESR Notification can be submitted through the email sales@farahatco.com |
30 June 2020 |
|
Sharjah International Airport Freezone (SAIF) |
Only the Licensees who undertake a Relevant Activity |
All Licensees have received an email from SAIF with the steps to be taken/method of filing |
30 June 2020 |
|
Ras Al Khaimah International Corporate Centre (RAKICC) |
All Licensees – to be done via the Registered Agent |
ESR Notification form to be filled in and signed by the Licensee. Details to be uploaded on the RAK ICC portal |
30 June 2020 |
|
Ras Al Khaimah Economic Zone (RAKEZ) |
All Licensees |
ESR Notification form to be filled in and signed by the Licensee. Details to be uploaded on the RAKEZ portal |
30 June 2020 |
|
Fujairah Freezone |
All Licensees |
ESR Notification form to be filled in and signed by the Licensee. |
15 June 2020 |
|
Ajman Freezone |
All Licensees |
All Licensees have received an email from the Freezone with the steps to be taken/method of filing |
30 June 2020 |
|
Umm Al Quwain Freezone (UAQ) |
Only the Licensees who undertake a Relevant Activity with financial years ending as of 31 December 2019 |
ESR Notification form to be filled in and signed by the Licensee. Details to be uploaded on the UAQ FZA Portal |
30 June 2020 |
Farahat & Co. has experts that can assist you in considering the impact of ESR to your business and help you meet your compliance obligations to avoid administrative fines and penalties.
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