New regulations have been issued in Cabinet Decision No. 57 of 2020 concerning Economic Substance Requirements (“Decision 57”) and Ministerial Decision No 100 of 2020 (“Ministerial Decision 100”).
It has been introduced as a legal requirement for all UAE entities to locally maintain ‘economic substance’ in line with the level and type of activity they undertake.
Which Entities are in Scope?
Any UAE entity that undertakes “Relevant Activities” which consist of any of the following businesses licensed in the UAE (mainland and/or free trade zones),
What needs to be done & who needs to be filed?
Notification submission
Any UAE entity needs to submit a notification that undertakes the above “Relevant Activities
Return submission
Any UAE entity & Free zone companies need to submit the return which undertakes the above “Relevant Activities
Are You Ready?
How Alyaa Ebrahim Auditing can help?
If you haven’t yet considered the impact of the UAE Economic Substance Regulations on your company/ branch in the UAE and require any of the below,
Our experienced team will be happy to analyze your business activities, determine whether you are within the rules, and guide you as to what actions are required to ensure full compliance.
Contact
- The Galleria, Hyatt Regency Level II, Office No. 218 B, PO Box: 119712, Dubai, UAE
-
+971 04 27 11 952
+971 52 124 5007 - info@aeauditing.com