The UAE introduced Economic Substance Regulations (“the Regulations”) that became effective as of 1 January 2019. The updated information regarding the ESR has been published by the Ministry of Finance (MoF) on their web portal (link here). If a DMCC-licensed company is conducting relevant Activity in the UAE, it must then prepare and submit the ESR Report to the regulatory authority. I'm so impressed with this service. Your email address will not be published. I use them for both my businesses and have never been let down. We are assisted by their VAT Consultancy and Annual Audit service. Highly recommended accountants. We want to ensure that you are kept up to date with any changes and as such would ask that you take a moment to review the changes. In Cabinet Resolution No. The businesses must note that it is mandatory to submit the ESR report to the DMCC authority within 12 months of the financial year-end. Under economic substance regulations, there is a legal requirement for all UAE entities, including branches of local and foreign companies that carry on any of nine relevant activities, to maintain economic substance in the UAE specific to each relevant activity. 1106, The Prism, Business Bay The companies across the UAE including the entities licensed by DMCC are required to ensure ESR compliance. DMCC, the UAE’s largest free zone, has issued a notification template to be followed by all member firms to comply with their Economic Substance Regulation (“ESR”) filing obligations. 31. In recent years regional areas have also started to match this growth, after historically lagging behind the capital. According to this decision, economic substance requirements for the businesses which were carrying out “Relevant Business Activities” were provided. I've been looking for a cheaper accountant for some time, as my previous one was so expensive and good for nothing. -ves: Not cheap as expected. Economic Substance Regulations As part of the UAE’s commitment as a member of the OECD Inclusive Framework, and in response to an assessment of the UAE’s tax framework by the European Union Code of Conduct Group on Business Taxation, the UAE issued Economic Substance Regulations (Cabinet of Ministers Resolution No. stream The staff were very helpful and responded quickly. VAT Registration in Bahrain-How to register for VAT Bahrain? The Regulations require DMCC Authority entities that carry out any of the ‘Relevant Activities’ to maintain an adequate ‘Economic Presence’ in the UAE relative to the activities <>/ExtGState<>/Font<>/ProcSet[/PDF/Text/ImageB/ImageC/ImageI] >>/Annots[ 19 0 R 20 0 R 21 0 R] /MediaBox[ 0 0 594.96 842.04] /Contents 4 0 R/Group<>/Tabs/S/StructParents 0>> {{vm.newUser3}} When our previous Accountant provider informed us of their decision to no longer continue offering their services, due to their company closure, it seemed a logical move to transfer all of our accounting requirements to our auditors, Saif Chartered Accountants. Saif Audit's staff has always provided me with on time and accurate financial statements. DMCC member companies with a DED branch/ subsidiary or a DED company with a common shareholder can now operate from their JLT office. For more detail about the structure of the KPMG global organization please visit https://home.kpmg/governance. The term “Relevant Activities comprise of activities such as: The business entities which will come under the purview off the ESR Regulation need to submit a notification to the Concerned regulatory authority initially, and later ESR returns. They knows the importance of good service delivered on a timely basis in an easy to understand and friendly manner. The companies should include details of economic activity, income, expenses, and assets in the report. endobj You will not receive KPMG subscription messages until you agree to the new policy. The regulations will be applicable to the financial years which are starting from 1st of January 2019. The Economic Substance Test assesses whether the companies are. Economic Substance Regulations (ESR) in DMCC Free Zone June 24, 2020 Economic Substance Regulation (ESR) The companies in the UAE are now facing a new responsibility to comply with the Economic Substance Regulations (ESR) introduced by the UAE government to meet the global standards for combatting harmful tax practices. Really appreciate your advice and assistance and hope you will continue to provide such excellent service. All Rights Reserved     About Us     Blog     Sitemap     Contact Us, You need to agree with the terms to proceed. <> Each BDO Member Firm is an independent legal entity in its own country. All Rights Reserved About Us     Blog     Sitemap     Contact Us, Other Divisions Jitendra Consulting Group     |     Jitendra Business Consultants     |     Jitendra Intellectual Property Copyright © 2020 Jitendra Chartered Accountants. To comply with ESR in DMCC, the companies should self-assess their substantial income-generating activities. 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