UAE: Updates on Economic Substance Reporting in the UAE Reporting Deadlines and MoF COVID 19 Clarification
In April 2019, the UAE published its first Economic Substance Regulations (ESR) with Cabinet Decision No. 31 of 2019. With the Introduction of ESR all companies incorporated in the UAE are required to assess their business models and operations against the ESR and (re)structure their organizational accordingly in order to achieve compliance. Depending on the governing authority (e.g. mainland or respective free zone authorities) various filing deadlines are fast approaching in May and June 2020. This legal briefing provides an overview of the ESR and updates on the current implementation of Economic Substance Reporting (Reporting) and applicable deadlines in the UAE and its free zones.