Action Required: Economic Substance Notification Deadlines Imminent

The Economic Substance Regulations (ESR) are now in force in the UAE. Under the ESR, all companies in the UAE will be required to assess whether they carry on a Relevant Activity and if they do, whether they have sufficient economic substance in the UAE.

Relevant Activities include:

1. Banking;
2. Insurance;
3. Investment fund management;
4. Finance leasing;
5. Headquarter operations;
6. Shipping;
7. Intellectual property;
8. Distribution and service centres; and
9. Holding company operations (defined as a company with its main business being to own shares, securities or interest in other company and which does not conduct any other commercial business or derive income from other sources).