The United Arab Emirates Ministry of Finance (UAE MoF) has confirmed the Economic Substance Regulations (ESR) filing requirements and deadlines.
The UAE MoF provides that the deadline for filing the ESR notification and the ESR report is 31 December 2020. Filing must be done through the UAE MoF portal, which will be made available in the first week of December 2020.
Licensees that file their notification to a regulatory authority before the UAE MoF portal goes lives must resubmit their notification. Failure to submit the notification will be subject to a penalty of AED 20,000. Failure to submit the ESR report will be subject to a penalty of AED 50,000.
The UAE MOF issued the ESR notice confirming the filing requirements and deadlines on 3 November 2020. The ESR have been prescribed under Cabinet Resolution No 57 of 2020 concerning Economic Substance Regulations and Ministerial Decision No. 100 of 2020.