United Arab Emirates:
Economic Substance Report - ESR 2020 Filing Reminder
16 December 2020
BSA Ahmad Bin Hezeem & Associates LLP
To print this article, all you need is to be registered or login on Mondaq.com.
In accordance with Cabinet Resolution No. 57 of 2020, entities
that conduct Relevant Activities under the Economic Substance
Regulations must file directly with the Ministry, regardless of
whether they have previously filed their details with their
appropriate registry. All licensees and exempted licensees must
file their Notification and Economic Substance Regulations Report
before the 31st of December 2020. Where a late notification filing
arises, the licensee will be subject to an AED 20,000 fine and AED
50,000 where a late report filing occurs. Licensees should ensure
that both the filing of the Notification and Report meet the above
deadline to avoid any possible fines from the Ministry, as it is
expected that there will be no exceptions nor extensions of this
date.
The content of this article is intended to provide a general
guide to the subject matter. Specialist advice should be sought
about your specific circumstances.
POPULAR ARTICLES ON: Government, Public Sector from United Arab Emirates
A Brief Appreciation Of The 6th AML Directive
Dr Werner & Partner
The EU's unwavering commitment to comprehensively combat threats posed by Money Laundering (and funding of Terrorism) across the Union has been further strengthened by the 6th Anti-Money Laundering Directive ...
Registers Of Beneficial Ownership
ISOLAS
In December 2023, the governments of the Crown Dependencies of Jersey, Guernsey and Isle of Man, and the British Overseas Territories...
Public Procurement Comparative Guide
MK Malta Law Firm & Corporate Services
Public Procurement Comparative Guide for the jurisdiction of Malta, check out our comparative guides section to compare across multiple countries.