DDA has issued a notification template to be followed by all member firms who carry out a Relevant Activity to comply with their Economic Substance Regulation (“ESR“) filing obligations. As expected, the notification will be electronic, via the free zone’s member company portal.
DDA has urged all its relevant Licensees to ensure that they look beyond the activity stated on the Licensee’s company license to fully understand the activity being undertaken. There are a number of actions which relevant Licensees must be undertaking to ensure compliance – from clarifying their entity classification, to the structuring of contractual and delegation arrangements, the review and organization of internal governance, employment and premises arrangements and the capturing of relevant business information which will be required for the preparation and filing of reporting information to the Regulatory Authority.
The Notification is the first step for member companies to comply with ESR obligations, and serves as the self-declaration if Relevant Activities are being undertaken within the UAE. The regulations apply to financial years commencing on or from 1 January 2019 and submitted by no later than 25 June 2020. Failure to complete and submit the Notification may result in penalties.
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