September 28, 2020
Economic Substance Regulations (ESR) is the new regulation, which was implemented in the UAE, and encompasses several industries in the country. The ESR applies to all UAE companies of a finance and business administration sectors: banking and insurance firms, investment fund managers, financing and leasing firms, shipping, distribution and service centers, intellectual property firms, holding companies or the top of a corporation taking full responsibility for managing all business activities.
Companies active in these sectors are considered ‘relevant entities’ and must comply with ESR in the following areas:
1. Conduct Core Income-Generating Activities Within the UAE
2. Direct and Manage Business From Within the UAE
3. Employ Full-time Staff in the UAE
4. Incur Operating Expenditure in the UAE
5. Retain Adequate Physical Assets in the UAE
If you are planning to open a business in UAE or have a new company, please contact us and we will provide business advisory services or run a test-check to see whether you are in compliance to local legislation. We have more than 10 years’ experience in the UAE in company setup, strategy, operations and business conduct.
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