Once a UAE company has been identified as undertaking relevant activities, the ESR requires the
company to satisfy the economic substance test which comprises three elements:
1). It is directed and managed in the UAE in relation to that activity
2). It conducts Core Income-Generating Activities (CIGA) in the UAE
3). It meets the adequate requirements with regard to the level of relevant activity carried on in the UAE.
If your financial year is ended on 31 March 2023, the deadline for submission of the ESR Notification and Report?
a) ESR Notification shall be submitted before 30 September 2023 (in 6 months) and
b) ESR Report should be submitted before 31 March 2024 (in 12 months) in the Ministry of Finance Portal.