Update-on-Economic-Substance-Regulations

Update on Economic Substance Regulations (ESR)

Further to our Economic Substance Regulations (ESR) regular updates, here is an announcement with respect to the deadline for filing of notification form as mentioned by concerned authorities.

 

  • Dubai Airport Free Zone Authority (DAFZA): May 31, 2020
  • Dubai International Financial Centre (DIFC): June 12, 2020
  • Dubai Multi Commodities Centre (DMCC): June 30, 2020
  • Dubai World Trade Centre Authority (DWTC): June 30, 2020
  • Dubai Aviation City Corporation (DACC): June 07, 2020
  • Hamriyah Free Zone Authority (HAFZA): June 30, 2020
  • Abudhabi Global Market (ADGM): June 30, 2020
  • RAK International Corporate Centre (RAK ICC): June 30, 2020
  • Dubai Silicon Oasis Authority (DSO): 31st May 2020

Other relevant authorities are yet to announce the due date for ESR Notification which should not be later than June 30, 2020.

Licensee fails to comply with the requirement of filing the Economic Substance Notification may have to face Penal Consequences as provided in Article 11 of the Cabinet Resolution No. 31 of 2019 Economic Substance Regulation. The penalty ranges from AED 10,000 to AED 50,000 in the first year of its Non-Compliance and AED 50,000 to AED 300,000 for Subsequent non-compliance.

Reach out to Spectrum to know everything about ESR. Contact at +971 50 9866466 or email us at info@spectrumaccounts.com now!

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