Companies whose activities fall under the definition of "relevant" must complete notices of economic substance (economic substance) and submit reports. All such companies are required to comply with the following deadlines, depending on the end of the reporting period:

• March 31, 2022 – Economic Substance Notice must be submitted by September 30, 2022

• September 30, 2021 – Economic Substance Report must be submitted by September 30, 2022

The Economic Substance Report/Notice must be submitted on the UAE Ministry of Finance portal before the deadline.

Activities classified as “relevant” under economic substance:

• Banking activity,

• Insurance activity,

• Investment fund management activities,

• Activities related to financing and leasing,

• Activities of the headquarters,

• Activities of the distribution and service centre,

• Activities of the holding company,

• Shipping activities,

• Activities related to intellectual property.

More information on economic substance regulation and answers to frequently asked questions can be found at: https://www.mof.gov.ae/en/StrategicPartnerships/Pages/ESR.aspx

Failure to provide a notice/report by the due date may result in penalties.

It should also be noted that if your company falls under the above categories of activity, then such data regarding economic substance should be submitted annually.

If you require our assistance filing a notice/report or would like further clarification, please get in touch with us at info@eltoma-global.com or the phone numbers listed on the website. We are waiting for your requests!