assess applicability correctly to avoid penalties
The country depends on the growth of the economy and prosperity to improve the quality of life of its citizens. Real economic growth will motivate the government to pay tax on household income through businesses. However, tax evasion is a tragedy today, and governments and corporations must take steps to address the problem.
In a country like the United Arab Emirates, where foreign investment and trade play a significant role in its economic activity, it is essential to ensure that the business does not shift its profits elsewhere to avoid tax debt. Therefore, the UAE has issued Economic substance regulations to address the gaps in the existing tax system.
Our professional experts can help you understand ESR and determine ESR compatibility. Our services will include a preliminary review of whether the Company is committed to the current ESR and will take the necessary steps to achieve full compliance.
Under the new rule, UAE countries, free zones, and foreign companies must demonstrate Economic substance in related activities in the UAE. Upon certification in the first phase of ESR compliance, all companies must submit an Economic substance notice to regulatory authorities by the due date.
All UAE companies (Coastal, Maritime, or Free Zone) are licensed and perform any ‘qualified services’ during the year, have to file a notification, subject to the criteria specified by the relevant Licensing Authority. Notice will provide.
According to ESR requirements, companies are required to issue notices to the relevant regulatory authorities. Our experts can assist you in preparing statements according to the ESR and the equivalent distribution with the relevant sources.
License holders must perform relevant or related work and apply for the exemption in the relevant financial year.
Businesses that have already issued notices directly to regulatory authorities must also submit them again on the Finance Ministry portal. Our experts will help or assist you to achieve your all business details on time.
UAE companies that conduct significant operations and receive funding from Fair work must submit an annual financial report to assess whether they meet financial needs based on crucial acquisition revenues, numbers, and qualifying information.
The ESR report is an essential requirement of the ESR, and its failure attracts heavy trade penalties. Our experts, who are well aware of the need for ESR, can guide you in preparing reports and making similar submissions to regulatory authorities.
We will help you find if you are following the rules and advise you on what steps are required to ensure full compliance. We are here to assist you in making the ESR notification before the final report is ready. Feel free to contact us for any advice related to Economic substance regulations.
We have a team of experienced staff who work full-time; our team provides services within Dubai because for providing ESR services team of experts must be physically present in Dubai. Our team present in the UAE has the necessary skills to attend the board meeting.
We help you to file an Economic substance regulation notification. We will tell you ways to fill the ESR report and give our valuable advice to help flourish your business.