In accordance with Article 3 of the Cabinet Resolution No. 57 of 2020, the insurance business is one of the relevant activities as described by the Economic Substance Regulations in …
Adequate or appropriate Economic Substance in UAE means that the organizations in the UAE are directed and managed, have adequate employees, possess physical assets, and incur adequate and appropriate expenditures. …
This article explains the penalties for noncompliance with ESR notification and provides a guide to ensure compliance with the ESR regulation. Thus, it is advisable for licensees to seek the …
With the institution of Cabinet Resolution No. 57 of 2020, the Economic Substance Regulation (ESR) in the UAE has become a dynamic compliance obligation for businesses. Under this resolution, administrative …
In 2019 as per the Cabinet of Ministers Resolution No. 31, the United Arab Emirates introduced the Economic Substance Regulations after the OECD (Organization for Economic Cooperation & Development) in …
The Economic Substance Regulation (ESR) Regulatory Authorities evaluate and determine whether a Licensee satisfies the ESR Test. Essentially, the ESR Test checks if the business has conducted an Income Generating …