Weekly Spotlight: Economic Substance Regulation Notification in the UAE Must be Submitted by 30 June
The UAE’s Finance Ministry has announced all companies in the UAE who engaged in relevant activities up to and including 31 December 2019 must submit a notification of Economic Substance Regulations to its Regulatory Authority by 30 June 2020 to avoid administrative activities. Banking, insurance, investment fund management, financial leasing, headquarters and shipping operations, holding and intellectual property companies, distribution and service centres are all considered relevant activities. The definition of each of these activities can be found in the relevant activities guide on the Ministry’s website. The implications of Coronavirus on Relevant Activities which were directly affected by Government restrictions including travel bans, self-isolation measures, social distancing etc will be taken into account when assessing whether a UAE-licensed company has met the Economic Substance Regulations test for the relevant period.