On 30 April 2019, the UAE Cabinet issued the Cabinet of Ministers Resolution No.31 of 2019 (concerning economic substance regulations in the UAE, “the Regulations”), requiring all in-scope UAE entities that carry on certain activities to have demonstrable economic substance in the UAE from 30 April 2019.
What do you need to do?
All entities that have already made a submission in their jurisdiction of incorporation must resubmit their notification, ESR report or both via the new portal. The new portal is active since the 1st of December 2020 and all submissions (notification and reporting) must be done before 31st of January 2021. No extensions will be granted beyond this date.