Filing & ESR Reporting UAE
Welcome to Parker Russell Obaid Auditing, your trusted partner in ensuring compliance with Economic Substance Regulations (ESR) reporting and filing requirements. This page details the essential elements of ESR reporting UAE, including the entities subject to filing, relevant activities triggering the obligation, filing deadlines, and the consequences of non-compliance.
Entities Subject to ESR Reporting UAE:
An Economic Substance Report must be filed by any entity that is not an Exempted Licensee and derives Relevant Income from the following Relevant Activities during a Reportable Period:
- Banking Businesses
- Insurance Businesses
- Investment Fund Management Businesses
- Lease-Finance Businesses
- Headquartered Businesses
- Shipping Businesses
- Holding Company Businesses
- Intellectual Property Businesses
- Distribution and Service Centre Businesses
Filing Deadline and Consequences of Non-Compliance:
The Economic Substance Report must be filed within 12 months from the Licensee’s financial year end. Non-compliance with this obligation is subject to a penalty of AED 50,000 and can result in the Licensee being deemed to have failed the Economic Substance Test for the relevant Financial Year.
Economic Substance Test Criteria:
To meet the Economic Substance Test in relation to any Relevant Activity, a Licensee that is not an Exempted Licensee must satisfy the following criteria:
(a) Conducting Core Income-Generating Activity: The Licensee conducts the necessary Core Income-Generating Activity in the UAE.
(b) Direction and Management in the UAE: The Relevant Activity is directed and managed in the UAE.
(c) Criteria Adequacy: Having regard to the level of Relevant Activity:
- (i) Adequate Number of Qualified Full-Time Employees: There is an adequate number of qualified full-time employees physically present in the UAE.
- (ii) Adequate Operating Expenditure: There is adequate operating expenditure incurred by the Licensee in the UAE.
- (iii) Adequate Physical Assets: There are adequate physical assets in the UAE.
Ready to Navigate ESR Reporting?
Ensure compliance with ESR reporting obligations and Economic Substance Test criteria with Parker Russell Obaid Auditing. Contact us today to explore how our expertise can streamline your ESR reporting and filing process.
How Parker Russell Can Assist:
Parker Russell Obaid Auditing offers comprehensive support in navigating the complexities of ESR reporting and advising on meeting the Economic Substance Test criteria:
- Economic Substance Test Assistance: Guidance on meeting the Economic Substance Test criteria for Relevant Activities.
- ESR Reporting Preparation: Meticulously prepare the Economic Substance Report, ensuring compliance with regulatory requirements.
- Compliance Advisory: Receive expert advice on aligning your entity’s economic substance with ESR requirements to ensure successful reporting.
What our Clients say?
Over the past 3 years, Parker Russell UAE has provided an excellent audit service for our company Hisense Middle East FZE. Their staffs are very knowledgeable, professional and experienced so we get quality work at a reasonable cost. The audits were performed in a timely and extremely professional manner. Having a quality audit firm like Parker Russell UAE as our auditors ensures that our company is on the path of success
Contact Us
Ensure compliance with ESR reporting obligations and Economic Substance Test criteria with Parker Russell Obaid Auditing. Contact us today to explore how our expertise can streamline your ESR reporting and filing process.
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