- External Audit
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- Financial projections, projected cash flows and feasibility studies
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- ESR- Economic Substance Regulations
The UAE decreed laws relating to Economic Substance Regulations (“the Regulations”) which became effective as of 1 January 2019. Following are two broad filing requirements under the Regulations:
- Submission of Notification form and
- Annual substance return.
Under UAE laws, there are various licensing authorities, who issue license for mainland, free zones or special activities etc. These include Department of Economic Development, Free zone Authorities, Central Bank, Insurance authorities etc.
Each authority has issued the deadlines for submission of notification form, which in most cases is 30 June 2020. All companies are required to assess and submit the notification and comply with laws, except for government owned entities with 51% or more ownership.
Submission of notification includes assessment of relevant activities carried out by the entity whether these are part of license or not. So this assessment is the key matter, which must be carried out without any delay. Companies are required to asses such activities and submit the return. Non-compliance may attract penalties ranging from AED 10,000 to AED 50,000 and in subsequent year may range to AED 300,000.
We at AMC assist in assessment of activities and submission of notice and subsequently submission of return.