UAE ESR Update: DMCC issues Economic Substance Notification template

DMCC, the UAE’s largest free zone, has issued a notification template to be followed by all member firms to comply with their Economic Substance Regulation (“ESR”) filing obligations. As expected, the notification will be electronic, via the freezone’s member company portal.

ESR took effect on 30 April 2019. There are a number of actions which relevant Licensees must be undertaking to ensure compliance – from clarifying their entity classification, to the structuring of contractual and delegation arrangements, the review and organization of their internal governance, their employment and premises arrangements and the capturing of relevant business information which will be required for the preparation and filing of reporting information to the Regulatory Authority.

The Notification is the first step for member companies to comply with ESR obligations, and serves as the self-declaration of whether Relevant Activities are performed in the UAE. The Notification must be completed by all members incorporated on or prior to 31 December 2019 and submitted by no later than 30 June 2020. Failure to complete and submit the Notification may result in penalties.

Elsewhere in the UAE, other Authorities have also communicated on their ESR Notification procedure.

Authority	Notification required	Notification deadline	Summary/ Guidance
Dubai Airport Freezone Authority (DAFZA)	Yes	3rd May 2020	Applicable to all licensees that carry out a Relevant Activity (see HERE). The ESR Notification format is available on DAFZA’s online customer portal – [HERE]
Dubai Aviation City Corporation (DACC)	Yes	7th June 2020	All licensees must report to the Authority and confirm whether or not they carry out a Relevant Activity (see HERE). See guidance and template for notification [HERE]
Abu Dhabi Global Market (ADGM)	Yes	30th June 2020	Applicable to all licensees carrying out a Relevant Activity, located in ADGM and whose financial year commences on or after 1 January 2019. See further guidance [HERE]. See form for notification [HERE]
Ras Al Khaimah International Corporate Centre (RAKICC)	Yes	30th June 2020	All licensees must report to the Authority and confirm whether or not they carry out a Relevant Activity. To find out whether your entity carries out a Relevant Activity please see [HERE]. The form for notification is available to Registered Agents only and is only for guidance purposes.

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Feel free to reach out to Team M/HQ and we can assist you in whether or not your company is caught under the ESR guidelines and what can be done to ensure you comply with the regulations and guidelines.

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