Following the introduction of the Economic Substance Regulations (ESR), there have been many notifications and updates issued by certain Regulatory Authorities on the filing method and deadlines for submitting their respective Licensees’ first notification.
We have summarized below the most updated information released by the Regulatory Authorities as to the deadline and the method in which their Licensees must submit their respective ESR notifications.
| Authority |
Notification required |
Notification deadline |
Summary/ Guidance |
| Dubai International Financial Centre (DIFC) |
Yes |
12th June 2020 |
All DIFC entities are required to submit the ESR notification regardless of whether the entity conducts a Relevant Activity. To find out whether your entity carries out a Relevant Activity please see [HERE] |
| 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 Multi Commodities Centre (DMCC) |
Yes |
30th June 2020 |
Applicable to all licensees that carry out a Relevant Activity (see HERE). See guidance and template for notification [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. |
| Ras Al Khaimah Economic Zone (RAKEZ) |
Yes |
30th June 2020 |
Applicable to all licensees that carry out a Relevant Activity. See Guidance [HERE]. |
| Ajman Freezone (AFZ) |
Yes |
30th June 2020 |
Guidelines yet to be published |
| Sharjah International Airport Freezone (SAIF) |
Yes |
30th June 2020 |
Applicable to all licensees that carry out a Relevant Activity (see HERE). Further guidance see [HERE] |
Downloadable content, click here
It is expected that the other Regulatory Authorities, that so far have not released information on the filing method and deadline of the notification, will publish their respective guidance soon following the publication of the Relevant Activity Guide by the MoF.
It is paramount that any affected Licensee assesses its existing situation, and makes sure that it is compliant with ESR in order to avoid penalties.
See our Mail Alert Get in touch – To get the latest Mail Alerts
DDA has issued a notification template to be followed by all member firms who carry out a Relevant Activity to ...
With ESR deadlines fast approaching, many Free zones have provided updates on the applicability of the ESR Guidelines. These guidelines ...
DMCC, the UAE's largest free zone, has issued a notification template to be followed by all member firms to comply ...
Following the introduction of the Economic Substance Regulations (ESR), there have been many notifications and updates issued by certain Regulatory ...
What's new? The Ministry of Finance (MoF) has published its Relevant Activity Guide in order to support UAE Licensees in understanding the ...
What's new? The DIFC Authority issued further statements updating its Licensees on the ESR notification deadline. What does this mean? ...
What's new? The DIFC Authority issued an announcement updating its Licensees on the ESR notification procedure and deadline. What does ...
What's new? RAK ICC has announced a deadline to 30th June 2020 for all Licensees for making ESR submissions in relation to ...
What's new? As detailed in our previous alerts, the UAE introduced Economic Substance Regulations (“ESR” or “Regulations”) by the enactment ...
