What’s new?
The DIFC Authority issued further statements updating its Licensees on the ESR notification deadline.
What does this mean?
According to the DIFC announcement:
- All DIFC Licensees (regardless whether they carry out a Relevant activity or not) are required to submit an economic substance notification
- Notification must be filed with the Registrar of Companies (RoC) through the DIFC Client Portal by the second quarter of 2020. The specific deadline is yet to be communicated by DIFC RoC
It is expected that other Authorities will follow the same directives and will wait for the MoF’s Relevant Activities Guide before publishing their respective ESR notification procedures and deadlines.
It is paramount that any affected Licensee assesses its existing situation, and makes sure that it is compliant with ESR in order to avoid progressive penalties.
How can we help?
Understanding ESR is the first step towards ensuring you make the right decisions for your company.
Is your entity in-scope of the new legislation? If so, is it conducting one (or more) of the listed Relevant Activities? Is it able to pass the economic substance test?
M/HQ can support you in assessing the impact of the new legislation on your business – providing preliminary assessments of your company’s current compliance obligations, and where required, help you to define a strategy and implement a bespoke plan of action.
Ensuring that your company complies with its administrative and statutory responsibilities can be cumbersome. Outsourcing this function to M/HQ enables you to comply with your obligations and to focus on what you do best – manage your operations and grow your business.
We are happy to discuss your company’s specific needs in depth in light of the new economic substance law, helping you find the most cost and time-effective solution to meet your administrative and statutory compliance responsibilities.
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