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Do you need to file ESR and How to file ESR in UAE?

12-03-2020 12:22 PM CET | Business, Economy, Finances, Banking & Insurance

Press release from: NSKT Global

Do you need to file ESR and How to file ESR in UAE

Do you need to file ESR and How to file ESR in UAE

What is ESR Notification?
Due to this major transformation in the business landscape of the UAE to introduce global level compliance, mainland, free zone and the offshore companies in the UAE have to provide economic substance in listed relevant activities conducted in the UAE. For the first part of ESR compliance, Economic substance notification needs to be filed to the respective regulatory body in the UAE, within the stipulated period i.e. within the first ESR Report filing deadline i.e. 31st Dec 2020.
Reason for implementation of ESR in UAE:
Introduction of Value Added Tax
Introduction of Anti-Money Laundering regulations

learn Why ESR was introduced in UAE here
https://nsktglobal.com/why-esr-was-introduced-in-the-uae-

Do you need to file ESR?
Firms whether mainland, free zone offshore, or the financial free zones that conduct relevant activities and generate earnings in UAE, need to file ESR in UAE. These relevant activities include:

Banking business
Intellectual property business
Shipping business
Insurance business
Holding company business
Distribution and service center business
Headquarter business
Lease-finance business
Investment Fund management business
It is important to note that multiple companies or consolidated group of companies for accounting aren’t allowed to file a single notification. Separate applications need to be filed by each company as consolidated ones are deemed invalid. Thus to avoid such a dilemma, consultation from reputed expert CA firms in Dubai is required, provided they have experience in providing ESR services.

STEP by STEP Guide here
Learn More here
https://nsktglobal.com/how-to-file-esr-in-uae-do-you-need-to-file-esr-

The process of ESR filing is quite complex for the firm that has started or faced problems in this earlier. Information regarding the ESR and deadlines will be published as notices on the UAE MoF website. Such entities should refer to reputed and expert ESR filing firms in the UAE for assistance.

NSKT Global
Level 14, Boulevard Plaza Tower 1,
Downtown, Dubai,
UAE PO 334155
Email:- uae@nsktglobal.com
Phn:- +971 44 394 263
WhatsApp:- +971 55 171 2487
https://www.nsktglobal.com/

At NSKT Global we provides the complete range of advisory services to the SMEs as well as to the established businesses. Dealing in the industry for over 10 years. In countries across globe Namely UAE, USA and India.
contact us
https://www.nsktglobal.com/contact-us.php

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