Press release
What are the ESR changes in 2021? All you need to know
UAE ESR Changes in 2021
Recently the resolution of ESR was changed by the UAE Cabinet of Ministers from the ESR resolution of 2019 and issued an updated regulation through Cabinet Resolution No. 57 of 2020. This new regulation supplies firms with 1 January 2019, as the start of their financial years. Additional guidance for the New ESR was subsequently provided by the UAE Ministry of Finance from Ministerial decision No.100 of 2020. This resolution replaced the previous 2019’s Decision No. 215, and included a relevant guide of the updated Activities attached as an appendix. The Regulations and guidance applies to all UAE jurisdictions, including financial free zones such as the DIFC.
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https://nsktglobal.com/what-are-the-esr-changes-in-2021-all-you-need-to-know-
Key points mentioned in the Updated ESR include:
Branches of any UAE company do not need to file separate ESR notification- The new ESR regulation states that when a UAE company has a branch in UAE with a single parent company for all of them. It is not required for all the branches to file the ESR notification separately. All that you have to do is file a single notification that will mention all your relevant activities of your parent company based in UAE along with the activities of all your branches.
Licensees' definition changed- Licensees are required to comply with the New ESR, but its definition changed which now only applies to a corporate person, incorporated outside or inside of the UAE, or an unincorporated partnership where each partner much have a presence in the UAE and conduct a Relevant Activity.
A natural person, sole proprietor, trust, or foundation has been omitted from the list. The Licensees list also includes some exemptions such as investment funds, entities completely owned by residents of the UAE and which carry out their activities only in the UAE, Outside UAE tax residents' persons, foreign parent companies branches where the income is subject to tax outside the UAE.
Most of the entities owned by the government of the UAE are no longer exempted unless they fall within any of the exempted categories in the updated ESR.
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NSKT Global is a top firm in UAE for ESR Compliance, reporting, and filing, would be pleased to assist you in your endeavor to be ESR compliant by assessing your business activities under the new regulations and providing support throughout navigating the ever-changing UAE regulatory landscape.
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