The UAE has started enforcing economic substance regulations. You are obliged to prepare and submit economic substance declarations to the relevant regulatory authority. AFS Auditing can not only help you to figure out the necessary steps you must take but explain any doubts you have regarding the guidelines published by the UAE Ministry of Finance. We follow textbook procedures starting from reviews of group structure and activities, determination of ESR, and finally evaluating compliances associated with ESR. We assist in taking corrective actions, setting ESR policies in place, and filing notifications and ES Reports. The ESR applies to all onshore and free zone companies, branches, partnerships, and licensees. We will cover reports related to banking, insurance, investment fund management, lease finance, shipping, and intellectual properties. The Economic Substance Test assesses whether the companies are directed and managed from within the UAE to ensure that they conduct an adequate number of board meetings in the UAE. Experts of AFS Auditing will help you determine the “Relevant Activities” within your organization that need to be considered.
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