The Ministry of Finance has announced the Notice on the requirement to file the Economic Substance Regulations (ESR) and Reports directly to the newly developed Ministry of Finance Portal.
To get started, a Notification Template and Report Template are required to be filled up by all entities that conduct Relevant Activities. The filing will be required to submit directly to the Ministry of Finance even if companies have previously filed details with RAK ICC or similar free zone authorities.
The filing deadline is due on December 31, 2020, and late Notification filing will be subject to AED 20,000 penalty by the Ministry and late Report filing will be subject to AED 50,000 penalty by the ministry.
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