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.
Hensley&Cook is ready to provide you assistance to avoid these hefty fines and ensure accurate, timely submission or filing of both Notification and Report.
You and your business require solution more than uncertainty during this period, seek only for professional services and advice that we provide.