1. ESR Filling
The United Arab Emirates Cabinet issued the Cabinet of Ministers Resolution No.31 of 2019, that requires all in-scope UAE entities to maintain an economic substance. Further clarification on the application of the Regulations was issued on 11 September 2019. The Regulations require UAE onshore and free zone companies and other UAE business forms that carry out any of the “Relevant Activities” to maintain an adequate “economic presence” in the UAE relative to the activities they undertake. As of every time, the country has selected those “Relevant Activities” in the region and that are directly involved in the boom of the economy of the country, to have economic viability for steady and stable growth of the same. Even though such strict regulations have been implemented, the resolution clearly states exemptions for certain category.