ESR Compliance
Who prepare Economic Substance Notification?
All the companies in the mainland, offshore and freezone are involved in more than one “Relevant Activities” must file a Notification annually, within six months of the end of the Reportable Period.
E.g.: -if your company’s financial year end is 31 December 2021, then you need to file ESR Notification before 30 June 2022.
Economic Substance Report
Entities that are within the scope of the Regulations have to submit an annual Notification form to their Regulatory Authority, and complete and submit to the same Regulatory Authority an Economic Substance Report within 12 months from the end of their financial year
E.g.: -31 December 2022 for entities with a financial year ending 31 December 2021.
Who Relevant activities for economic substance test
- Banking Business
- Insurance Business
- Investment Fund management Business
- Lease – Finance Business
- Headquarters Business
- Shipping Business
- Holding Company Business
- Intellectual Property Business (“IP”)
- Distribution & Service Centre Business
Amana Taxation and Accounting LLC has a diverse team of professionals across Tax, Finance, Law and Economics domains who review whether Economic Substance rules are applicable for your business and also clarify the extent to which they are applicable. Our team of experts can guide you through the measures that need to be taken to mitigate risks of non-compliance to ESR.
