The due date for Economic Substance Notification : On 30 April 2019, the UAE Cabinet issued the Cabinet of Ministers Resolution No.31 of 2019 (concerning economic substance regulations in the UAE, “the Regulations”), requiring all in-scope UAE entities (“Relevant Entities”) that carry on certain activities (“Relevant Activities”) to have demonstrable economic substance in the UAE from 30 April 2019. The Regulations apply to all UAE onshore and free zone companies that carry on a “Relevant Activity”.
Irrespective of whether your trade license activities relate to ‘Relevant Activity” as per the Regulatory Authority you have to submit the Economic Substance Notification on or before the date prescribed by the Relevant Authority in the prescribed format and mode.
The due date for Economic Substance Notification Dubai Airport Free Zone (DAFZA)
The due date for Economic Substance Notification is declared by the authority of the Dubai Airport Free Zone (DAFZA) being one of the Regulatory Authorities in the UAE. It published the due date to file the Economic Substance Notification for all companies registered under it. As per the circular issued by Dubai Airport Free Zone Authority (DAFZA), all the licensees in the DAFZA have to file the Economic Substance Notification on or before 31st May 2020.
DIFC
Dubai International Financial Centre (DIFC) being one of the Regulatory Authorities in the UAE. It published the due date to file the Economic Substance Notification for all companies registered under it. As per the circular issued by DIFC, all the licensees in the DIFC have to file the Economic Substance Notification on or before 12th June 2020.
Dubai Silicon Oasis (DSO)
Dubai Silicon Oasis (DSO) being one of the Regulatory Authorities in the UAE, published the due date to file the Economic Substance Notification for all companies registered under it. As per the circular issued by DSOA, all the licensees in the DSO have to file the Economic Substance Notification on or before 20th March 2020 (expecting an extension of the deadline).
Dubai Multi Commodities Centre (DMCC) published the due date to file the Economic Substance Notification for all companies registered under it. As per the circular issued by DMCC, all the licensees in the DMCC have to file on or before 30th June 2020.
Sharjah Airport International Free Zone (SAIF Zone) – 30th June 2020
Hamriyah Free Zone (HFZA) : 30th June 2020
Ras Al Khaimah Economic Zone (RAKEZ) –30th June 2020
Ajman Free Zone (AFZ) –30th June 2020
Dubai Aviation City Corporation (DACC) – 7th June 2020
If any licensee fails to comply with the requirement of filing the Economic Substance Notification in the respective Regulatory Authority, then such a Licensee may have to face Penal Consequences as provided in Article 11 of the Cabinet Resolution No. 31 of 2019 Economic Substance Regulation. The penalty ranges from AED 10,000 to AED 50,000 in the first year of its Non-Compliance and for Subsequent non-compliance, it ranges from AED 50,000 to AED 300,000.
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