Economic Substance Regulation (ESR) Compliance Services In the UAE
Stay Compliant Avoid Penalties Become a partner of AlbabTax
Economic Substance Regulation (ESR) is now a mandatory requirement in the UAE as this country moves toward the international tax transparency standards. AlbabTax provides end-to-end ESR compliance services to make sure that your entity fulfills all of its obligations according to Cabinet Resolution No. 57 of 2020 and does not face legal liability, financial penalties, and reputational damages.
AlbabTax ESR Compliance Made Easy
We guide onshore and free zone entities to learn, evaluate, and appreciate their ESR obligations in the UAE including end-to-end compliance advisory and reporting services.
AlbabTax provides ESR Services
ESR Impact Assessment
Our team first makes a preliminary assessment to establish whether your business is within the scope of ESR by carrying out a check as to whether you perform any of the following Relevant Activities:
- Banking
- Insurance
- Lease-Finance
- Headquarters Business
- Shipping
- Holding Company
- Intellectual Property Business
- Distribution Service Centers
We assist you in identifying and reporting, whether your functions bring in revenues falling under these heads and guide next course of action.
Filing of ESR Notification
Any UAE business that carries out reasonable activities must provide an ESR Notification on an annual basis using the Ministry of Finance portal. AlbabTax ensures:
- It is properly and timely prepared
- Update on your financial year position
- Activity status assessment- notification.
- Completely enabled assistance in the use of portals and documentation
Preparation and submission of ESR Report
In case your business rakes in revenue on a relevant activity, you must submit a full ESR Report. We support:
- Assembling useful financial and operating data
- Core income generating activities (CIGAs) documentation
- Economic substance justification with the help of UAE-based operationsTo improve its justification of economic substance, a company may establish operations in the UAE.
- Last MoF portal submission
ESR Gap Analysis Remediation
In case you are not confident in the current structuring of your business concerning the ESR, AlbabTax is ready to assist you by:
- comprehensive Compliance gap analyses
- Functional and paperwork inspections
- Suggestions to improve the functions of the staff, spendings, and UAE management operations
- How to pass the three ESR substance tests
Restructuring & Penalty Avoidance ESR Advisory
In case your company has already been fined or marked by the supervision authorities, we offer:
- Response strategy: post-penalty response strategy
- Restructuring tips to attain ESR bars
- Notice of appeals and review where necessary.
- Continuing ESR Audit Preparedness guidance
What Makes AlbabTax a Good Choice to Use ESR Services?
- In depth Knowledge of tax and regulatory structures in UAE.
- Demonstrated Track Record in ESR compliance in all free Zones
- Filing and submissions management end to end
- Complete Confidentiality and transparent Prices.
- Committed legal, tax and Accounting team
What is at Risk with ESR Non-Compliance?
The inability to fulfil ESR obligations may lead to:
- administrative fines: AED 50,000 to AED 400,000
- Information sharing with other tax authorities abroad
- Audit probe and enforcement action
- Withholding or Cancellation of business licenses
Don’t Risk It check ESR compliance Now
At AlbabTax we simplify compliance. It is your first time to submit your ESR notification, you are required to file a detailed report or just do not know whether you comply with the substance requirements- our team of experts is at hand to take you through the process step by step.
Get in touch with us whenever you are ready to arrange your ESR compliance consultation and safeguard your business against unwarranted risk.
