Date: 7th May 2020
Dear Valued Customers,
The United Arab Emirates has, in coordination with the Ministry of Finance, enacted Economic Substance legislation in order to comply with its commitment as a member of the OECD Inclusive Framework. The Economic Substance Regulations are applicable to all Licensees within the UAE’s jurisdiction, and includes all Licensees operating within free-zones in the UAE.
As such, and in compliance with the Economic Substance Regulations, all DACC Licensees are required to file an Economic Substance Notification, by the 7th of June 2020, in order to confirm whether they carry out any of the following Relevant Activities:
- Banking Business
- Insurance Business
- Investment Fund management Business
- Lease - Finance Business
- Headquarters Business
- Shipping Business
- Holding Company Business
- Intellectual property Business (“IP")
- Distribution and Service Centre Business
To view and download the Notification template, kindly click here.
Please submit the Notification to [email protected]
In order to determine whether or not you fall under the Economic Subs...