Deadline Updates for United Arab Emirates Economic Substance Regulation Notifications

According to financial experts in United Arab Emirates, Government regulatory authorities have amended or confirmed the filing deadlines for their annual filing notifications in their respective free zones.  Pursuant to current economic substance regulations, these updated notification deadlines apply to the following entities:

Abu Dhabi Global Market (ADGM) – the March 31^st notification deadline no longer applies.  Unfortunately, no updated deadline is available at this time.

Dubai International Financial Centre (DIFC) – as with the ADGM, the March 31^st notification deadline no longer applies.  Regardless, the DIFC confirmed that filing it during the 2^nd quarter of this year is still required.  However, as of this notice, the deadline is yet to be announced.

Dubai Silicon Oasis Authority (DSO) – the deadline for filing the notification was March 31^st.

Ras Al Khaimah International Corporate Centre (RAKICC) – the deadline for filing the notification is June 30^th.

These economic substance notification deadlines apply to the following businesses:

• Banks and financial institutions
• Business or corporate headquarters
• Businesses that manage investment funds
• Distribution businesses
• Holding Companies 
• Insurance businesses
• Intellectual property or IP businesses
• Lease-finance businesses
• Service centers
• Shipping business

Regulations are in place to provide definitions of the activities listed above and apply to financial years beginning January 1^st, 2019. If you are looking for business consultation or advisory services, contact Intuit Management Consultancy (IMC Group).

Offering the services of experts with in-depth knowledge about global mobility, international tax structuring, VAT and tax filing services in the UAE. Call us today.