The UAE has newly introduced Economic Substance Regulations, and accordingly, all UAE organizations that might be dependent upon these regulations should be set up to make a move and ensure compliance. Any entity licensed in the UAE to carry out a ‘relevant activity’ regardless of whether in a free zone or onshore & including in a financial free zone is needed to comply with the Economic Substance Rules. The relevant activities are:
• Banking businesses
• Insurance businesses
• Investment fund management businesses
• Lease-finance businesses
• Shipping businesses
• Headquarters businesses
• Holding company businesses
• Intellectual property businesses &
• Distribution and service centre businesses
All businesses in UAE are expected to use substance over form approach to determine whether or not they embrace a Relevant Activity and, accordingly, are inside the extent of the Regulations. This would require the UAE business to not just consider the activities expressed under their business registration certificate or commercial license but also to evaluate the activities done during a financial period. It isn’t needed that a UAE business is effectively occupied with any of the above business categories for it to be considered as carrying on a Relevant Activity.
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