For each relevant activity under the economic substance regulation the concerned regulatory authorities have specified under article 2 of the UAE Cabinet Resolution No. 58 of 2019.
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Central Bank :
Example : Where the entity has been issued license for the banking business from the Central Bank of the UAE in the emirates of Dubai, Abu Dhabi Sharjah, Umm Al Quwain, Ajman, Ras Al Khaimah and Fujairah. Financial Free Zone Authorities : Example : Where the entity has been issued license for the banking business from the free zone authorities like Dubai International Financial Centre (DIFC), Abu Dhabi Global Market (ADGM)
Insurance Authority :
Example : Where the entity has been issued license for the insurance business from the Insurance Authority UAE in the emirates of Dubai, Abu Dhabi Sharjah, Umm Al Quwain, Ajman, Ras Al Khaimah and Fujairah. Free Zone Authorities :
Example : Where the entity has been issued license for the insurance business from the free zone authorities like Jebel Ali Free Zone Authority ( JAFZA), Dubai Multi Commodities Centre (DMCC), Dubai Airport Free Zone (DAFZ) , Khalifa Port Free Trade Zone (KIZAD), Sharjah Airport Free Zone Authority (SAIF Zone), Hamriya Free Zone Authority (HAFZ), Ajman Free Zone Authority (AFZA), Umm Al Quwain Free Zone Authority (UAQ Free Trade Zone), Ras Al Khaimah Economic Zone (RAKEZ), Fujairah Free Zone Authority in the emirates of Dubai, Abu Dhabi Sharjah, Umm Al Quwain, Ajman, Ras Al Khaimah and Fujairah. Financial Free Zone Authorities : Example : Where the entity has been issued license for the insurance business from the free zone authorities like Dubai International Financial Centre (DIFC), Abu Dhabi Global Market (ADGM)
Securities and Commodities Authority :
Example : Where the entity has been issued license for the investment fund management business from the Securities & Commodities Authority UAE in the emirates of Dubai, Abu Dhabi Sharjah, Umm Al Quwain, Ajman, Ras Al Khaimah and Fujairah. Free Zone Authorities :
Example : Where the entity has been issued license for the investment fund management business from the free zone authorities like Jebel Ali Free Zone Authority ( JAFZA), Dubai Multi Commodities Centre (DMCC), Dubai Airport Free Zone (DAFZ) , Khalifa Port Free Trade Zone (KIZAD), Sharjah Airport Free Zone Authority (SAIF Zone), Hamriya Free Zone Authority (HAFZ), Ajman Free Zone Authority (AFZA), Umm Al Quwain Free Zone Authority (UAQ Free Trade Zone), Ras Al Khaimah Economic Zone (RAKEZ), Fujairah Free Zone Authority in the emirates of Dubai, Abu Dhabi Sharjah, Umm Al Quwain, Ajman, Ras Al Khaimah and Fujairah. Financial Free Zone Authorities : Example : Where the entity has been issued license for the investment fund management business from the free zone authorities like Dubai International Financial Centre (DIFC), Abu Dhabi Global Market (ADGM)
Central Bank :
Example : Where the entity has been issued license for the lease finance business from the Central Bank of the UAE in the emirates of Dubai, Abu Dhabi Sharjah, Umm Al Quwain, Ajman, Ras Al Khaimah and Fujairah. Free Zone Authorities :
Example : Where the entity has been issued license for the lease finance business from the free zone authorities like Jebel Ali Free Zone Authority ( JAFZA), Dubai Multi Commodities Centre (DMCC), Dubai Airport Free Zone (DAFZ) , Khalifa Port Free Trade Zone (KIZAD), Sharjah Airport Free Zone Authority (SAIF Zone), Hamriya Free Zone Authority (HAFZ), Ajman Free Zone Authority (AFZA), Umm Al Quwain Free Zone Authority (UAQ Free Trade Zone), Ras Al Khaimah Economic Zone (RAKEZ), Fujairah Free Zone Authority in the emirates of Dubai, Abu Dhabi Sharjah, Umm Al Quwain, Ajman, Ras Al Khaimah and Fujairah. Financial Free Zone Authorities : Example : Where the entity has been issued license for the lease finance business from the free zone authorities like Dubai International Financial Centre (DIFC), Abu Dhabi Global Market (ADGM)
Example : Where the entity has been issued license for the headquarter business from the Dubai Department of Economic Development , Abu Dhabi Department of Economic Development , Sharjah Economic Development Department , Ras Al Khaimah Economic Development Department , Ajman Economic Development Department , Umm Al Quwain Economic Development Department ,Fujairah Municipality and other non free zone or financial free zone authorities in the emirates of Dubai, Abu Dhabi Sharjah, Umm Al Quwain, Ajman, Ras Al Khaimah and Fujairah.
Example : Where the entity has been issued license for the headquarter business from the free zone authorities like Jebel Ali Free Zone Authority ( JAFZA), Dubai Multi Commodities Centre (DMCC), Dubai Airport Free Zone (DAFZ) , Khalifa Port Free Trade Zone (KIZAD), Sharjah Airport Free Zone Authority (SAIF Zone), Hamriya Free Zone Authority (HAFZ), Ajman Free Zone Authority (AFZA), Umm Al Quwain Free Zone Authority (UAQ Free Trade Zone), Ras Al Khaimah Economic Zone (RAKEZ), Fujairah Free Zone Authority in the emirates of Dubai, Abu Dhabi Sharjah, Umm Al Quwain, Ajman, Ras Al Khaimah and Fujairah.
Financial Free Zone Authorities : Example : Where the entity has been issued license for the headquarter business from the free zone authorities like Dubai International Financial Centre (DIFC), Abu Dhabi Global Market (ADGM)
Ministry of Economy :
Example : Where the entity has been issued license for the shipping business from the Dubai Department of Economic Development , Abu Dhabi Department of Economic Development , Sharjah Economic Development Department , Ras Al Khaimah Economic Development Department , Ajman Economic Development Department , Umm Al Quwain Economic Development Department ,Fujairah Municipality and other non free zone or financial free zone authorities in the emirates of Dubai, Abu Dhabi Sharjah, Umm Al Quwain, Ajman, Ras Al Khaimah and Fujairah. Free Zone Authorities :
Example : Where the entity has been issued license for the shipping business from the free zone authorities like Jebel Ali Free Zone Authority ( JAFZA), Dubai Multi Commodities Centre (DMCC), Dubai Airport Free Zone (DAFZ) , Khalifa Port Free Trade Zone (KIZAD), Sharjah Airport Free Zone Authority (SAIF Zone), Hamriya Free Zone Authority (HAFZ), Ajman Free Zone Authority (AFZA), Umm Al Quwain Free Zone Authority (UAQ Free Trade Zone), Ras Al Khaimah Economic Zone (RAKEZ), Fujairah Free Zone Authority in the emirates of Dubai, Abu Dhabi Sharjah, Umm Al Quwain, Ajman, Ras Al Khaimah and Fujairah. Financial Free Zone Authorities : Example : Where the entity has been issued license for the shipping business from the free zone authorities like Dubai International Financial Centre (DIFC), Abu Dhabi Global Market (ADGM)
Ministry of Economy :
Example : Where the entity has been issued license for the holding company business from the Dubai Department of Economic Development , Abu Dhabi Department of Economic Development , Sharjah Economic Development Department , Ras Al Khaimah Economic Development Department , Ajman Economic Development Department , Umm Al Quwain Economic Development Department ,Fujairah Municipality and other non free zone or financial free zone authorities in the emirates of Dubai, Abu Dhabi Sharjah, Umm Al Quwain, Ajman, Ras Al Khaimah and Fujairah. Free Zone Authorities :
Example : Where the entity has been issued license for the holding company business from the free zone authorities like Jebel Ali Free Zone Authority ( JAFZA), Dubai Multi Commodities Centre (DMCC), Dubai Airport Free Zone (DAFZ) , Khalifa Port Free Trade Zone (KIZAD), Sharjah Airport Free Zone Authority (SAIF Zone), Hamriya Free Zone Authority (HAFZ), Ajman Free Zone Authority (AFZA), Umm Al Quwain Free Zone Authority (UAQ Free Trade Zone), Ras Al Khaimah Economic Zone (RAKEZ), Fujairah Free Zone Authority in the emirates of Dubai, Abu Dhabi Sharjah, Umm Al Quwain, Ajman, Ras Al Khaimah and Fujairah. Financial Free Zone Authorities : Example : Where the entity has been issued license for the holding company business from the free zone authorities like Dubai International Financial Centre (DIFC), Abu Dhabi Global Market (ADGM)
Ministry of Economy :
Example : Where the entity has been issued license for the intellectual property business from the Dubai Department of Economic Development , Abu Dhabi Department of Economic Development , Sharjah Economic Development Department , Ras Al Khaimah Economic Development Department , Ajman Economic Development Department , Umm Al Quwain Economic Development Department ,Fujairah Municipality and other non free zone or financial free zone authorities in the emirates of Dubai, Abu Dhabi Sharjah, Umm Al Quwain, Ajman, Ras Al Khaimah and Fujairah. Free Zone Authorities :
Example : Where the entity has been issued license for the intellectual property business from the free zone authorities like Jebel Ali Free Zone Authority ( JAFZA), Dubai Multi Commodities Centre (DMCC), Dubai Airport Free Zone (DAFZ) , Khalifa Port Free Trade Zone (KIZAD), Sharjah Airport Free Zone Authority (SAIF Zone), Hamriya Free Zone Authority (HAFZ), Ajman Free Zone Authority (AFZA), Umm Al Quwain Free Zone Authority (UAQ Free Trade Zone), Ras Al Khaimah Economic Zone (RAKEZ), Fujairah Free Zone Authority in the emirates of Dubai, Abu Dhabi Sharjah, Umm Al Quwain, Ajman, Ras Al Khaimah and Fujairah. Financial Free Zone Authorities : Example : Where the entity has been issued license for the intellectual property business from the free zone authorities like Dubai International Financial Centre (DIFC), Abu Dhabi Global Market (ADGM)
Ministry of Economy :
Example : Where the entity has been issued license for the distribution and service centre from the Dubai Department of Economic Development , Abu Dhabi Department of Economic Development , Sharjah Economic Development Department , Ras Al Khaimah Economic Development Department , Ajman Economic Development Department , Umm Al Quwain Economic Development Department ,Fujairah Municipality and other non free zone or financial free zone authorities in the emirates of Dubai, Abu Dhabi Sharjah, Umm Al Quwain, Ajman, Ras Al Khaimah and Fujairah. Free Zone Authorities :
Example : Where the entity has been issued license for the distribution and service centre from the free zone authorities like Jebel Ali Free Zone Authority ( JAFZA), Dubai Multi Commodities Centre (DMCC), Dubai Airport Free Zone (DAFZ) , Khalifa Port Free Trade Zone (KIZAD), Sharjah Airport Free Zone Authority (SAIF Zone), Hamriya Free Zone Authority (HAFZ), Ajman Free Zone Authority (AFZA), Umm Al Quwain Free Zone Authority (UAQ Free Trade Zone), Ras Al Khaimah Economic Zone (RAKEZ), Fujairah Free Zone Authority in the emirates of Dubai, Abu Dhabi Sharjah, Umm Al Quwain, Ajman, Ras Al Khaimah and Fujairah. Financial Free Zone Authorities :
Example : Where the entity has been issued license for the distribution and service centre from the free zone authorities like Dubai International Financial Centre (DIFC), Abu Dhabi Global Market (ADGM) What is Economic Substance Regulations? What Compliance is required under the UAE Economic Substance Regulations? Business Activities, subject to notification - substance test and annual substance return compliance under the UAE Economic Substance Regulation Economic Substance Regulations in United Arab Emirates Concerned Regulatory Authorities under ESR - Economic Substance Regulation in UAE Who is subject to the ESR? For more information on how Gupta Accountants could assist you in compliance with UAE Economic Substance Regulation Rules, contact us today. Gupta Accountants competent team of chartered accountants in Dubai, provides best supports at all the stages of the compliance to Economic Substance Regulations in UAE to companies registered under free zones and on main land, established in the emirates of Dubai, Abu Dhabi Sharjah, Umm Al Quwain, Ajman, Ras Al Khaimah and Fujairah.
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AuthorRamesh Kumar Gupta is a young and dynamic Chartered Accountant and has 21 years of experience in assurance, accounting, audit and business management. He is a member of the Institute of Chartered Accountants of India (ICAI). He is the Managing Partner of Gupta Accountants an accounting and advisory firm in Dubai UAE Archives
October 2020
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