P.O.Box: 92363, # M17 If a DMCC-licensed company is conducting relevant Activity in the UAE, it must then prepare and submit the ESR Report to the regulatory authority. In recent years regional areas have also started to match this growth, after historically lagging behind the capital. The KPMG logo and name are trademarks of KPMG International. DMCC, in partnership with the Department of Economic Development (DED), effective 14 April 2020, introduced two new services that will help businesses grow: DMCC member companies with specific licence activities are now allowed to offer their services outside Free Zone without having to obtain a trade licence from DED. Saif Chartered Accountants, very helpful and responsive throughout the process. Such services are provided solely by member firms in their respective geographic areas. BDO is the brand name for the BDO network and for each of the BDO member firms.. The UAE recently enacted the Cabinet Decision No. Jitendra Chartered Accountants (JCA) is a reputed audit firm in Dubai that provides ESR services to the free zone, mainland, and offshore companies. %PDF-1.7 The Regulations primarily apply to … From the year 2020, each of the licensed company will have to declare if they have conducted any activates which are mentioned as Relevant Activities in the previous financial year. Since the failure to comply with the Economic Substance Regulations in the UAE would attract hefty fines, professional assistance is need for all the documentation and assessments required as part of the process. BDO UAE, a company incorporated under the laws of the United Arab Emirates, is a member firm of the BDO network, a worldwide network of professional services firms. 4 0 obj Every time I have had any issues that needed to be resolved, Saif Chartered Accountants have always responded immediately, analyzed my issue, figured out logical and efficient solutions to my problems and all while leaving me feeling completely assured that my needs were going to be met and my issue resolved. 3 0 obj I have used their services for at least 3 years. BOX 43630 Mobile: +971 50 910 6148 Tel No: +971 4 343 8022 Fax No: +971 4 343 8033 Email: info@jcauaeaudit.com, Sharjah Airport International Freezone P.O. VAT Registration in Bahrain-How to register for VAT Bahrain? Exchange of information with a Competent Foreign Authority (according to Article 1 of Regulations). <> However, the UAE Ministry of Finance also granted certain relief concerning the economic substance reporting requirements in response to the COVID-19 situation. Save my name and email in this browser for the next time I comment. As a Regulatory Authority, the DMCC Authority is required to provide the ESR information received from its member companies to the Ministry of Finance, as Competent Authority under the ESR regulations. In all of the time we've been using them, we have found all associates are very professional, detail oriented, hands-on as well as personable. 58/2019, the DMCC Authority has been appointed as a Regulatory Authority for all businesses established in the DMCC free zone.

The staff were very helpful and responded quickly. All Rights Reserved, 5 Accounting Myths Small Businesses Need to be Aware of, Everything MNCs Need to Know About the New Financial Reporting Requirement in the UAE. ]��� yF���Yz�e'���;� ���&�ó';�v�&���z��hU��5�iWn�L`*?�l蜸 ��3S������m���G�B�a�D�Ec#���K���)�dG� �!��=�H�M'��6��������+HL�o������fc7�y1�rD�b�b�4�����M?���) ʶ�n�d�}��jMdF>�R���.

They also helped me with my tax return recently and the process could not have gone smoother!! ESR Implementation - 30 April 2020. The regulations will be applicable to the financial years which are starting from 1st of January 2019. In Cabinet Resolution No. stream This NOC will be required to obtain the Commercial Permit to operate onshore, from DED. Highly recommended accountants. Good Accounting Service and Annual Audit. If you would like to find out more about the above, please contact Shivendra Jha and/or Shamsuddeen A K. Subscribe to receive the latest BDO News and Insights, Head of Advisory and International Liaison Partner (ILP).

I am very much thankful for there whole team. +ves : Professional and approachable. Economic Substance Reporting – Update to all DMCC Members. Economic Substance Information - 8 September 2020. This decision was issued by the Ministry of Finance (MoF). The BDO Healthcare team consists of a multidisciplinary group of specialists. The information contained in herein is of a general nature and is not intended to address the circumstances of any particular individual or entity. On the 30th of April 2019, the UAE enacted the Economic Substance Regulation (ESR) by introducing the Cabinet Decision No. <>/ExtGState<>/Font<>/ProcSet[/PDF/Text/ImageB/ImageC/ImageI] >>/Annots[ 19 0 R 20 0 R 21 0 R] /MediaBox[ 0 0 594.96 842.04] /Contents 4 0 R/Group<>/Tabs/S/StructParents 0>> We are very pleased with Accounting Services since we switched over this year with Saif Chartered Accountants. I have always found them to be very approachable. Logistics and Transportation can mean many things. Please take a moment to review these changes. The "BDO Healthcare sector group" specialises in financial, tax, and operational services to the various actors in the healthcare sector. If a company fails to comply with the ESR notification requirement, a fine in the range of AED 10,000 to AED 5,000 will be imposed.

You will not receive KPMG subscription messages until you agree to the new policy. The relevant activities as per the guidelines for ESR in the UAE are. For more detail about the structure of the KPMG global organization please visit https://home.kpmg/governance. Further updates were also later on provided, which helped the businesses by providing the necessary Guidance. By using this site you agree to our use of cookies. A declaration that states whether or not the company is conducting the relevant activity, A statement whether any tax is levied outside the UAE on the income generated from the activity, Directing and managing the business within the UAE, Conducting Core Income Generating Activities within the UAE, Retains adequate physical assets and expenditure in the UAE, Have adequate full-time employees in the UAE, The Economic Substance Notification filing, Provide recommendations if the companies fail to meet Economic Substance Test. Saif Audit, delivers an excellent taxation service and is very helpful and efficient. The UAE Economic Substance Regulations (the "Regulations") are now in force (for more information, please see our previous update here). Certain “free zones” have already announced the deadline for the first economic substance notifications—such as, DIFC with a deadline of 12 June 2020; ADGM with a deadline of 30 June 2020; and DMCC with a deadline of 30 June 2020. © 2020 KPMG LLP, a Delaware limited liability partnership and a member firm of the KPMG global organization of independent member firms affiliated with KPMG International Limited, a private English company limited by guarantee. The companies that are part of a corporate group should submit the report separately as consolidate group reporting is not allowed. JAXA is a reputed auditor, business consultancy and accountancy service provided and has an experience of 13+ years in this field. Under economic substance regulations, there is a legal requirement for all UAE entities, including branches of local and foreign companies that carry on any of nine relevant activities, to maintain economic substance in the UAE specific to each relevant activity.



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