04 May. 2020
As per UAE law all companies in the UAE have to report to their Authorities for year 2019 whether the company falls within the Economic Substance Requirements as prescribed by UAE law which is essentially an international approach inherited by the OECD.
If any company is active in any of the activities below they will be deemed a reportable company which will fall in the companies who will have to provide further information to the Authorities:
1. Banking Business
2. Insurance Business
3. Investment Fund Management Business
4. Lease- Finance Business
5. Headquarters Business
6. Shipping Business
7. Intellectual Property Business (“IP”)
8. Distribution and Service Centre Business
9. Holding company Business
Also please find below table summarising deadlines published by the Freezones to date, currently not all Freezone have clarified the information they require and timeframe.
| Authority |
Who is required to file |
How to file |
When to file |
| RAK ICC |
All entities registered |
Via their registered agent |
30th June 2020 |
| ADGM |
Only entities undertaking relevant activities |
via email |
within 2nd quarter of 2020 |
| DIFC |
All entities registered |
via the company's account on the DIFC portal |
12th June 2020 |
| DMCC |
All entities registered |
not specified further guidance will be issued |
30th June 2020 |
| AJMAN FZ |
All entities registered |
via email |
30th June 2020 |
| RAK EZ |
Not specified |
not specified further guidance will be issued |
31st May 2020 |
| DAFZ |
All entities registered |
via the company's account on the DIFC portal |
By 3rd May 2020 |
| UAQ |
Not specified |
not specified further guidance will be issued |
not specified |
Brownstone is a boutique firm of management consultants specializing in corporate structuring and international taxation. Should your company require assistance and advise regarding this very important matter, do not hesitate to
contacts us.