Reliable ESR Filing Services in UAE: Your Trusted Consultants in Dubai
Are you aware of the impact Economic Substance Regulations can have on your business?
At Now Consultant, our approach is client-centric and results-driven. We delve into the specifics of your business activities, guiding you through every step of ESR compliance. Our seasoned experts provide tailored solutions, ensuring accuracy and efficiency in your filing.
Setting the Standard for Your Financial Success!
Welcome to Now Consultant, where we redefine the standard for your financial success. In the dynamic landscape of the United Arab Emirates, adhering to the highest financial standards is not just a choice—it’s a necessity.
With our expert team at the helm, we don’t just meet expectations; we exceed them. We’re not just about ESR filing; we’re about setting the gold standard for your business prosperity.
By seamlessly navigating the intricacies of ESR regulations, we empower your enterprise to not only meet compliance but to turn it into a strategic advantage.
Let’s embark on this journey together, where setting the standard is not just a goal; it’s our commitment to your financial triumph!
Why Choose Now Consultant’s ESR Filing Services?
Experience & Expertise
Our team of tax experts has years of experience in dealing with ESR requirements. We stay up to date with the latest regulations to ensure your business remains compliant and avoids penalties.
Tailored Solutions
We offer a range of services including compliance assessment, preparation, and submission of necessary reports Our tailored solutions are designed to meet the specific needs of your business.
Streamlined Process
Our streamlined process ensures that all necessary documents and information are submitted to the relevant authorities on time, reducing the risk of compliance issues and penalties.
Cost-Effective
Our services are competitively priced, providing you with cost-effective solutions that don't compromise on quality. We'll work with you to find a service package that fits your business's needs and budget.
Professionalism
At NOW Consultant, we pride ourselves on our professionalism and commitment to our clients. Our team will work closely with you to understand your business and provide personalized solutions that meet your specific needs.
4 Things You Must Know About
ESR in Dubai
Economic Substance Regulation (ESR)
ESR applies to businesses engaged in ESR-related activities onshore, in free zones, and offshore. Such businesses must submit an annual ESR notification and report to the Federal Tax Authority (FTA). Additionally, businesses must pass the economic substance test if they earn profits from the relevant activity. ESR aims to deter investors from using the UAE as a tax haven and ensure compliance with the OECD’s.
Penalties for Non-compliance
Non-compliance with ESR regulations will result in hefty fines for businesses. Companies that fail to submit the required documents or meet the economic substance test’s requirements will be penalized with a Dhs20,000 fine. Businesses that provide false information or fail to submit their ESR returns will face a Dhs50,000 penalty.
Why was ESR
Implemented?
The UAE implemented ESR to deter investors from using it as a tax haven and to comply with the OECD’s and the EU’s open, strong, and legal standards for trade. Onshore businesses in the UAE must maintain and demonstrate adequate economic presence to comply with ESR regulations.
Consultation
on ESR
Companies in the UAE must submit their ESR report to the FTA. If a company generates income from ESR-related activities, it must also meet the economic substance test’s requirements. Failure to submit the required documents will result in a penalty of Dhs20,000 while submitting false information on the notification or ESR report will incur a Dhs50,000 fine.
Why Consider ESR Filing in Dubai?
There are a lot of reasons to choose ESR filing for your businesses in Dubai. Some of them are
- Avoid heavy fines and penalties
- Fulfill ESR obligations
- Identify and manage risks
- Enhanced transparency
- Guard against legal issues
- Prepare you for evolving regulations
- Streamline internal processes
- Leverage compliance for business strategy
Features and Benefits of ESR Filing Services in Dubai!
Features
Benefits
Expert ESR guidance
Navigate compliance effortlessly
Tailored solutions
Meet unique business needs
Timely reporting
No fines and penalties
Regulatory compliance
Identify and mitigate all risks
Global standards
Enhance business credibility
Risk Management
Fulfill all legal obligations
Strategic insights
Fosters trust through clear financial visibility
Investor confidence
Attract trust and authority
Our 4-Step Process for ESR Filing
ESR Compliance Made Easy Let Us Help You Today!
Assessment and Analysis
We start by assessing your business operations and analyzing your compliance gaps. Our team of experienced consultants will give you a clear picture of where you stand and what needs to be done to comply with ESR and UBO.
Customized
Solutions
We don't believe in a one-size-fits-all approach. That's why we provide customized solutions that meet the unique needs of your business. Our team will work closely with you to develop a tailored plan of action that covers all aspects of ESR and UBO.
Implementation and Training
Once we have a plan of action, we'll help you implement it smoothly and efficiently. Our team will provide you with training and support to ensure that you and your team are fully equipped to handle ESR and UBO compliance.
Ongoing
Support
ESR and UBO regulations are constantly evolving, which means your compliance needs may change over time. That's why we provide ongoing support to ensure that you remain compliant and up-to-date with the latest regulations.
Penalties for Not Complying with ESR
These penalties emphasize the importance of adhering to ESR regulations to avoid financial consequences and maintain legal compliance
Initial Penalty
AED 50,000 for the first year of non-compliance.
Subsequent Penalty
AED 400,000 for repeated non-compliance.
Failure to Provide Information
AED 50,000 for not providing requested information.
Providing Incorrect Information
AED 50,000 for providing inaccurate or misleading information.
Non-filing penalty
AED 50,000 for not filing an ESR notification within the deadline.
Continued Non-Compliance
Additional penalties, including suspension, revocation, or non-renewal of business licenses.
How Now Consultant Protects You from Fines and Penalties?
Understand ESR Requirements
Examine your business activities to see if they fall under Economic Substance Regulations (ESR).
Adjust Business Practices
Make necessary changes to align with ESR requirements. We guide you through this, conducting an “Impact Study” to ensure compliance.
Submit ESR Report
Complete and submit your ESR Report to the Regulatory Authority before the deadline. We help you through this process.
Wondering which UAE businesses are Benefiting
from our ESR Consultancy?
Unlock Success with Expert ESR Consulting In UAE
Small and Medium-sized Enterprises (SMEs)
NOW Consultant’s ESR services are particularly beneficial to SMEs as they often do not have the resources or expertise to navigate the complex regulatory environment in the UAE. Our services can provide them with the peace of mind they need to focus on growing their businesses.
Family-owned Businesses
Our team of experts is well-versed in the intricacies of ESR requirements and regulations specific to family-owned businesses. We will guide you through the entire process, from assessing your business activities to determining the relevant substance tests and ensuring compliance.
Startups
Startups face unique challenges in the UAE and may not be familiar with the regulatory requirements. Our services can help startups set up their businesses in compliance with the regulations and avoid any legal or financial issues in the future.
Companies in regulated industries
Businesses in regulated industries such as banking, insurance, and investment firms are subject to more stringent Economic substance regulations. NOW Consultant’s services can ensure they comply with these regulations and avoid any fines or penalties.
Multinational Corporations
Multinational corporations with operations in the UAE may face challenges in complying with ESR requirements due to their complex structures. Our services can provide them with the necessary expertise to navigate the regulations and ensure compliance.
See What Makes Our Clients Happy?
Frequently Asked Questions
What happens if my business doesn't comply with ESR?
Non-compliance can result in penalties and other repercussions. It’s essential to understand and adhere to the ESR requirements to avoid such consequences.
Can the Now Consultant assist with ESR compliance?
Yes, Now Consultant provides guidance, support, and services to ensure your business complies with ESR, from assessment to report submission.
Are there specific requirements for different types of activities under ESR?
Yes, each activity has unique compliance criteria. Our experts can help you navigate these requirements based on your business activities.
Is ESR applicable only to large corporations?
No, ESR applies to businesses of various sizes engaged in specific activities. Compliance is crucial for all companies falling under the regulated activities.
What changes might be needed to comply with ESR?
Depending on the initial assessment, adjustments to business practices may be necessary. Our team provides support to ensure your business aligns with ESR requirements.
What is an "Impact Study and Gap Analysis"?
This involves evaluating your current operations against ESR compliance criteria, identifying any gaps, and recommending necessary changes.
How do I assess if my business falls under ESR?
An in-depth analysis of your business activities is required. Our experts can guide you through this process, evaluating if your business falls under the Economic Substance Regulation
Which activities fall under ESR?
Activities such as banking, insurance, and intellectual property holding are among those covered by ESR. The regulation is designed to align business practices with international standards.
