Collaborate with Now Consultant’s professional ESR filing services in the UAE to ensure the accuracy and integrity of your financial records. Our experienced team can help you stay ahead of regulations and streamline your business operations with our comprehensive solutions.
Are you struggling to keep up with the complex requirements of Economic Substance Regulations and Ultimate Beneficial Ownership disclosures? Do you want to avoid non-compliance penalties and ensure your business stays ahead of the curve? Look no further than NOW CONSULTANT – Dubai’s leading financial consultancy with specialized expertise in ESR Filing. Our experienced team of professionals will guide you through the entire compliance process, help you avoid costly mistakes, and ensure your business operations remain seamless. Don’t let regulatory burdens hold you back – partner with NOW CONSULTANT and unlock the full potential of your enterprise today!
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.
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.
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.
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.
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.
In March 2021, the UAE and 11 other tax havens began sharing information on economic substance, making it vital for multinational companies to comply with the Economic Substance Regulation (ESR) in the UAE.
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. The aim of ESR is to deter investors from using the UAE as a tax haven and ensure compliance with the OECD’s.
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.
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.
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.
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.
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.
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.
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.
If
you want to safeguard your business against financial and legal risks,
Then
look no further than NOW CONSULTANT for our comprehensive ESR & UBO services!
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.
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 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.
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 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.
DO’s:
2. Do maintain accurate and up-to-date records of your company's shareholders.
3. Do file your ESR declaration on time to avoid penalties and fines.
4. Do consult with experts and seek professional assistance to ensure compliance with Economic Substance Regulations.
5. Do conduct regular reviews and audits to ensure continued compliance with ESR Filing.
DON’Ts:
1. Don't ignore ESR Filing, assuming that they don't apply to your business.
2. Don't delay filing your ESR declaration to regulatory authorities.
4. Don't assume that compliance is a one-time process, as ESR Filing requirements may change over time.
5. Don't overlook the importance of accurate record-keeping and maintaining up-to-date shareholder.
Facing complexities with Economic Substance Regulations (ESR) filing in the UAE? Our team of seasoned professionals is here to guide you every step of the way. We simplify the filing process, ensuring accuracy and compliance,
The ESR is the Economic Substance Regulations, and all entities that conduct a “Relevant Activity” must comply with it. This includes companies, partnerships, and other entities.
A Relevant Activity is any business that generates income from activities such as banking, insurance, fund management, leasing, shipping, or intellectual property.
Non-compliance with ESR in the UAE may result in significant financial penalties, reputational damage, and even the revocation of the company’s license.
Yes, we offer our ESR and UBO services to companies worldwide, and we can help them comply with ESR regulations in the UAE.
We are a financial advisory company who’d help you go through your financial activities. Sellers and Businessmen trust NOW Consultant to manage their taxes, VAT, Accounting and Incorporation. Get a personal accountant who knows how to manage your business stuff professionally with error free accounting.
Jumeirah Bay X3 Office 3800 Jumeirah Lake Towers
Dubai
United Arab Emirates
0522146392
We have received your message and appreciate your trust in our services, Our dedicated team will be in touch with you shortly.
