The United Arab Emirates (UAE) introduced Economic Substance Requirements (ESR) on 30 April 2019, with the passing of Cabinet of Ministers Resolution No. 31. These are applicable as of 1 January 2019. Subsequently, guidance on the application of the regulations was issued on 11 September 2019 and, more recently, on 15 April 2020 when the Ministry of Finance issued the Relevant Activity Guide (RAG).
The document attachedon this webpage contains a detailed review of the new guidance (RAG), along with some insights we foresee in its application in the UAE.