Boost Your Business with UAE's Best ESR Consultancy
Welcome to Excellent Accountants – Your Trusted Partner for ESR Compliance in Dubai & the UAE. Navigating the Economic Substance Regulations (ESR) in Dubai and the UAE can be complex and overwhelming. Our experienced team of professionals brings in-depth knowledge of the ESR framework, allowing us to offer tailored solutions that help you stay compliant while optimizing your business operations.
ESR Consultancy in Dubai & UAE | Excellent Accountants
Whether you’re a business owner or a corporate executive, ensuring compliance with ESR is crucial to avoid penalties and safeguard your operations. At Excellent Accountants, we specialize in providing comprehensive ESR consultancy services that meet the specific needs of businesses across industries.
Understanding ESR in Dubai & UAE
The Economic Substance Regulations (ESR) were introduced in the UAE to comply with global standards set by the OECD. These regulations require certain businesses to demonstrate that they have substantial economic activity within the country. Companies that fall under these categories must meet specific requirements, including filing reports, maintaining relevant documentation, and ensuring that their core income-generating activities (CIGA) are conducted within the UAE.
Failing to comply with ESR can lead to heavy penalties, reputational damage, and even license suspension. Therefore, it’s essential to have a trusted ESR consultancy partner to guide you through the process and ensure your business is on the right track.
It applies to businesses engaged in activities like banking, insurance, shipping, intellectual property management, and others. ESR is important because it aligns with international efforts, led by the OECD, to promote transparency, prevent tax evasion, and ensure that companies pay taxes where they generate income. Compliance with ESR helps businesses avoid penalties, maintain their operations legally, and demonstrate good corporate governance.
Our Comprehensive ESR Consultancy Services
Our focus is on understanding the unique requirements of your business and providing services that are tailored to help you achieve full compliance with ESR. We don’t just focus on meeting regulatory requirements – we also strive to help you optimize your business structure and reduce operational risks
Compliance Assessment and Planning
Our ESR compliance assessment service is designed to help businesses identify potential areas of non-compliance and develop a strategy to meet all regulatory requirements. We conduct a detailed review of your business activities, structure, and processes to ensure alignment with the Economic Substance Regulations
Regulatory Guidance
Our expert team stays updated with the latest changes to the ESR framework in Dubai and the UAE. We provide timely regulatory advice to help businesses stay compliant, guiding them through complex regulatory landscapes with confidence.
Document Preparation and Filing
Accurate document preparation and timely filing are critical to ESR compliance. Our team ensures that all necessary documentation is prepared, filed, and maintained in line with the legal requirements of the ESR. We also assist in filing the necessary reports and declarations with the relevant authorities.
Operational Review
Conducting regular operational reviews ensures that your business activities meet ESR compliance standards. Our team conducts thorough reviews of your business operations to identify any areas that may require adjustments or improvements to align with ESR guidelines.
Audit and Review Services
In preparation for regulatory audits, our team offers internal audit services to assess your business’s compliance with ESR. We provide comprehensive review reports and actionable recommendations to address any issues before they become a problem.
Risk Management
Effective risk management is essential to maintaining ESR compliance. Our consultants will help you identify potential risks and develop mitigation strategies to avoid penalties and ensure continued compliance with ESR regulations.
Advisory on Business Structuring
Business structuring plays a key role in achieving ESR compliance. We provide advisory services on how to structure your business in the UAE to meet ESR requirements, taking into account your operational needs and business goals.
Ongoing Monitoring
Compliance doesn’t end with one-time reporting – it requires ongoing monitoring and adjustments. Excellent Accountants offers continuous monitoring services to ensure your business remains compliant with ESR throughout the year. We monitor your business activities and provide ongoing advice to ensure that you are always in line with ESR requirements.
Legal and Tax Advice
In addition to ESR consultancy, we also offer legal and tax advisory services. Our experienced professionals provide guidance on legal and tax-related matters that may impact your compliance with ESR regulations, helping you mitigate risks and optimize your business structure.
Don't risk fines or penalties—get in touch with us now!
Ensure your business meets all regulatory requirements with ease. Contact Excellent Accountants today for personalized ESR consultancy services that safeguard your operations and keep you compliant
Free ConsultationBenefits of Partnering with Excellent Accountants for ESR Consultancy
At Excellent Accountants, we take a client-centric approach to ESR compliance and consulting. We believe that every business in Dubai is unique, and our solutions are tailored to meet the specific needs of each client.
Avoiding Fines and Penalties
One of the biggest risks of non-compliance with ESR is the potential for fines and penalties. With Excellent Accountants as your ESR consultancy partner, you can rest assured that all necessary measures are taken to keep your business compliant, avoiding any financial or reputational damage.
Streamlining Business Operations
Our team helps you streamline your business operations to ensure they align with ESR requirements. By making strategic recommendations, we help you reduce inefficiencies and enhance your overall business performance.
Why Choose Excellent Accountants for ESR Consultancy?
t Excellent Accountants, we offer a personalized approach to ESR consultancy in Dubai and the UAE. Our focus is on understanding the unique requirements of your business and providing services that are tailored to help you achieve full compliance with ESR. We don’t just focus on meeting regulatory requirements – we also strive to help you optimize your business structure and reduce operational risks. Here’s what sets us apart:
Expert Compliance Assessment and Planning
We begin with a detailed compliance assessment to identify any gaps in your current business practices and ensure that you meet all ESR requirements. Our team will work closely with you to develop a customized ESR compliance plan tailored to your business structure and operations.
Regulatory Guidance and Support
Navigating the ESR regulatory landscape can be complex. Our team provides ongoing guidance and support to ensure your business remains compliant with all relevant regulations. We monitor changes in the law and update your compliance plan as necessary, ensuring that you are always in line with the latest developments.
Document Preparation and Filing
Filing accurate reports on time is critical to ESR compliance. Our team at Excellent Accountants handles all aspects of document preparation and submission, ensuring that your business files timely and accurate reports in compliance with ESR regulations.
ESR Audit and Review Services
As part of our comprehensive ESR consultancy services, we offer internal audits and reviews to identify any risks or gaps in your compliance practices. Our audits provide you with the assurance that your business is fully prepared for any external audits or inspections.
Contact Excellent Accountant Today
Get in Touch with Excellent Accountants for ESR Consultancy in Dubai & UAE
At Excellent Accountants, we pride ourselves on being your trusted partner for ESR compliance in Dubai and the UAE. With a proven track record of success, our team of experts is ready to guide you through every step of the ESR compliance process, ensuring your business stays compliant and thrives in the UAE market.
Phone: 054 581 6300
Email:info@excellentaccountant.ae
FAQ
ESR refers to a set of regulations introduced to ensure that businesses operating in certain sectors have substantial economic activities within the UAE. These regulations are designed to prevent profit shifting to low-tax jurisdictions and align the UAE with international standards set by the OECD.
Companies engaged in Relevant Activities such as banking, insurance, investment fund management, lease-finance, headquarters operations, shipping, holding companies, intellectual property businesses, and distribution/service centers are required to comply with ESR.
The penalties for non-compliance with ESR in the UAE are as follows:
- Failure to submit notification within six months of the financial year: AED 20,000.
- Failure to submit the ESR report within twelve months or submitting an inadequate report: AED 50,000.
- Repeated violations in the following financial year: AED 400,000 plus possible suspension or non-renewal of the trade license.
- Providing inaccurate information knowingly: AED 50,000.
Penalties are applied within six years, except for fraud cases, which may extend the timeframe
If your company engages in any of the Relevant Activities mentioned under ESR, you are required to comply. It’s important to conduct an ESR assessment to determine if your business falls under the scope of these regulations.
An ESR notification is a mandatory filing that businesses must submit to the relevant authority, declaring if they conduct any relevant activities. The ESR report is a more detailed document outlining how the business meets the economic substance requirements. Both must be submitted annually.
Yes, free zone companies conducting relevant activities are also required to comply with ESR. However, certain free zones may have additional specific requirements, so it’s important to consult a professional for guidance.
Ongoing ESR compliance requires continuous monitoring of your business activities, updating documentation, and filing reports regularly. Excellent Accountants offers ongoing monitoring services to ensure your business stays compliant throughout the year.
