The Dubai International Finance Centre (DIFC) has published guidance on the application of the UAE Economic Substance Regulations (ESR), including in financial free zones such as the DIFC. The guidance includes the following key points to note about ESR and how to prepare:
1. All DIFC entities are required to submit an economic substance notification on the DIFC Portal. However, the 31 March 2020 deadline previously advised is no longer applicable.
2. The UAE Ministry of Finance will issue…