In accordance with Cabinet Resolution No. 57 of 2020, entities that conduct Relevant Activities under the Economic Substance Regulations must file directly with the Ministry, regardless of whether they have previously filed their details with their appropriate registry. All licensees and exempted licensees must file their Notification and Economic Substance Regulations Report before the 31st of December 2020. Where a late notification filing arises, the licensee will be subject to an AED 20,000 fine and AED 50,000 where a late report filing occurs. Licensees should ensure that both the filing of the Notification and Report meet the above deadline to avoid any possible fines from the Ministry, as it is expected that there will be no exceptions nor extensions of this date.
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