Did you know there are only 137 days until New Year’s Eve? Which means there are:
- Roughly only 95 working days left in the year (Or 760 working hours).
- Less lunch breaks, makes around 665 hours.
- Less coffee breaks (maybe this number is a little low) leaves 618 hours.
That is not a long time to go. If you reported that you conducted a Relevant Activity for your Economic Substance filing, that means you should have already started working on your Economic Substance Return (ESR) report.
Have you ticked that Economic Substance notification box to state that you do not perform a Relevant Activity? Your company could be at risk depending on the business activity and how your business operates; you may still need to comply with ESR filing. If your UAE company is transacting with a related company outside of the UAE it will may well be performing a Relevant Activity and you will need to prepare an ESR report for lodgment by 31 December 2020. Every hour counts and we recommend on getting in touch and starting now to prevent any potential fines.