Trusted ESR Notification & Reporting Services in UAE
Comprehensive ESR Notification & Reporting Services in UAE
Are you aware of how Economic Substance Regulations (ESR) can impact your business? At Quick Digits, we take a client-focused, results-driven approach. Our experts analyze the specifics of your business activities and guide you through every step of ESR compliance, from notification to reporting. With tailored solutions and meticulous attention to detail, we ensure your filings in the UAE are accurate, timely, and fully compliant.
Setting the Standard for Your Financial Success
Welcome to Quick Digits—your partner in redefining financial excellence. In the dynamic UAE business landscape, adhering to the highest financial standards isn’t just a choice—it’s essential.
Our expert team goes beyond expectations. We provide not only precise ESR filing but also comprehensive ESR notification and reporting services in the UAE, ensuring compliance and efficiency at every step.
By navigating the complexities of ESR regulations seamlessly, we empower your business to turn compliance into a strategic advantage. At Quick Digits, setting the standard isn’t just our goal—it’s our commitment to your financial success.
Why Choose Quick Digits for ESR Notification and Reporting in UAE?
Experience & Expertise
Our team of tax experts brings years of experience in managing ESR requirements. By staying fully up to date with the latest regulations, we ensure your business remains compliant, minimizing risks and avoiding potential penalties.
Tailored Solutions
We offer a comprehensive range of services, including compliance assessment, report preparation, and submission. Our tailored solutions are designed to address the unique needs of your business, ensuring accuracy, efficiency, and full regulatory compliance.
Streamlined Process
Our streamlined process guarantees that all required documents and information are submitted to the relevant authorities on time, minimizing the risk of compliance issues and potential penalties.
Cost-Effective
Our services are competitively priced, offering cost-effective solutions without compromising on quality. We collaborate with you to create a service package tailored to your business’s specific needs and budget.
Professionalism
At Quick Digits, we pride ourselves on our professionalism and dedication to our clients. Our team works closely with you to understand your business and deliver personalized solutions tailored to your specific needs.
4 Things You Must Know About ESR in Dubai
Economic Substance Regulation (ESR)
ESR applies to businesses involved in ESR-related activities across onshore, free zone, and offshore jurisdictions. Such businesses are required to submit an annual ESR notification and report to the Federal Tax Authority (FTA). Additionally, they must pass the Economic Substance Test if they generate profits from relevant activities. The purpose of ESR is to prevent the UAE from being used as a tax haven and to ensure alignment with international standards set by the OECD.
Penalties for Non-compliance
Non-compliance with ESR regulations can lead to significant penalties. Businesses that fail to submit the required documents or meet the Economic Substance Test requirements may incur a fine of AED 20,000. Those providing false information or failing to submit their ESR returns could face penalties of up to AED 50,000.
Why was ESR Implemented?
The UAE introduced ESR to prevent the country from being used as a tax haven and to align with the OECD’s and EU’s transparent, robust, and legal trade standards. Onshore businesses are required to maintain and demonstrate sufficient economic presence to comply with ESR regulations.
Consultation on ESR
Companies in the UAE are required to submit their ESR reports to the Federal Tax Authority (FTA). Businesses generating income from ESR-related activities must also meet the Economic Substance Test requirements. Failure to submit the necessary documents can result in a fine of AED 20,000, while providing false information on the notification or ESR report may incur a penalty of AED 50,000.
Why Consider ESR Filing in Dubai?
There are many compelling reasons to choose ESR filing for your business in Dubai, including:
Avoid hefty fines and penalties
Safeguard against legal issues
Fulfill all ESR obligations
Stay prepared for evolving regulations
Identify and manage potential risks
Streamline internal processes
Enhance transparency and accountability
everage compliance as a strategic business advantage
Our 4-Step Process for ESR Filing
ESR Compliance Made Simple Let Us Guide You Today!
Assessment and Analysis
We begin by evaluating your business operations and identifying any compliance gaps. Our experienced consultants provide you with a clear understanding of your current standing and outline the necessary steps to achieve full compliance with ESR and UBO requirements.
Customized Solutions
We believe every business is unique, which is why we don’t follow a one-size-fits-all approach. Instead, we deliver customized solutions tailored to your specific needs. Our team works closely with you to design a comprehensive plan of action that addresses every aspect of ESR and UBO compliance.
Implementation and Training
Once the action plan is in place, we assist you with smooth and efficient implementation. Our team provides training and ongoing support to ensure you and your staff are fully prepared to manage ESR and UBO compliance with confidence.
Ongoing Support
ESR and UBO regulations are continuously evolving, and your compliance requirements may change over time. That’s why we offer ongoing support to keep your business fully compliant and up to date with the latest regulatory developments.
Penalties for Non-Compliance with ESR
These penalties highlight the critical importance of adhering to ESR regulations, helping your business avoid financial consequences and maintain full legal compliance.
Initial Penalty
AED 50,000 for the first year of non-compliance.
Subsequent Penalty
AED 400,000 for repeated non-compliance.
Failure to Provide Information
AED 50,000 for not providing requested information.
Providing Incorrect Information
AED 50,000 for providing inaccurate or misleading information.
Non-filing penalty
AED 50,000 for not filing an ESR notification within the deadline.
Continued Non-Compliance
Additional penalties, including suspension, revocation, or non-renewal of business licenses.
How Quick Digits Protects Your Business from Fines and Penalties
Understand ESR Requirements
Assess your business activities to determine whether they fall under the scope of Economic Substance Regulations (ESR).
Adjust Business Practices
Implement the necessary changes to align your business with ESR requirements. We guide you through the process, conducting a comprehensive “Impact Study” to ensure full compliance.
Submit ESR Report
Prepare and submit your ESR report to the relevant regulatory authority before the deadline. Our team guides you through every step to ensure accurate and timely submission.
Which UAE Businesses Benefit from Our ESR Consultancy?
Unlock Success with Expert ESR Consulting in the UAE
Small and Medium-sized Enterprises (SMEs)
Quick Digits’ ESR services are especially valuable for SMEs, which often lack the resources or expertise to navigate the UAE’s complex regulatory environment. Our solutions provide peace of mind, allowing you to focus on growing your business while we handle compliance.
Family-owned Businesses
Our team of experts is highly experienced in the intricacies of ESR regulations for family-owned businesses. We guide you through the entire process from evaluating your business activities to identifying applicable substance tests and ensuring full compliance.
Startups
Startups in the UAE face unique challenges and may be unfamiliar with regulatory requirements. Our services help startups establish their businesses in full compliance, avoiding potential legal or financial issues down the line.
Companies in regulated industries
Businesses in regulated sectors such as banking, insurance, and investment firms are subject to stricter Economic Substance Regulations. Quick Digits’ services ensure full compliance, helping your business avoid fines and penalties.
Multinational Corporations
Multinational corporations operating in the UAE may encounter challenges in meeting ESR requirements due to complex organizational structures. Our services provide the expertise needed to navigate these regulations and ensure full compliance.
Trusted Partners & Affiliations
We Handle Your Taxes,
You Grow Your Business.
Let our experts handle Corporate Tax, VAT, Audit, and Compliance, while you focus on growing your business with peace of mind.
FAQ
Is a Tax Consultant Necessary in Dubai?
With Dubai’s evolving legal and financial landscape, it has become essential for businesses of all sizes to engage a professional tax consultant. Their expertise helps resolve complex tax matters while ensuring full compliance with Dubai’s regulations.
How Do Businesses Pay Taxes in the UAE?
Since June 1, 2023, the UAE has applied a 9% corporate tax on net profits exceeding AED 375,000. Profits below this threshold are taxed at 0%. In addition, businesses must register for VAT if their taxable supplies exceed the mandatory registration threshold of AED 375,000.
What If I Miss a Tax Deadline?
According to Cabinet Decision No. 75 of 2023 and Ministerial Decision No. 74 of 2023, the UAE Federal Tax Authority imposes a fine of AED 10,000 for late corporate tax registration. Continued delays can result in additional penalties, starting from AED 500 per month and rising up to AED 5,000 per month depending on the length of the delay.
What are your tax consultancy fees?
Our tax consultancy services in Dubai start from AED 500 and can go up to AED 20,000, based on the scope and complexity of your requirements.
Can you help with Free Zone company tax compliance?
At Quick Digits, our tax experts assist Free Zone companies with complete tax compliance, including corporate tax registration, filings, and exemption assessments. We ensure your business meets all FTA requirements accurately and on time, covering major Free Zones such as DMCC, IFZA, MEYDAN, SHAMS, and RAKEZ.