On 16 April 2020, the UAE Ministry of Finance updated its guidance page on the Economic Substance Regulations (ESR) with the publication of a Relevant Activities Guide. The Regulations require companies and other business forms registered in the UAE that carry on one or more "Relevant Activities", to have economic substance in the UAE in relation to these activities, and to comply with notification and return filing obligations. Such businesses are referred to as "Licensees". To support UAE businesses in understanding the scope and application of the Regulations, the Relevant Activities Guide provides additional guidance on the "Relevant Activities" and...