The United Arab Emirates Ministry of Finance has updated its guidance on Economic Substance Regulations (ESR), including the publication of Cabinet of Ministers Resolution No. 57 of 10 August 2020 and Ministerial Decision No. 100 of 19 August 2020, which replace the Cabinet Resolution and Ministerial Decision published in 2019 for the introduction of the economic substance requirements in the UAE. Under the ESR, UAE onshore and free zone companies and certain other business forms (licensees) that carry out defined relevant activities are required to maintain and demonstrate an adequate economic presence in the UAE relative to the activities they...