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Newsletter 09/2020

Meet our Members | Creation Business Consultants

 

Economic Substance

Economic Substance was a buzz phrase leading up to June 30 as most companies were required to lodge a notification outlining if they undertook a Relevant Activity in 2019. Most companies don’t realise that this was not the end of ESR, but the beginning. With punitive measures on the table such as fines, information sharing with foreign tax authorities or worse, companies being struck off, the stakes are very high.

Dec 31st 2020 is the deadline for companies to have prepared and lodged their Economic Substance Report. This intricate, detailed report will be the tool in which a pass or fail mark will be awarded to those companies that previously reported in the affirmative. There is still time to correct any deficiencies for the current financial year, but action needs to be taken immediately.

With around 120 days until Dec 31st this is not long to go for those that have not commenced compiling their report. Compliance can easily be achieved so we suggest creating a timeline for the relevant milestones for your organisation. The report will take several months to compile, so planning for all of the sections is crucial.

Topic relating to COVID-19 adaptation

During COVID-19 and UAE’s lockdown, Creation’s team of professionals helped many businesses expand their operations internationally by remotely setting up their company and corporate bank account in Dubai and the UAE. Thanks to the wide reach of the internet and advances in telework capabilities, companies were not only able to continue their daily operations despite quarantines, but they were also able to remotely set up their UAE company and bank account.

By taking an in-depth look at their organisational needs, such as the nature of the business, timeline, location, and budget, we were able to help form a company in one of the many free zones, in mainland Dubai, and the other six Emirates remotely. Once completed, we drew on our valuable network and connections to remotely open corporate bank accounts so that companies could not only start to trade, but to capitalize on the unprecedented market conditions.

This was crucial to the survival of companies and also the catalyst for some others to grow exponentially.

Company introduction

Creation Business Consultants assist entrepreneurs, small to medium enterprises and multinational corporations enter, expand and restructure in the United Arab Emirates and wider-GCC region.

CPA and MBA professionally qualified & experienced consultants design & implement company structures that reduce risk, lower cost, boost profitability & maximize control.

From market research and intelligence, to complex management consulting, corporate structuring to post incorporation services, Creation Business Consultants offer the highest level of professional advisory services in the Middle East.

 

Special Promotion

For ABCD members, a free ESR consultation (normally valued at $500) and 20% off Economic Substance reporting packages.

 

 

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