What is Economic Substance Regulation for DSOA in UAE?
DSOA
Dubai Silicon Oasis Authority (DSOA) is an approved Regulatory Authority for Economic Substance Regulation in UAE. DSOA provides a shelter for technology-based sectors. It incorporates world-class innovations, entirely operative infrastructure, reliable transportation of goods and people, and a highly desirable company environment.
The Relevant activity in DSOA includes the Banking Business, Insurance Business, Investment Fund Management Business, Lease-Finance Business, Holding Company, Headquartered Business, Shipping Business, Intellectual Property Business, and Distribution & Service Centre Business.
Economic Substance Notification is a necessity to be listed by all the licensees offering Relevant Activity in UAE as per the rule. DSOA Regulatory Authority superintends the decrees of legality and not liable for investigating the applicability of Economic Substance Regulations in the UAE.
What is required for Economic Substance Notification in DSOA?
Organizations that come under the scope of Economic Substance Regulations UAE should list the Economic Substance Notification with DSOA that includes the following:-
- State Financial year-end;
- Manages a Relevant Activity or not;
- Obtained any income from the Relevant Activity or not;
- Profits by the Relevant Activity completely or partly subjected to a tax outside of the UAE or not; and
- Excluded due to Government control or not.
What is the penalty for Non-compliance with Economic Substance Regulations in DSOA?
If any licensee ignores to comply with the job of preparing the Economic Substance Notification, then such person may have to experience disciplinary outcomes. The penalty extends from AED 10,000 to AED 50,000 in the first year of its Non-Compliance, and for ensuing non-compliance, it extends from AED 50,000 to AED 300,000. Moreover, omission by an entity to comply with Statute can also result in the involuntary transference of Data with Foreign Competent Authority, potential terminus, and non-renewal of registration.
Dubai Silicon Oasis is a 15-minute city for business and sustainable living, dedicated to fostering Knowledge & Innovation.
A dynamic city of innovators, serving leading startups, scale-ups, SMEs, multinational companies and a vibrant community of residents, that collectively drive Dubai’s economic growth.
Two Decades of fostering innovation & business excellence.
At Dubai Silicon Oasis, business is conducted with a forward-thinking approach, prioritizing innovation, sustainability, and community.
We foster an environment where startups, SMEs, and multinational corporations can thrive, supported by state-of-the-art infrastructure, integrated business services, and a robust ecosystem designed to accelerate growth and promote technological advancements.
This holistic approach ensures that Dubai Silicon Oasis remains at the forefront of Dubai’s economic development, contributing significantly to its non-oil economic sectors and reinforcing its status as a global hub for business and innovation.
Dubai Silicon Oasis Authority (DSOA) today launched SANDBOX, the region’s first-of-its-kind startup programme to support early-stage technology startups scale and raise funds. The 12-month programme aligns with the Dubai 2040 Urban Master Plan announced by His Highness Sheikh Mohammed bin Rashid Al Maktoum, Vice President and Prime Minister of the UAE and Ruler of Dubai, which positions Dubai Silicon Oasis (DSO) as a science, technology and knowledge hub that drives innovation, digital economy development and talent generation.
DSOA announced the programme at the Dubai Technology Entrepreneur Campus (Dtec) stand at the GITEX Future Starts, the biggest tech-focused start-up event in the Middle East, North Africa and South Asia.
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