Natural persons, Sole proprietorship licenses, or any other business that does not carry out any of the above Relevant Activities.
Licensees that carry out a Relevant Activity are required to file an annual notification. And if they earn income from the Relevant Activity, they should demonstrate sufficient economic substance in the UAE and file an annual economic substance report.
How to demonstrate sufficient economic substance in the UAE?
• Conduct Core Income Generating Activities in the UAE – Those are the important activities that generate income from Relevant Activities.
• Those activities must be directed and managed in the UAE (board meeting to be held in the UAE)
• The Licensee must have an adequate level of employees, expenditure, and physical assets in the UAE.