Economic Substance Regulations (ESR)
ESR is a regulatory framework implemented by various jurisdictions to ensure that businesses engaged in specific activities have substantial operations locally. Key features include:
Scope: Applicable to entities in specified sectors like banking, insurance, and fund management.
Substance Requirements: Entities must conduct core activities locally, meeting criteria like having qualified employees and physical assets.
Notification and Reporting: Mandates periodic reporting and notification of relevant authorities about activities.
Non-Compliance Consequences: Penalties, reputational damage, and potential removal from the register for non-compliance.
Review and Amendments: Ongoing reviews and potential amendments to align with international standards.
Expert Consultation: Businesses benefit from expert guidance to understand requirements, assess activities, and ensure compliance with ESR.
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