Economic Substance Regulations, 2018
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FAQs on the Economic Substance Regulations, 2018 (ESR) Reporting Portal and requirements for all non-resident domestic entities (NRDEs) and foreign maritime entities (FMEs) to complete the ESR Report. Additional information may also be found in the ESR Portal User Guide available here.
Do I have to submit my ESR Report annually?
Yes, all FMEs and NRDEs must submit the ESR Report annually.
What is the ESR Report deadline?
Each entity will have 12 months from their next anniversary date after 1 July 2020 to complete the first ESR Report. Each subsequent year, the deadline will be 12 months from the entity’s anniversary date. All entities will receive notice of their reporting period and deadline with each annual invoice.
Where do I submit my ESR Report?
All ESR Reports will be submitted via the web portal here.
How do I access the portal?
The portal will be live for reporting on 1 July 2020. Each entity will log on to the portal with the Entity Number and Unique PIN found on the Economic Substance Reporting Information and PIN page which will be sent with the annual invoice.
Who may submit the ESR Report?
Any person authorized to act on behalf of the entity can submit the ESR Report. See User Guide for information that must be provided by the submitting individual.
What financial period do I need to report for?
The ESR Report should be completed for the immediate past financial period, i.e. the financial period which has closed prior to completing the ESR Report, beginning with the financial period which ends in 2020.
What information will I need to complete the ESR Report?
Please refer to the User Guide.
Do I receive evidence of reporting?
Yes, a receipt and confirmation number will be generated immediately upon submission and a Certificate of Economic Substance Reporting Compliance (CESRC) will be provided within 72 hours to the email address provided.
Why is the fee for the Certificate of Economic Substance Reporting Compliance (CESRC) charged up front?
Although the ESR Report deadline is 12 months after the anniversary date, the entity may submit the ESR Report at any time once they receive their PIN. As the ESR Report may be done at any time during the entity’s reporting period, the fee is charged up front so the entity may receive the CESRC without further invoicing.
Can I verify the validity of a CESRC?
Yes, each CESRC has a unique tracking number that can be validated here.
What will happen if an entity fails to file an ESR Report by its deadline?
Upon failure to complete the ESR Report by the deadline stated on the PIN page that accompanies the annual invoice, all corporate services for that entity will be suspended. Suspension of service means that no documents will be filed, issued, or recorded for the entity until the ESR Report is completed.
When will an entity be annulled for failure to file the ESR Report? Can an entity be reinstated once annulled?
If an entity has failed to file an ESR Report 12 months after its deadline, the Registrar of Corporations will, with very limited exceptions, annul the entity per § 6(3) of the ESRs. Reinstatement after such annulment is possible but will include an administrative procedure, a penalty fee, and the filing of any missed ESR Reports.
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