Let's analyze the conditions of the Economic Substance Test:
Primarily, the company must be managed and controlled in the UAE.
Company directors must be physically present in the UAE when making critical decisions regarding the management and activities of the company.
A sufficient number of board meetings must be held in the UAE (at least 2).
Decisions made by executives/directors must be properly documented through meeting minutes in the presence of a special secretary (date, signature, stamp).
Meeting minutes must be kept in the company's office in the UAE.
2. The UAE must have relevant employees, expenses, and physical assets.
The adequacy of the number of employees will be considered based on the nature and level of activity performed to meet the company's needs. Outsourcing is allowed for companies based in the UAE, and outsourced activities will also be considered when assessing compliance.
3. The company must conduct its main income-generating activities (CIGA - Core Income Generating Activity) in the UAE.