An Exempted Licensee under the UAE Economic Substance Regulations is a UAE registered entity that is carrying out a Relevant Activity for substance purposes, but is not required to file a report with the Ministry of Finance establishing their substance in the UAE.
An Exempted Licensee means any of the following:
A Licensee that is an Investment Fund;
A Licensee that is a tax resident in a jurisdiction other than the UAE;
A Licensee that is wholly owned by one or more residents in the UAE and meets the following two conditions:
it is not part of an MNE Group; and
It only carries out business in the UAE.
A Licensee that is a branch of a foreign entity, the Relevant Income of which is subject to tax in a jurisdiction other than the UAE; and
Any other Licensee as determined pursuant to a decision of the Minister of Finance.