Economic substance regulations have been circulating in various forms across several jurisdictions during the last couple of years. They are being introduced across the globe in countries with low or no corporate taxation in order to comply with directives from major regulators based in the European Union, the United States and internationally, which are targeted at so-called ‘tax havens’. The primary purpose of the economic substance rules have been to ensure that legal entities established in those countries with low or no corporate taxation (such as the United Arab Emirates, among others) demonstrate that they are engaged in economic activities which meet or exceed a ‘economic substance’ threshold.