The Regulations require UAE onshore and free zone companies and certain other business forms that carry out any of the defined “Relevant Activities” listed below to maintain and demonstrate an adequate “economic presence” in the UAE relative to the activities they undertake (“Economic Substance Test”) 1. Bank Business   2. Insurance Business 3. Investment Fund Management Business 4. Lease-Finance Business 5. Headquarter Business   6. Shipping Business 7. Holding Company Business 8. Intellectual Property Business 9. Distribution and Service Centre Business Source: Economic Substance Regulations (