CABINET OF MINISTERS RESOLUTION No. 57 of 2020
CONCERNING ECONOMIC SUBSTANCE REQUIREMENTS
Article-1 along with various definitions, defined LICENSEE AND EXEMPTED LICENSEE as follows:
License: the trade license or permit issued by the relevant competent licensing authority of the State, including a Free Zone or a Financial Free Zone.
Licensee: Means any of the following two entities:
(a) a juridical person (incorporated inside or outside the State); or
(b) a Unincorporated Partnership*; registered in the State, including a Free Zone and a Financial Free Zone and carries on a Relevant Activity.
Exempted Licensee: means any of the following:
(a) a Licensee that is an Investment Fund;
(b) a Licensee that is a tax resident in a jurisdiction other than the State;
(c) a Licensee that is wholly owned by one or more residents in the State and meets the following two conditions :
(1) it is not part of an MNE Group**; and
(2) it only carries out business in the State.
(d) 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 State; and
(e) any other Licensee as determined pursuant to a decision of the Minister of Finance.
* Unincorporated Partnership:
(a) limited partnership (which is not a juridical person); or
(b) general partnership that is registered in the State, including in a Free Zone or a Financial Free Zone
** MNE Group: means any Group that includes
- (i) two or more entities the tax residence of which is in different jurisdictions or;
- (ii) an entity that is resident for tax purposes in one jurisdiction and is subject to tax, with respect to the activities carried out through a branch or permanent establishment, in another jurisdiction.