There are no exemptions for licensees in the submission of Annual Notification. But, there are exemptions for submission of the Economic Substance Report. These exemptions include:
• A Licensee that is not a tax resident in UAE
• A branch of a foreign entity that is subject to tax outside the UAE
• An entity owned by Emiratis or UAE residents, which is not part of a multinational group, but only carries on business in the UAE
• An investment fund and its underlying SPVs / investment holding entities