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Paul Lavelle

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Paul Lavelle

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Name

Paul Lavelle
Your Country

United Arab Emirates
Company

Fairwater Capital Ltd
Position

CEO
Gender

Male
Core Industries

Accounting & Audit, Asset Management, Banking, Financial Services
Experience

Qualified accountant who has spent my career in global asset management and banking. Have run money, and additionally built and managed Institutional client businesses and sales teams globally, both on the buy and sell side, for over 30 years.

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NEDs and Economic Substance (“ESR”)

Pursuant to ESR, certain companies deploying a “relevant activity” have to demonstrate that they have effective substance in their jurisdiction by satisfying a so-called “economic substance test”. ESR is in force in the UAE since 30th April 2019.

A company meets the test if it is directed and managed in the UAE and has adequate people, premises and expenditure in the country.

In this context, the composition and competence of the board of directors – composed of both executive director(s) and NED/s –, and the proper recording of minutes of all board meetings are key factors when assessing whether a company is compliant or not.

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