Company Liquidation In Dubai, UAE
Owning a company or running a business in Dubai, UAE is an avenue for diverse financial opportunities and business growth. Even so, company owners may decide to end the operations of their companies to move to a different country, move to their country (in cases of a foreign owner), or go into a different business activity. It could also be due to the company’s inability to succeed in the competitive Dubai market.
What Is Company Liquidation In Dubai, Uae?
Company liquidation in UAE also known as the winding up of a UAE company is the process of a Dubai, UAE company coming to an end. The company will cease to exist and all operations of the company will be closed and cancelled.
If a Limited Liability Company (LLC), its branch, a free zone company, an offshore company, or a sole proprietorship firm quit its operations, a Dubai, UAE company to an end, the company will cease to exist and all operations of the company will be closed and canceled. If a limited liability company (LLC), its branch, a free zone company, an offshore company or a sole proprietorship firm quit its operations, the trade licence of the company will be revoked and the company’s assets must be shared among its shareholders.
What Are The Types Of Dubai, Uae Liquidation
There are 2 main types of liquidation in Dubai. They are
What Are The Steps & Processes Of Liquidating A Company In Dubai?
Here are some of the steps and processes required for a Dubai company liquidation:
- Formulating the statement of decision for the dissolution and liquidation of the company.
- Appointing a liquidator or a liquidation service. Vigor company formation services can help with this.
- Providing an acceptance letter from the liquidator. The letter should contain the liquidator’s authorized signature, the auditor’s registration certificate, and their trade license copy.
- Attesting the statement of decision from the notary public.
- Submitting the required documents and paperwork to the relevant authorities to initialize the liquidation process.
- Submitting the required documents and paperwork to the relevant authority to initialize the liquidation process.
- Advertising the company’s liquidation in at least two local newspapers.
- Getting an immigration clearance
- Getting a labor clearance.
- Getting a customs clearance.
- Acquiring a closure certificate from the company’s bank.
- Getting clearance from your telecommunications services, government authorities such as the RTA, water and electricity authority, the ministry of labor, FTA, and other relevant authorities.
- Submitting all final required documents.
What Are The Required Documents For A Dubai Company Liquidation Process
- The company’s original establishment card.
- The company’s bank account closure letter
- A corporate account statement
- An original share certificate.
- The company’s original trade license
- An original Memorandum of Association (MOA) if needed.
- The company’s E-sign card.
- Emirates ID card of the shareholders.
- Passport copies of the shareholders.
- An original lease agreement
- A deregistration application form.
Notice Period For Dubai, UAE Liquidation
Once the required documents have been submitted and the initial fee paid to the Department of Economic Development (DED), a primary liquidation certificate will be issued. The primary liquidation certificate is issued as documentary evidence from the DED to give the company permission to proceed with winding up.
After the primary liquidation certificate is obtained, the company can proceed with the announcement of the liquidation in the local newspapers. Once the notice period has passed, the company is to provide a liquidation report and copies of the newspapers’ advertisement alongside the other documents.
If the right documents are submitted and the process goes smoothly, the documents will be reviewed and approved. The company will then pay a final; payment to the appropriate authority so as to collect the Dubai License Cancellation Certificate. A notice period can be up to 45 days depending on the jurisdiction of registration.
How Can Vigor Liquidation Services Help?
Vigor Company Liquidation Services offer liquidation services to all types of companies in Dubai, UAE.
We have a well-trained team of UAE-registered audit agents and chartered accountants who will act on behalf of your company to assist in selling its assets in order to generate cash to discharge any outstanding liabilities.
We ensure the liquidation process goes well, and offer apt procedures and important information for the Dubai company liquidation process. We offer liquidation of mainland companies like Limited Liability Companies (LLCs), civil companies, sole-establishments, liquidation of free zone companies in any of the Dubai free zones, and liquidation of offshore companies across the Emirates.
Contact our team for more information on company liquidation in Dubai.