Company Liquidation in Dubai, UAE
One Step Business Setup Services offers Company liquidation in Dubai services for multiple business establishments like LLCs, offshore establishments and Free Zone companies in Dubai, UAE. Company liquidation in Dubai and UAE is the process by which a company winds up its operation and activities when it faces an acute financial crisis and is unable to manage its existing debts.
The process involves complicated documentation and negotiations with parties involved and other government agencies. De-registration is a very important aspect connected with the Company liquidation process. The term company liquidation is known by other names like cancellation of the company or dissolution of the company etc. Company liquidation in Dubai or UAE can be a time-consuming and tedious task if not managed in the most professional and dedicated manner.
Providing best company liquidation services in UAE, One Step undertakes the liquidation process of your business. Prior to the company liquidation processes such as trade license cancellation and business wind up, you are required to meet certain important tasks such as closing of bank accounts, settle down utility bills, get certificates from concerned Government authorities, prepare final audit reports, visa cancellation, etc. You can entrust One Step Business Setup Services LLC for company liquidation in Dubai to simplify the liquidation procedures and avoid extra expenses. We assist entrepreneurs in the liquidation of both mainland and freezone companies in UAE.
Get in touch with One Step for your company liquidation in UAE!
“Liquidator” is the name assigned to the person or the individual who is in charge of the process of company liquidation. The process is classified into 2 types and they are Voluntary and compulsory liquidation.
The company shareholders agree to initiate company liquidation when the creditors are left unpaid. This type of company liquidation is called voluntary liquidation. Here creditors are given precedence.
In compulsory liquidation, the company liquidation process is initiated by the court and not by the shareholders of the company. The company’s assets are dispersed among the creditors and shareholders on precedence basis.
It would take around 2 to 3 months to accomplish the Company liquidation formalities of a Limited Liability Company based in the UAE. 2 to 3 months’ time is the minimum duration provided the company is free of dues and devoid of any claims. An objection from someone or an external entity on any issue can delay the formalities.
The company is obliged to conduct a meeting of the shareholders. In the meeting the shareholders should take the decision to close the company by approving a resolution.Attest the resolution from a notary. The attestation is not mandatory for most of the companies that are established in the free zone jurisdictions.
Pay off the employee salaries and cancel all immigration visas. The company is required to obtain clearances from the concerned authorities.
Pay off the remaining debts and settle all the dues.
Next comes the role of a liquidator. A liquidator must be assigned to carry out the entire company liquidation process.
Get ready with the entire documents and submit them to acquire the approval for initial liquidation.
A company liquidation advertisement is published in the local daily. The advertisement is run for 45 days. Wait for any response in the form of objections.
If the liquidator finds no objections, he shall issue the Liquidators report.
Discontinuation of partner visas followed by document submission.
Pay the fee involved for the cancellation of trade license at the Department of Economic Development (DED).
Discontinue all corporate bank accounts owned by the company.
The entire manufacturing-related activities systematically performed in an area of land come under Industrial production. Some of the major activities that come under industrial production are listed below:
Manufacturing of textile
Paper Production
Petroleum products manufacturing
Metal casting
Food production
Manufacture of equipment and appliances
The company liquidation formalities are almost the same for all free zone companies. But there are certain differences for some free zone jurisdictions.
Board resolution for company liquidation.
Assigning a liquidator.
Liquidation letter
Settlement of dues and fines with free zone
Free zone authority clearance
NOC from Business Unite
CLD Government Section Clearance
License (original)
