Company liquidation can be a stressful situation. While no business owner wants to face having to close down their company or cease operations, you don’t have to do it alone. Company liquidation is a long, tedious, and contentious process, but we can help. MSZ Consultancy has a team of legal experts that will guide you through the entire process. There are several formal procedures you’ll have to go through to end your company. Our specialized services will provide you with an easy exit strategy for company liquidation in Dubai.
Now that you’ve made the painful decision of liquidating your company, it is time to get everything together to start dissolving your business. We have helped hundreds of clients just like you minimize their legal liabilities and possible financial losses during their company liquidation process, and we can help you too.
For a successful liquidation, you have to meet all the legal requirements. We have a complete understanding of the existing legislation and will coordinate with authorities to guarantee a hassle-free liquidation for our clients. We can even assist you through the business name cancellation process, employee payments, cancellation of taxation registrations, and any other related legal requirements. Each method involves certain legalities that we will assist you with in detail. We can also find you a third party who will procure the liquidating company and deal with the related concerns.
Ways MSZ Consultancy helps with the liquidation process:
Liquidation is the process by which a company or a part of the company, sole establishment, Free Zone Company, or institution closes its business/operations. During liquidation, assets and property of the corporation or business is distributed to their creditors, shareholders, and owners of the United Arab Emirates-registered Company. Liquidation is also known as winding-up or dissolution.
Liquidation happens when a corporation doesn’t have liquid funds to hold day to day transactions, creditors aren’t being paid because of the lack of money, or the company commits a serious offense of some type. Company liquidation in Dubai sometimes can be compulsory and noted as a creditor’s liquidation or voluntary.
You need to appoint a liquidator if your company is a: General partnership, a Limited Liability Company, Simple Limited Partnership, a Public Joint Stock Company, or a Private Joint Stock Company. A liquidator is a UAE registered agent or firm that represents the company in court. They are responsible for settling all remaining debts of the company and selling any remaining assets.
MSZ Consultancy will take on the challenge of closing your business in the UAE. We will help with everything from settling your last utility bill, canceling visas, closing the bank account, preparing the final audit, and any other liquidation service that is needed. When you trust MSZ Consultancy with your company liquidation in Dubai, you’re simplifying the legal procedures and avoiding additional costs that may pop up. Let us help you by providing the best company liquidation services in Dubai and the UAE.
When beginning the liquidation process, you will have to get a list of documents ready to submit to the Department of Economic Development. The requirements may be different due to continuous change, or the required documents may vary from Free Zone to Free Zone.
Here are the typical documents that are needed to process the liquidation of a company in Dubai:
After you submit the required documents, your company will receive a liquidation certificate. After you’ve received the certificate, then you can advertise about the company’s liquidation in a local newspaper.
An LLC can be dissolved either through a voluntary or compulsory liquidation process.
Voluntary liquidation happens during a meeting with the registered agent with the owner/shareholders. They agree on the liquidation and appoint a liquidator. Compulsory liquidation happens when the court gets involved and orders the company to be dissolved. A legal appointee will be assigned to audit the company’s assets. The auditor will be faced with distributing the assets among creditors and other parties.
Here’s a list of documents that will be needed for LLC company liquidation in Dubai:
You will have to publish the notice of liquidation in two local newspapers. The notification gives debtors 45 days from the date of the issue to submit their claims.
The term liquidated doesn’t apply to a branch company in UAE. That’s because the company is just closed down or deregistered, so a liquidator doesn’t need to be appointed, unless the parent LLC company itself is being liquidated.
A branch can be deregistered after the board of the parent company agrees to the decision. A power of attorney may be required during the process of deregistration.
You’ll need to do the following to deregister a branch company in Dubai:
Company Liquidation in UAE can be a long and tedious adventure. We have many successful company closures under our belt, and we can help with your liquidation too. We have a team of unique experts that can help you with every aspect of company liquidation. We can guide you through the legal formalities and procedures, preparing your final audit, and offering the support and guidance that you need during this difficult time. We guarantee that you won’t find a company more caring about your needs than MSZ Consultancy. Customer service is our top priority, and we tailor our services to fit your exact needs. Don’t go through company liquidation alone. Call us today at +971 52 544 1248 for a free consultation to see how we can help.