We at MSZ CONSULTANCY can assist you in the process of closing down your business. Our team delivers professional guideline that can help you minimize your legal liabilities and possible financial losses while license cancellation in Dubai. We coordinate with the concerned authorities and administer all the processes involved to ensure a smooth and hassle-free completion of the liquidation process.
Before you close down your business, there are many things to be considered such as company and business name cancellation, employee payments, cancellation of taxation registrations and other related legal requirements. Sometimes, selling the business is not the remedy.
We offer diversified alternative ways that can be implemented for business closure such as winding up or rightful liquidation and simply deregistering the business. Each way has certain legal and cost implications, on which we guide you in detail. We can also find a third party for you that will procure the liquidating Company and also deal with all related matters.
We help you consider all the aspects of liquidation a business such as:
- Business liquidation preparation
- Owner’s responsibilities
- The cost of closing down
- Insolvency and Bankruptcy
- Detailed review of all compliances
Liquidation of a business can be stressful. If you are seeking for professional advisers and specialist, and you want to know information on what to do when you close down your business, please feel free to contact MSZ Consultancy.
Liquidation is the process by which a company or a part of company, sole establishment, Dubai free zone company or institution closes its business/operations and therefore the assets and property of the corporate or business is distributed to creditors, shareholders and owners of the United Arab Emirates registered Company. Liquidation is also known as winding-up or dissolution, though dissolution.Liquidation sometimes can be compulsory and sometimes noted as a creditor’s liquidation or voluntary.
Documents required for Free zone company Liquidation
- Board resolution for liquidating the corporate and appointment of a liquidator
- Immigration and labour department’s clearance from free zone authority (FZA)
- All Visas ought to be cancelled and cleared by Immigration and labour department.
- Submission of Liquidation letter
- Clearance Certificate from free zone authority
- Clearance Certificate (NOC) from Business Unite
- CLD Clearance Certificate from Government section
- Original free zone company license
- All fees and charges need to be settled with the free zone
Above mentioned transactions and document requirements are normal inmost of the free zones of UAE, However, requirements may be differing due to continuous change and it may vary from free zone to free zone.
Documents required for LLC Company Liquidation
- Notarized Board Resolution to liquidate/ wind up of LLC Company and appointment of liquidators.
- A letter from the appointed liquidator who accepts his appointment as company liquidator.
- Registration & Licensing Application (Form No. BR/1) from Economic department of the Emirates.
- Company’s Original License and legal documents.
- Release letter from the property owner.
- NOC letters from ministry of labor & immigration and RTA.
- No liability and Bank account closure certificate
- Resolutions by shareholders to dissolve the businesses from the Public Notary
- Letter of Company Dissolution by Economic Development Department (DED)
Documents required for dissolution of Branch
- Notarized Resolution by the board of Parent Company for liquidation of the Branch office
- Original License
- RequireNOCfrom bank, ministry of labor & immigration and RTA
Documents required for cancellation of industrial unit
- Certificates issued within the different Emirates indicating cancellation of license(s).
- Original copy of accounts liquidation approved by the partners and stamped by the legal liquidator.
- NOC regarding cancellation issued by the Ministry of Labour and Social Affairs.
- Visa Cancellation of the partner(s) if they are sponsored by their license.
- Copy of the notice of the company’s de-registrationand appointment of liquidator to be printed in two local newspapers.
- Partner’s letters for the agreement of the liquidation of the corporate.