We assist our clients with the process of closing down their business or cease their operations. Our team delivers professional guidelines that can help clients like you minimize your legal liabilities and possible financial losses in the course of license cancellation.
We coordinate with the concerned authorities and administer the processes involved to ensure a smooth and hassle-free liquidation completion.
Before you cease your operations and close down your business, there are procedures for 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 a business closure such as winding up or rightful liquidation and simply deregistering the business. Each method involves certain legalities, we will assist you with it in detail. We can also find you a third party who will procure the liquidating company and deal with the related concerns.
We help you with all the aspects of liquidation a business, such as:
- Business liquidation preparation
- Owner’s responsibilities
- The cost of closing down
- Insolvency and bankruptcy
- A detailed review of all compliances
Liquidation of a business can be stressful. If you are seeking for professional advisers and specialists and trying to understand what to do when to close down your business, etcetera, get in touch with us and we will assist you completely.
Liquidation is the process by which a company or a part of the company, sole establishment, Dubai free zone company or institution closes its business/operations and therefore the 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, 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 in most of the free zones of UAE, However, requirements may be different 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 – 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 the Economic Department of the Emirates.
- Company’s Original License and legal documents.
- Release letter from the property owner.
- NOC letters from the 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 the liquidation of the branch office
- Original License
- NOC from the bank, the ministry of labor & immigration and RTA
Documents required for cancellation of an 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-registration and appointment of the liquidator to be printed in two local newspapers.
- Partner’s letter for the agreement of the liquidation of the corporate.