Company Liquidation – License Cancellation in Dubai
Company Liquidation in Dubai – License Cancellation in Dubai
At RIZ & MONA CONSULTANCY, we 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 co-ordinate 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 various alternative ways that can be adopted for business closure such as winding up or statutory 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 purchase 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
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 wants to know information on what to do when you close down your business, please feel free to contact us.
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 institution 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 procedures and document requirements are common in the most of the free zones of UAE, However, requirements may be differ due to continuous change in it may vary from 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
Require NOC from 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 dissolution and appointment of liquidator to be printed in two local newspapers.
Partner’s letters for the agreement of the liquidation of the corporate.
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