Company Liquidation
The process by which a Dubai LLC company (or its branch), sole establishment or free zone company closes its operation and therefore the assets and property of the corporate or institution is distributed to creditors and shareholders (owners) of the UAE registered company. It is also known as winding-up or dissolution. We, at Business Link UAE, help liquidation services for Limited Liability and Sole Establishment Companies in Dubai and all over the UAE.
The process of liquidation of becomes inevitable when a corporation don’t have liquid funds to hold on day to day transaction of the corporate, creditors aren’t being paid or company commits some serious offense, and a regulatory authority or agency in a very country accountable for the relevant sector files a suit for the effecting the operations of the corporate. The liquidation of company in Dubai, UAE can be either compulsory (sometimes noted as a creditors’ liquidation) or voluntary (sometimes noted as a shareholders’ liquidation, though some voluntary liquidations are controlled by the creditors). Trade license cancellation is one of the processes in the company liquidation services in Dubai.
Business Link UAE undertakes the task of closing of your business in Dubai and UAE. Before business wind up and trade license cancellation, it is required to settle down the telecommunication and all utility bills, get the necessary certificates from various Government authorities, close the bank account, prepare the final audit report and cancel all the visas. Thus, liquidation of a company in Dubai can be a complicated and time consuming process. You can simplify the legal procedures and avoid additional costs by trusting Business Link UAE for closing a business in Dubai Mainland or Free zone.
License Cancellation of Limited Liability Company
- Cancel all existing employees, if any
- Resolution of Director Board for dissolution and appointment of a liquidator and it has to be attested from Notary Public.
- Letter from the Liquidator along with their License Copy, Auditor registration certificate, Authorized signature certificate attested by Notary Public
- Payment of the fees at Department of Economic Development to issue company liquidation certificate
- Liquidation advertisement in two local Arabic newspapers for one day and wait for 45 days to check whether any client has financial claim against the company
- Present original newspaper Ad and final audit report of the company to the Department of Economic Development
- Confirmation of the Liquidator and Partners that there is no any objection/claim from the third party during the Ad period
- Cancel visa of partners, if any, and get clearance letter from Ministry of Labour and Immigration, DEWA, Etisalat
- Copy of Director Board resolution and copy of liquidation certificate
- Pay fees at Department of Economic Development
License Cancellation of Sole Establishment Companies
- Cancel all existing employees, if any
- Type Labour Establishment Card Cancellation form from Tas’heel Center.
- Get seal and authorized signature of the company on the application and submit at any of the Labour office branch. Labour office will issue their NOC by putting a stamp on the application you submitted
- You should prepare the above mentioned cancellation form even if your company didn’t make a Labour Establishment Card.
- Then type license cancellation form of Department of Economic Development, get signature of the owner and submit at DED
- Pay fees at Department of Economic Development for cancellation
- Economic Department will issue a file number and take it to Department of Protective Systems to get clearance from Police authority. If there are no violations in Police records, they will send clearance message soon to DED electronically
- Pay fees to DED to get Cancellation Certificate
- Take this certificate to Immigration Head office in Jaffliya along with a request letter in Arabic and original Immigration Establishment Card. If the card is lost, you will have to get Certificate of Loss from Police. To get this certificate, prepare a request letter in Arabic and submit it at your nearest police station. Certificate will be issued after two days
