Go over Free Zone Company liquidation in UAE with Ease
Shutting down any business is as challenging as its opening in UAE. No matter, what kind of business possession you hold, you always require special permits and licenses to lock the company doors. The market is not the same every time, there are ups and downs in every kind of trade operations. It is not compulsory that all business entities would thrive in the market place, anything is possible in this competitive world. It normally ensues when the legitimate unit is unable to generate any profits for shareholders and stakeholders, or when the performance is underrated or has to undergo many unseen economic hassles. As consequences, the company owners decide to close down their business operations and consign its all assets and properties among creditors and shareholders, it is called company liquidation.
Also referred as dissolution, creditor’s liquidation or winding-up process, the company liquidation in Dubai and other Emirates becomes essential when a company does not have enough capital to perform everyday transactions or alleged to involve in some serious offense or looking to migrate to another country or home country. In case of serious misdemeanors, the regulatory bodies can initiate a lawsuit against the company to wind-up its operations.
Business closures in UAE Free Zones
UAE Free Zone Business closure process is summarized in three ways, including:
Summary Liquidation: This is one of the speed-up processes which takes only 6 months for the company closure and it works only when a company has no liabilities and capable of releasing it’s all liabilities within 6 months.
Creditor’s Liquidation: In this process, the company owner is required to assert a company shut down and calls for a meeting with company creditors.
Bankruptcy: This is claimed when judiciary passes on the UAE Commercial Transactions Law No. 18 of 1993.
Challenge Acceptance and Company Wind-Up Support in Dubai
Company liquidation in UAE is typically a cumbersome process. The business owner should have knowledge of existing legal procedures and actions. We at Business link UAE, have all the essential expertise and excellence to assist and guide you through your company liquidation procedure in Dubai and any other Emirates. Along with the visa facilities, PRO services, mainland, free-zone and offshore company formation in UAE, we also help global investors or entrepreneurs to wind up their businesses in Dubai and all other free zones. Some of its liquidation services include:
- Arranging the shareholder resolution for business winding.
- Arrange power of attorney.
- Support in the process of employees’ visas and labor cards cancellations.
- Revocation of establishment cards.
- Obtain NOC from the utilities for the company closure process.
- Get all liquidation documents Sanctioned.
- Assist in hiring a liquidator.
- Request for a final liquidation certificate for evidence.
- Arrange essential documents for business liquidation process in UAE, including an original copy of trade license, registration permit, share license, company stamp, lease contract, bank account closure statement, and corporate account summary.
Free zone company Liquidation essentials in UAE
There are some additional requirements for Dubai Free Zone company closures and in UAE as well, a business owner must ensure the following:
- Hire a registered and licensed liquidators in UAE.
- Obtain Immigration and labour clearance from free zone authorities.
- Liquidation letter is accepted only when approved by a registered auditor in FZE & FZCO.
- Payments must only be settled within the free zone.
- Clearance Certificate from free zone authority is mandatory if the business unit is shifted from the free zone.
Note: Required Documents may vary Free Zone to Free Zone.
Seek Business link consultants’ guidance to understand the entire company liquidation procedure in Dubai as well as UAE free zones per your requirements.