Go over Free Zone Company Liquidation Process in Dubai 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 operation. It is not compulsory that all business entities would thrive in the marketplace. 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 consequence, the company owners decide to close down their business operations. They Consign all assets and properties among creditors and shareholders and are known as a Company Liquidation. Also referred to as dissolution, creditor’s liquidation, or company liquidation process in Dubai.
The other Emirates becomes essential when a company does not have enough capital to perform everyday transactions or alleged. To be involved 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 company liquidation process in Dubai 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 its liabilities within 6 months.
Creditor’s Liquidation: At the time of asserting a company shut down and calls for a meeting with company creditors, they require the presence of the company owner.
Bankruptcy: This is a claim when the 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 card cancellations.
- Revocation of establishment cards.
- Obtain NOC from the utilities for the company closure process.
- Get all liquidation documents Sanction.
- Assist in hiring a liquidator.
- Request for a final liquidation certificate for evidence.
- Arrange essential documents for the 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 process in Dubai, 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 registered and licensed liquidators in UAE.
- Obtain Immigration and labor clearance from free zone authorities.
- A liquidation letter is accepted only when approved by a registered auditor in FZE & FZCO.
- Payments need to settle within the free zone.
- A clearance Certificate from the free zone authority is mandatory if the business unit is shifting from the free zone.
Note: Required Documents may vary from 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.