What is Company Liquidation in UAE?
Company liquidation in UAE is a very lengthy process. Closing a company in UAE can be a time consuming and a complicated procedure but our experienced and influential liquidators in UAE can simplify all the legal procedures and assist you in company liquidation process.
Company liquidation in Dubai UAE occurs when the company does not have enough funds to sustain the daily tasks and operations, or do not have enough profit to touch the break even and the company is under a debt. Company liquidation is certain when a company commits a crime or a serious offense such as fraud and violation of rules and regulations.
Company Liquidation Services in UAE
Horizon Biz Consultancy is providing best and timely company liquidation services in the UAE. Company Liquidation in Dubai UAE is a process in which a free zone company or LLC company closes all the operations and wind up the company and therefore all the assets are distributed among the creditors and shareholders. The process of winding up a company is known as ‘Liquidation’ or ‘dissolution’.
Horizon Biz Consultancy provide services for all types of company liquidation in Dubai UAE such as LLC Company Liquidation, Free Zone Company Liquidation and all assets and license.
Cancellation of a Limited Liability Company (LLC) License
- Cancellation of contracts of all the employees of the company.
- Decision of the director or the board of directors for dissolution.
- Appointment of a liquidator, authorized by a notary public.
- Fees payment to the Department of Economic Development (DED) for the issuance of company liquidation certificate.
- Advertisement of liquidation 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 the original newspaper advertisement along with the audit report of the company to the Department of Economic Development (DED).
- Clearance letter from Ministry of Labour, DEWA, Etisalat, Immigration and visa cancellation of all the partners.
- Liquidation certificate and copy of Director Board resolution.
Cancellation of Sole Establishment Company
- Cancellation of contracts of all the employees of the company.
- Cancellation of Labour Establishment Card 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.
- 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.
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Process & Procedures of Company Liquidation in Dubai, UAE
Horizon Biz Consultancy is experienced in business consultation, business/company setup, VAT and accounting services. Our UAE based, qualified consultants and accountants are experienced working with many small and leading businesses/companies and organization.
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