Have a Stress Free & Quick Company Liquidation in UAE
Liquidation is the process of winding up your business. It is also known as the dissolution of your business, which is the last process of liquidation. Company liquidation in UAE occurs when any type of firm shuts down its business, closes all of its operations, and distributes the assets and property of the company among all the directors and shareholders.
The closing up of a company or business requires a complex process of documentation as it requires when you open up a business. You have to get your company de-registered if you are planning to liquidate your company. Company liquidation can be a very time taking and complicated process. While closing down a company in the UAE, you have to take account of many things such as payment of employees, cancellation of taxes, and many other legal processes.
Therefore, it requires to need to be managed by highly professional consultants or by a team of experts. MW Mideast is here to help you have a stress-free and fast company liquidation process in UAE.
The Process Of Company Liquidationin Dubai
Appoint A “Liquidator:”
- Giving appropriate options for a liquidator
- Making the appointment letter of a liquidator
- Cooperate and check the accounting requirements
Documents Of The Company
- Prepare Power of Attorney and also make the shareholder resolution
- Complete the process and documentation needed for de-registration
- Publish an advert that you are closing the company
Clearance Of The Authority
- Cancellation of residency visas and immigration
- Make a NOC and letters for the clearance of authority
- Represent the company and attend meetings with other parties while selling out the company.
- Prepare complete liquidation documentation
- Complete the process of de-registration letters
- You must have the certificate of de-registration
Frequently Asked Questions
1. When Do You Think of Company Liquidation in Dubai?
2. What is The Cost of Liquidating Your Company?
3. How Much Time is Required To Shut Down Your Company?
4. What is The De-Registration Process in the Dubai Company Liquidation?
5. Is it a Must To Publish a Newspaper Advert For Company Liquidation?
Documents Needed For Company Liquidation Process in The UAE
There is a requirement for many documents when you are planning to liquidate your mainland or free zone companies. The documentation can vary with the type of your company. Hence, the basic documents needed during this process are:
- A letter in which the liquidator accepts that he is appointed as the liquidator during the process of company liquidation
- The original license of the company and all legal documents
- Power of attorney
- Letter from the owner of the property
- Shareholder’s passport
- Memorandum of Association (MOA)
- NOC letters from the department and ministry of immigration and labor
- Shareholder’s resolutions in which they accept to liquidate of the company
- Certificate of bank account closure
- Proof of no liabilities
- Emirates ID
Period For Company Liquidation Process in Dubai, UAE
After you have completed all the documentation for the company’s liquidation process and you have also done the initial payment for this process to the Department of Economic Development (DED), you will get a liquidation certificate. This certificate is evidence from the Department of Economic Development (DED) that you can now further carry forward the process of company liquidation in the UAE. The company liquidation process can now proceed further.
After this process, now comes the step of publishing an advert in the newspaper that you are going to liquidate your company or business. If your company is an LLC, you have to publish 4 advertisements in the newspaper in the Arabic language.
If you are planning to liquidate an LLC or some of the free zone companies, the whole process will take about 45 days after you have published the notice of your company liquidation in the newspaper.
Tasks Needed To Perform During The Notice Period Of Your Company Liquidation UAE
These actions should be taken during the notice period of your company’s liquidation:
- Labor department clearance
- Immigration department clearance
- Electricity and water department’s clearance letter
- Issuance of letter of clearance from the Landlord
Letter for the closing of your bank account
Finalization For Company Liquidation Process
Once your company notice period is over, you have given the following main documents to the authorities:
- Liquidation Application
- Copy of the newspaper advert
- All other legal documents
Now, you have to finalize the process of liquidation. After the submission of all your documents to the higher authorities, they will check your application and decide whether to approve it or not. If your all legal documents are completed and you have done the payment for this process, the authority will issue a liquidation certificate called the “License Cancellation Certificate,” which will be the evidence for your company liquidation finalization process.
Why Choose MW Mideast For The Company Liquidation Process?
The experts of our company will facilitate you in the completion of your company’s liquidation procedure in the UAE. They will fully assist you in the winding up and closure of your company. Doing this process on your own can be time-consuming, and it can also prove to be very costly for you. The process of documentation for liquidation can be very difficult, and if any of your documents are missing, the authority will not issue a liquidation certificate to you.
At MW Mideast, we will plan up a problem-free and budget-friendly process by which you can close up your company easily. Our consultants will guide you through the complete procedure of liquidation. They will check all your process as bank account closure, license cancellation, issuance of clearance certificates, and the company’s de-registration.
We provide you with the best-in-class services regarding business setup in Dubai and liquidation for a long time and guide you with the best ideas possible. MW Mideast will assist you in all services for liquidation and make this process cost-effective for you. This consultation will save time and save you from any problems or difficulties in the future. Our main aim is to build trust and provide you with quality services for your processes in the UAE.