Company Liquidation in Dubai

Company Liquidation in Dubai, UAE

Company liquidation in Dubai is time-consuming and process-oriented. It is not just about closing down the business operations. 

There are several factors that a partner must consider when going for liquidation. The government authorities have to be informed, and the business licenses need to be canceled, assets are to be taken care of and distributed correctly, etc. There are legal formalities involved that need to be adhered to. 

There are various reasons for liquidating a business in the UAE. Some of them are 

1. Expiry of business license.
2. Loss in business resulting in creditors filing for liquidation and recovery of dues.
3. Mergers.
4. Mutual understanding between shareholders to close down the business.

Steps and Procedures for Company Liquidation in Dubai

• The first step towards liquidation is to send a notice to the Dubai Development Authority (DDA) giving reasons for liquidation.
• The owners need to attest the board resolution for liquidation of the company personally before the DDA authorities.
• Placing of advertisements in local newspapers of Dubai about the company liquidation.
• Obtaining necessary clearance from relevant departments to complete the process of liquidation.
• Submission of liquidation report. The report needs to be prepared by an experienced auditor in Dubai as the final step towards liquidation.

The entire process is quite complicated to carry out. Hence, it requires professional expertise. This is where business consultants like Absher can provide company liquidation services.

The license cancellation is one of the main steps in the liquidation process. The formalities differ from company to company. In the case of sole proprietorship and establishments, the license cancellation is made through the DED. Also, clearance is required from the following ministries and departments. 

• The Ministry of Human Resources and Emiratisation
• Directorate of Residency and Foreigners Affairs
• Water and electricity authority
• The leasing entity

Documents Required for liquidation 

• Original company license
• Certificate of Formation and Share certificates
• Lease agreement,
• Original DED License

Company Liquidation Services in the UAE

Absher Business Consultancy offers company liquidation services to businesses in Dubai. It is one of the top liquidators in Dubai and helps in the entire process of company liquidation. The liquidation process requires legal formalities that are time-consuming and tiring. Also, the business partners may be hassled in the documentation work at this juncture of separation.

Business consultants come along with a team of company liquidation experts. They do the necessary documentation, submit them to the relevant authorities, and get the approvals completed. The liquidator assistance is beneficial to business owners as they get saved from these troubles during exit time. 

The time taken to complete the entire liquidation process is done in a smooth and time-bound manner. It helps the shareholders to plan their separations better. Also, it is not only the company's documentation that needs attention. The foreign employees, along with the foreign partner, need to get their visas canceled. Business Setup Consultants in Dubai have extensive experience setting up and liquidating companies in the UAE, and thus their services are invaluable.