Company Liquidation

Business Liquidation

Business Liquidation 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’.

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 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. Power accounting and tax consultant Auditing provide services for all types of Company Liquidation in UAE such as LLC Company Liquidation, Free Zone Company Liquidation and all assets and license.

How to close company in UAE?

Company liquidation process consists of some major steps such as cancellation of all the visas and trade license, clearance of all the utility bills, closing down the bank accounts and the preparation of the final audit report. We are takes the responsibility of all the tasks for closing your business in UAE.

Cancellation of a Limited Liability Company 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 companies

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