UAE Company Liquidation - Professional Assistance

Assistance in UAE Company Liquidation

Company liquidation (winding up) is the process when the company shuts down its operations and the property and assets of the company are sold and distributed among creditors and shareholders of the company.

Winding up a company in UAE is quite a complicated and long process which requires a professional approach and expertise. It involves big number of different authorities and third-parties to clear all the related dues, settle all liabilities, obtain legal requirements and approvals.

Don’t waste your time on complex procedures and request professional assistance in your UAE company liquidation to be sure all procedures are executed in compliance with UAE laws and regulations. Specialists at My Business Consulting DMCC have in-depth 12 years’ experience in providing efficient assistance in liquidation of any types of UAE companies: Free Zone, LLC, local and foreign Branch Companies, and Offshore Companies.

HOW TO CLOSE DOWN THE COMPANY IN UAE

Use the checklist below to have a clear understanding of each single step that should be done to conduct the process of your company liquidation in the UAE.

Closing Corporate Bank Account

All active UAE bank accounts of the company must be closed. It is important to obtain Statement of Account of the last financial year for the preparation of Liquidators Report. Also, you need to obtain Bank Account Closure Confirmation from the respective UAE banks as a proof.

Immigration Clearance

All running visas under the UAE company sponsorship must be formally canceled. Also, you should cancel or take on hold all active UAE Residence Visas run under any employee sponsorship (Dependent Visa/ Family Visa).

Clearance from Regulating Authority

Depending on the activity of the company, it must require to obtain clearances. For example, if the company has a trading business, they must approach the Ministry of Customs and the Chamber of Commerce to obtain clearance

Clearances from Third Party

All utilities DU/Etisalat, DEWA, Air Conditioning and any office facility of the UAE company must be cleared. If you are renting the office, you should pay all the dues from the landlord and obtain clearance

Publication for de-registration

Depending on which jurisdiction the UAE company is registered, it is mandatory for any legal entity to run a 15 days newspaper publication mentioning that the company is on the process of liquidation (winding up). You can also do it through online publication

Company Assets

All property, vehicles, shares in other companies, etc. under the name of the UAE company must be sold out or transferred. Your auditing firm which will perform the Liquidators report will require the Proof of transfer or Proof of selling the actives

Liquidators Report

The UAE company must hire a licensed and approved auditing firm, that is authorized to prepare the Liquidators Report for the company

Confirmation Certificate of the Company License Termination and Company De-registration

The Authority, where the company is registered will release the final approval after complying all the steps mentioned above and then release the Certificate

Closing Corporate Bank Account

All active UAE bank accounts of the company must be closed. It is important to obtain Statement of Account of the last financial year for the preparation of Liquidators Report. Also, you need to obtain Bank Account Closure Confirmation from the respective UAE banks as a proof.

Immigration Clearance

All running visas under the UAE company sponsorship must be formally canceled. Also, you should cancel or take on hold all active UAE Residence Visas run under any employee sponsorship (Dependent Visa/ Family Visa).

Clearance from Regulating Authority

Depending on the activity of the company, it must require to obtain clearances. For example, if the company has a trading business, they must approach the Ministry of Customs and the Chamber of Commerce to obtain clearance

Clearances from Third Party

All utilities DU/Etisalat, DEWA, Air Conditioning and any office facility of the UAE company must be cleared. If you are renting the office, you should pay all the dues from the landlord and obtain clearance

Publication for de-registration

Depending on which jurisdiction the UAE company is registered, it is mandatory for any legal entity to run a 15 days newspaper publication mentioning that the company is on the process of liquidation (winding up). You can also do it through online publication

Company Assets

All property, vehicles, shares in other companies, etc. under the name of the UAE company must be sold out or transferred. Your auditing firm which will perform the Liquidators report will require the Proof of transfer or Proof of selling the actives

Liquidators Report

The UAE company must hire a licensed and approved auditing firm, that is authorized to prepare the Liquidators Report for the company

Confirmation Certificate of the Company License Termination and Company De-registration

The Authority, where the company is registered will release the final approval after complying all the steps mentioned above and then release the Certificate

HOW WE CAN HELP
WITH UAE COMPANY LIQUIDATION

My Business Consulting DMCC, leveraging its 12-years’ experience, will provide you with full assistance in your UAE company liquidation in an accurate, efficient and 100% compliant with UAE laws manner.

With us you will get the following services for the complete company liquidation procedure until receiving the Certificate confirming that your UAE company is de-registered:

  • Consultation on Corporate Affairs.

  • Full preparation of required documents for UAE Company License Termination and Company De-registration.

  • The full application for UAE Company License Termination.

  • The full application for UAE Company De-registration.

  • Obtaining Clearances from all utilities DU/Etisalat, DEWA, Cooling, and any office facility.

  • Obtaining Clearances from other Authority if required as per activity of the UAE company.

  • Assistance with the authorized signatory to sign the liquidation of the UAE company in front of authority.

  • Coordinating with authorities regarding UAE Company De-registration Publication.

  • Full compliance Establishment Card Cancellation.

  • Full compliance with the UAE Residence Visa cancellation for the active employees under the UAE company.

  • Full compliance with the UAE Residence Visa cancellation for family visas.

  • Collection of License Termination and Company De-Registration Letter from authorities.

PACKAGE PRICE STARTS FROM

AED 10,000

PACKAGE PRICE STARTS FROM

AED 10,000

Do you still have questions? Contact us today to get a professional free advice at setup@mybusinessconsulting.ae or call by clicking on the form below.

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