UAE FREE ZONE COMPANY LIQUIDATION DEREGISTRATION CHECKLIST

UAE Free Zone Company Liquidation

UAE FREE ZONE COMPANY LIQUIDATION

Company Liquidation is the process when the company closes down its operations and the assets and property of the company are distributed to creditors and shareholders of the Company.
Before terminating a business and cancellation of its trade license, it is required that business owners settle down the below mentioned list. Company Liquidation process may vary from one UAE Free Zone to another, but still, it is very similar for most of them.

FREE ZONE COMPANY LIQUIDATION DEREGISTRATION CHECKLIST

1.   The company must have no liabilities
2.   All existing active visas must be canceled
3.   All existing corporate Bank Accounts must be closed
4.   Any assets at time of liquidation must be transferred to the shareholders or a third party
5.   All fees and charges concerning the Free Zone Authority must be cleared
6.   Immigration clearance must be obtained from Free Zone Authority
7.   The company must prepare a resolution to liquidate and appoint a licensed liquidator to carry out the procedure
8.   The liquidator must approve the order of action of the company’s liquidation and send confirmation that the company has no assets or       obligations/liabilities by preparing a final Audit Report/Liquidation Letter
9.   Depending on the type of business, certain clearances must be obtained from relevant authorities’ i.e.
           Clearance Certificate from Free Zone Authority
           Clearance Certificate from Business Unit (NOC)
           Clearance Certificate from all UTILITIES
           Clearance for Customs
           Clearance Certificate from any related authorities as per the regulated activity

Liquidation of a Free Zone company can be a complicated and time-consuming process, that is why My Business Consulting DMCC will be glad to undertake the task of closing your business in a professional way and in shortest terms.

To get the consultation on the process of Company Liquidation in any specific UAE Free Zone please don’t hesitate to Contact us today.