Company Liquidation Services Dubai, UAE
As per UAE Law, only Register Audit Firm can process Company Liquidation Services in Dubai, Ajman, Sharjah, Abu Dhabi and UAE free zones.
Liquidation is a painful decision for any company when the time comes to wind up the business. According to Emirates Land Law, when any company is going to wind up its business, you must complete the liquidation process before canceling the license. Pro Services in Dubai require liquidation. Company Liquidation Services Dubai
We guide and fulfill all processes as per UAE Law and Client Guinness.
- Application.
- We are initiating the de-registration process.
- Several government departments need to get off the hook.
You must complete all application forms and meticulously deregister certificates from various government agencies. We specialize in liquidation in Dubai, Abu Dhabi local limited companies, free zone companies, and offshore companies across the UAE.
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Closing a company in the United Arab Emirates is legally processed as a company liquidation because the company has no money to pay off its remaining debt and wants to close business and distribute all assets belonging to the company to creditors and shareholders depending on their percentage of claims. Company liquidation in Dubai is a lengthy process. We are a Silveroak Auditing firm based in Dubai. We hire us as a liquidator, and we complete all company liquidation processes on behalf of the client.
Types of Company Liquidation in Dubai
As per UAE laws, rules, and regulations, there are two types of Liquidation, which we mention below.
Voluntary Liquidation
The first category we can describe like all shareholders agree and decide that the company is a voluntary liquidator. The primary purpose of winding up the company is that no money has to be paid to creditors because of the loss of business and no profit.
Compulsory Liquidation
Compulsory liquidation means winding up the company on court orders, distributing company assets to creditors, paying debt, or paying contributors based on the priority of claims.
Being a Liquidator needs to follow all Role of Company Liquidation in Dubai
1. Initiating the Winding Up Process
Once the company board of directors or shareholders passes a resolution for liquidating or winding up the business, appoint an audit Firm team of liquidators. After signing the appointment letter, the liquidator’s work starts with an acceptance letter.
2. Publishing the Liquidation Notice in the Newspaper
Once the liquidation process starts, the appointed liquidator will publish the company liquidation notice in Dubai in Arabic and English newspapers in the United Arab Emirates.
3. Must have an overview of the Collection and Distribution of Company Assets by the Liquidator firm
The Liquidator Firm needs to overview the collections information, the distribution of company fixed and tangible assets, and the settlement of all liabilities.
4. Preparing the Statement of Affairs
At the End of the company liquidation process, prepare the documents and statement of affairs with full details of all matters. Read more about business consultants in Dubai for liquidation
Company Liquidation mainland Process in Dubai, UAE
Company Liquidation Process in Free Zones Dubai, UAE
- Prepare and Submit Resolution
- Publish Advertisement
- Pay Off Employees
- Close Bank Account
- Obtain NOC
- De Register with FTA
- Issue Liquidators Report
- Submit with Document Coples
- Submit Originals
- Cancellation of License
Company Liquidation Process in Free Zones
The company Liquidation process for free zone companies is similar to that of mainland companies in Dubai, except concerning the notice period, the time frame required to liquidate the company, etc.
Documents Required for Company Liquidation in Dubai, UAE
The Dubai government sets out different documents that must be submitted for the liquidation process. These documents are required for company liquidation in free zones and the mainland.
The essential documents are listed below:
- A copy of the license
- copy of the Memorandum of Association (MOA), with any changes
- power of attorney (if any)
- Passport copies of all the shareholders
- Copy of the Emirates ID
- Shareholders’ resolution application form for de-registration
We provide the following company/ Business liquidation services in Dubai, Ajman, and the rest of the UAE:
- Assistance in preparing the Company Board of Directors/ Shareholders’ resolution
- Preparing the Statement of Affairs and the Liquidator’s Report, including No Liability Letter, etc.
- Liaising with the licensing authorities for the submission of documents and liquidation of the company
- Auditing financial statements for company liquidation
