DUBAI & UAE COMPANY LIQUIDATION & DE-REGISTRATION SERVICES
Are you a business owner, company shareholder or a director of a company and considering winding up a Dubai or UAE business? Changes to the business environment and market conditions can result in your decision to wind up and close your Dubai or UAE company. This will require expert assistance to complete the process.
Our company liquidation experts will complete the entire liquidation, winding up and de-registration formalities. We ensure a hassle free, quick, straightforward and cost-effective process that will formally bring the company to an end and provide the official closure documentation to the affairs of the company.
We have a proven track record as the region’s leading consultants providing liquidation services and working with companies of all sizes, in all sectors and all entity types. From onshore companies, Limited Liability Companies (LLC), professional licensed companies, Dubai free zones, North Emirate free zones, Abu Dhabi free zones and offshore companies throughout Dubai, Abu Dhabi, Ajman, Fujairah, Ras Al-Khaimah, Sharjah and Umm Al Quwain, we can assist.
OUR LIQUIDATION SERVICES
DUBAI & UAE COMPANY LIQUIDATION FAQS
Company liquidation is also referred to as winding up of a company. This is the process where the operation or the existence of a company is no longer required. Liquidation is to complete the company closure and the cancelation of the UAE company.
Should you decide not to renew your company trade license and want to close the company, you must follow the formal company closure process regulated by your licensing authority. Failure to renew your Dubai or UAE company trade license and not formally liquidate the company will result in the owner(s), General Manager and shareholders generating fines, breaching the rules and regulations of the governing body and potential Immigration issues.
It is recommended to seek professional expert services. This will greatly reduce time, costs and streamline the liquidation process. Creation Business Consultants experts will guide you towards the right solution and provide a quick affordable liquidation plan to handle and complete all the company closure formalities suited towards you, your partners and shareholder needs.
To begin with the following list of documents are required:
- Company trade license copy (most recent);
- Memorandum & Articles of Association (include copies of any amendments/changes);
- Power of Attorney;
- Shareholders Resolution (detailing the meeting to dissolve the company);
- Shareholders passport (some authorities will require a most recent certified copy);
- Emirates ID copy (if applicable) and
- De-registration application (Creation will complete this process with the clearance documents)
This will depend on your company licensing authority. This is a mandatory requirement for most mainland and free zone companies to publish an advert announcing the company closure. Depending on the licensing authority the advertisement must be displayed in Arabic and English and can range from 15 to 45 days’ notice of liquidation advertisement in the public newspaper.
Company liquidators have several tasks and are responsible to service and oversee any third-party processes from start to completion upon engagement. Main duties include but are not limited to:
- Allocation of resources obtained and the surplus of funds to the related parties;
- Decide if there are any outstanding claims against the company and resolve claims and;
- Provide a report declaring assets of the business and settlement of liabilities
To complete and close a company will vary according to where the company is incorporated, the type of structure and business activities. Provided all documentation is in place and timeframes to complete a company closure can vary anywhere from 7 to 45 days or more.