Step by step process of company liquidation in the UAE
Process & Procedures of Company Liquidation in Dubai, UAE
Emirates Chartered Accountants Group - Trusted partner and advisor for company liquidation in Dubai, UAE
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Steps & Procedures for Liquidating a company in the UAE
- Prepare the resolution for dissolution for winding up the company.
- Appointment of liquidator.
- Acceptance letter from the liquidator.
- Attestation of the resolution from the notary public.
- Submission of documents to the authority for initializing the liquidation process.
- New paper advertisement.
- Immigration clearance.
- Labour clearance.
- Customs clearance.
- Bank account closure certificate.
- Clearance from all the Govt authorities such as RTA, Electricity & water authority and telecommunication authority, FTA etc.
- Submission of final liquidation report along with all other clearances.
- Authority will issue the final cancellation certificate and remove the trade name from the commercial register.
If the shareholders are not available in the United Arab Emirates (UAE), then the resolution / Power of Attorney has to be notarised and attested from the UAE embassy of that country and has to be attested and legalised from the Ministry of Foreign Affairs and Ministry of Justice in the UAE. In the case of companies registered in most of the Free Zones attestation from Notary Public is not required. In this statement of the resolution, the appointment of the company’s liquidator should also be included with the name of the liquidator who is involved along with their full address. Further, in the case of sole establishments, this step is not applicable while liquidating a company.
the documents required initially for Liquation of Company in the UAE
- License Copy.
- Memorandum of Association Copy with all the changes
- Power of Attorney if any
- Shareholders Resolution
- Shareholders passport Copy
- Emirates ID Copy
- Deregistration Application Form
Notice Period for Liquidation of a company in the UAE
Once the above-mentioned documents are submitted and the initial payment is also done to the concerned Authority (Department of Economic Development), a liquidation certificate (primary) will be issued. The liquidation certificate that is issued as a piece of documentary evidence from the Authority for the company to proceed with winding up of a company in the UAE.
Once the liquidation certificate (primary) is obtained the company can proceed with the advertisement that is supposed to publish in the newspaper. In the case of Limited Liability Companies and some of the Free zone companies such as Dubai Creative Cluster Authority, etc require forty-five (45) days’ notice of liquidation advertisement in the public newspaper. In the case of LLC companies, four advertisements are to be published in the Arabic language./p>
Actions to be taken during the Notice Period of Liquidation of a Company
- Clearance from the Immigration Department
- Clearance from the Labour Department
- Clearance letter from Electricity and Water Departments
- Clearance letter from Telecom Authority (DU or Etisalat, etc)
- Clearance letter form Landlord
- Bank account closure letter
Final Step for Liquidation of a Company
Once the notice period is over the following documents are to be submitted along with the above-mentioned documents:
- Liquidation report.
- Copy of Newspaper advertisement.
Once the above documents are submitted, the authority will review and upon approval of the same final payment to the authority has to be done. Thereafter, the final certificate called License Cancellation Certificate will be issued by the concerned Authority.
Emirates Chartered Accountants Group ensures clients apt procedures for Liquidation of Company in the UAE. Get in touch with our team for an initial consultation on how to proceed with in the most appropriate proceedings.
