Company Liquidationin Dubai, UAE
Company liquidation in Dubai is time-consuming and process-oriented. It is not just about closing down the business operations.
There are several factors that a partner must consider when going for liquidation. The government authorities have to be informed, and the business licenses need to be canceled, assets are to be taken care of and distributed correctly, etc. There are legal formalities involved that need to be adhered to. A free trade zone, another name for a free zone, is a special economic zone that gives many advantages to businesses, including tax exemptions and concessions in regulatory fees. Free zone jurisdictions have their regulations and have a government regulatory body called the Free Zone Authority.
Steps and Procedures for Company Liquidation in Dubai
The first step towards liquidation is to send a notice to the Dubai Development Authority (DDA) giving reasons for liquidation.The owners need to attest the board resolution for liquidation of the company personally before the DDA authorities.Placing of advertisements in local newspapers of Dubai about the company liquidation.Obtaining necessary clearance from relevant departments to complete the process of liquidation.Submission of liquidation report. The report needs to be prepared by an experienced auditor in Dubai as the final step towards liquidation.The entire process is quite complicated to carry out. Hence, it requires professional expertise. This is where business consultants like Absher can provide company liquidation services.The license cancellation is one of the main steps in the liquidation process. The formalities differ from company to company. In the case of sole proprietorship and establishments, the license cancellation is made through the DED. Also, clearance is required from the following ministries and departments.The Ministry of Human Resources and EmiratisationDirectorate of Residency and Foreigners AffairsWater and electricity authorityThe leasing entity
