Get the Right Advice for Company Liquidation in Dubai
The United Arab Emirates is a remarkable business destination offering diverse growth opportunities. However, it is not essential that all the businesses would flourish in the market. Sometimes things don’t turn out the way business owners thought and the business fails to prevail in the market. If the business is no longer generating profits and is unable to repay the lenders, it becomes mandatory to dissolve the company in accordance with the laws of the land.
Through the process, a company’s existence is brought to an end. A company is bound to undergo liquidation when the legal entity is under-performing and the shareholders are not keen to continue the business.
Company Liquidation in UAE
Company Liquidation in Dubai is an extensive process which necessitates a professional approach and expertise. Only a firm that has the complete understanding of the current regulations can assist in meeting the company liquidation requirements. At Right Corporate Services we have the expertise and experience in providing highly efficient services to Limited Liability Companies, the branch of local/ foreign companies, Free Zone Companies & Offshore Companies.
Our Services for Company Liquidation Includes:
- Preparing the shareholder resolution to liquidate the company
- Legalization of the liquidation documents
- Preparing Power of Attorney
- Appointing the Liquidator
- Obtaining the Liquidation report
- Applying Newspaper ad in 2 Local newspapers
- Cancellation of Establishment Card
- Cancellation of Labor Card
- Cancellation of all existing visa’s
- Obtaining clearances from the relevant government departments.
- Obtaining the final liquidation certificate
Why Outsource Company Liquidation Services to Right Corporate Services?
- Expertise & Experience: As a leading business advisory firm, we specialize in delivering International Business Solutions and a wide range of comprehensive corporate services to our clients.
- Collection & Delivery Service: – We make document processing completely hassle free because we pick up documents from your door step and deliver it to you right after clearing from the government offices.
- Dedicated Consultant: – We offer you a centralized point of contact for all services.
- Time Saver: – We enable you to devote your time to more important matters and process the liquidation right from submitting the liquidation form to obtaining the final Company Liquidation certificate.
Offering you the Right Assistance at the Right Time
At Right Corporate Services we believe that every client deserves an opportunity to consult with our professionals without worrying about costs. And it is precisely because of this that we take time to hear you out and advise you on the steps to be taken.
For more information about UAE company liquidation services in Dubai, get in touch with our experts today.
What is Company Liquidation?
Liquidation is the method by which an entity shutdown its operation. When the company is dissolved the company assets and its property is distributed to creditors and shareholders of the UAE registered Company.
The Liquidation Services in Dubai of the company may be compulsory or voluntary which depends on the decision of the owner or shareholders, who are solely responsible for such decision making and owns full authority on the company. Else the company should be obviously liquidated when the corporation don’t have liquid funds to hold on day to day transaction of the company, creditors aren’t being paid or company commits some serious offense, and a regulatory authority or agency in UAE of Free Zone Authority accountable for the relevant sector files a suit for the effecting the operations of the corporate.
The process and the time duration for the license cancellation vary according to the type of the company which is Limited Liability Company, Sole proprietorship, Partnership or civil company.
What is the Process of Company Liquidation?
STEP ONE: APPOINT A LIQUIDATOR
- You are required to appoint a liquidator and make public announcements about company dissolution
- To submit the required documents along with a filled out Business Registration and Licensing form at DED Counters
- DED’s Legal affairs Department will then review your documents and issue a cancellation approval within 1-3 working days. Once the approval is completed you will be issued with a payment voucher or transaction number to pay the license cancellation fees of AED 2,010 and receive your Liquidation Certificate.
- Upon Payment you will be advised to make a public announcement of the business’s dissolution in two local Arabic newspapers, published for one day. You will have to wait for 45 days to give time for potential creditors to come forward before proceeding with the cancellation process at DED. Please make sure to keep copies of the original newspaper where announcement was published. In the meantime, however, you can proceed with the collection of other documentation.
STEP TWO: OBTAIN STAFF RELATED CLARENCE
- When cancelling your business license, you will have to ensure that no employees or partners remain on the company’s visa. This requires a visit to Ministry of Labor to get a no objection certificate (NOC) to cancelling your business license and show that there are no current employment connected to the business license. You will also have to cancel the employees and partners visas at General Directory of Residency and Foreign affairs Department; if their visas are sponsored by the company.