Use the below checklist to have a clear understanding of each single step that should be done to conduct the process of your company liquidation.
Close Down Company
Clearance from Immigration
Canceling all active visas from the company sponsorship. Also, you should cancel or take on hold all active UAE Residence Visas active under any employee sponsorship (Dependent Visa/ Family Visa).
Closing Corporate Bank Account
All active UAE bank accounts of the company must be closed. It is important to obtain a Statement of Account of the last financial year for the preparation of Liquidators Report. Also, you need to obtain Bank Account Closure Confirmation from the respective UAE banks.
Clearances from Third Party
All utilities such as DU, Etisalat, DEWA, Empower and any office facility of the UAE company must Closed. If you are renting the office, you should pay all the dues from the landlord and obtain clearance.
Clearance from Regulating Authority
Companies must have a clearance from the Regulating Authority depending on the license activity. For example, if the company has a trading business, they must approach the Ministry of Customs to obtain clearance or any other.
Publication for De-registration
It is mandatory for a company to run a 15 days newspaper publication mentioning that the company is in the process of liquidation.
All Company assets must be sold out or transferred. Your auditing team which will perform the Liquidators report will require the Proof of transfer or Proof of selling.
Company must appoint a licensed and approved auditing firm that is authorized to prepare the Liquidators Report for the company.
The license Authority, where the company is registered will release the final approval after complying all the steps mentioned above and then release the termination Certificate.