Support for a UAE company's liquidation

We will help you navigate your company’s liquidation process so that it runs as smoothly and quickly as possible.

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ABOUT COMPANY LIQUIDATION

Simplify complex procedures by using professionals' experience.

The process of closing down a business and selling its assets and property to be divided among shareholders and creditors is known as company liquidation.

In the United Arab Emirates, dissolving a company is a lengthy and intricate process that calls for professionalism and knowledge. The process entails dealing with numerous authorities and other parties in order to pay off all debts, settle liabilities, and get approvals and requirements from the law.

In addition, in order to avoid a 10,000 AED late submission penalty, the UAE company needs to submit the de-registration confirmation to FTA within 21 days.

COMPANY LIQUIDATION

Steps to shut down the UAE company

Corporate bank account closure

The company's current UAE bank accounts have to be closed. To prepare the Liquidators Report, the Statement of Accounts for the previous fiscal year must be obtained. To further substantiate the account closure, you will require a Bank Account Closure Confirmation from the relevant UAE banks.

Clearance for immigration

The UAE company sponsorship for all active visas must be formally canceled. Additionally, all active UAE residence visas (employment, dependent, and family visas) sponsored by employees should be canceled or placed on hold.

Approval from the regulatory body

Depending on the company's operations, clearances might be necessary. For instance, in order to receive clearance if the company engages in trading, they must contact both the Chamber of Commerce and the Ministry of Customs.

Release from third-party obligations

Clearance is required for all utilities, including DEWA, DU/Etisalat, air conditioning, and any office space owned by the UAE company. If you are renting an office, you must get permission from the landlord and pay the entire rent amount.

Announcement of de-registration

Any legal entity must publish a 15-day newspaper advertisement notifying the public that the company is in the process of liquidation, depending on the jurisdiction in which your UAE company is registered. This can be posted online as well.

Company assets

Assets belonging to the company All real estate, automobiles, stock in other businesses, etc. registered under the name of the UAE company needs to be sold or moved. Proof of transfer or proof of sale of actives will be required by the auditing firm handling the liquidators report.

Liquidators report

The UAE company needs to work with an auditing firm that has been approved and licensed in order for it to be able to prepare the Liquidators Report.

Confirmation certificate of the company license termination and company deregistration

After completing all of the aforementioned procedures, the Authority where the company is registered will grant the final approval and release the Certificate.

HOW WE CAN HELP

We have the know-how to simplify and quicken your UAE-based company's liquidation process.

With 14 years of experience, the experts at 1Pro Centre DMCC have liquidated many kinds of UAE businesses, including offshore companies, LLCs, local and foreign branch companies, and free zones.

We will help you to liquidate your UAE business in a way that is 100% compliant with the law, accurate, and efficient.

GET EXPERT ASSISTANCE

Full-service package designed to meet all of your needs for your business.

With us you will get the following services for the complete company liquidation procedure until receiving the Certificate confirming that your UAE company is deregistered

The following services are included in our package for the entire company liquidation process, up until you receive the certificate verifying the deregistration of your UAE company.

Discussion of Business Matters

Securing approvals from DEWA, DU/Etisalat, air conditioning, and any other office building

Cancellation of Establishment Card

Complete preparation of all necessary paperwork for the cancellation of a UAE company license and deregistration of a company

Obtaining approvals from any authorities as needed in accordance with the UAE company’s operations

Complete compliance with the UAE company’s policy regarding the cancellation of active employees’ residence visas

The complete UAE Company License Termination Application

Support for the authorized signatory to the UAE company’s liquidation in front of authority

Observance of the withdrawal of UAE residency permits for working employees of UAE businesses

The complete application for deregistration of a UAE company

Coordinating with authorities to publish the deregistration of a UAE company