Company Liquidation Services in Dubai
Top-Notch and Reasonable company Liquidation Services in Dubai
Closing a company in UAE is a complicated and time-taking procedure but at Capital Plus Auditing our experienced team can simplify all the legal procedures and best assist you in the company liquidation process at a reasonable cost.
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About our Company Liquidation Service
Liquidation of company in Dubai is the process in which company-related operations are closed and its existence will come to an end. The company will go for voluntary liquation when a company or business is at loss and has not enough money to pay its remaining debt or meet the expenses such as salaries and bills.
When the company or business is liquidating, all the company assets are distributed among the creditors and shareholders, depending on their priority of claims. The person or a company that conducts the liquidation process is known as a liquidator. The management of the company appoints the liquidator.
In the second case, the government will immediately shut down the company and mandatory company liquidation is required according to the court order If a company is involved in fraud or commits a serious crime, or violates the rules and regulations of the authorities.
CPA is one the best company providing Company Liquidation Services in Dubai to all free zone, Dubai mainland, and LLC companies. Our expert team of liquidators can help you in all stages of company liquidation services in Dubai.
Importance of Company Liquidation Services in Dubai
- Liquidation of company helps to avoid tedious and hectic court processes, and liquidation is actually a relatively affordable process. Businesses or Companies that liquidate will also generally get less pressure from their creditors, as they receive at least some form of repayment after a company sells its assets.
- By undergoing company liquidation services in Dubai, the company or business will no longer have to worry about legal actions, as the company assets will be halted after liquidation.
- The company or business debts will be written off after the company liquidates, and leases can also be canceled after that. Also, the company’s staff can be satisfied after receiving redundancy pay, when the liquidation process gets completed.
Key Benefits of Company Liquidation Services in Dubai
- Dubai company liquidation services will help get rid of excess inventory. The excess stock and inventory will not only acquire space but will also add to the company’s storage expenditures. However, if the company liquidates then it could get rid of the excess inventory and sell the assets to pay its creditors, and can also save storage costs.
- Another benefit is that the company’s marketing team will not be under pressure to focus on campaigns or marketing strategies, as the provider will be responsible for promoting the business. As such, company employees and resources can focus more precisely on closing matters.
- Company liquidation takes off the responsibility of the business owners and directors.
- The company or business will no longer need to file VAT accounts, annual accounts, or tax returns once the company liquidation process has been completed.
- If the company or business is under pressure from creditors, the business or company can be closed and an insolvency practitioner like us will handle all the creditors.
- The directors and owners can start another business or find other employment.
- The directors’ responsibility to deal with creditors can be removed, however, any creditors which have been guaranteed personally will be unaffected.
- Any debt recovery or court judgment pressure will be lifted, except for any personal debts of the directors.
Finally, company or business liquidation will allow a company to pay any of its debts. By law, a liquidator can choose to pay a company even before they sell its assets or stock. As a result, a company or business can use the advanced payment to either pay off its creditors or purchase new stock. Also, the company may have the option to buy fixed assets.
Our Creative Strategy
In the UAE, we have years of expertise and experience in providing error-free and top-notch company liquidation services. To confirm that the company liquidation process runs smoothly, our highly competent and experienced liquidators will handle all required documentation, utility cancellations, visa cancellations, and clearance certificates, etc.
Get in touch with our experts for a free introductory consultation on how to go about completing a hassle-free company liquidation.
Why Choose Us
At CPA Auditing, we provide best and hassle-free Company Liquidation Services in Dubai with 7 years of vast experience.
We can assist you in the whole liquidation process and all of the procedures involved in Company Liquidation Services in Dubai. We can guarantee that our Company Liquidation Services in Dubai are 100 percent compatible with UAE Company Law standards.
Frequently Asked Questions About Company Liquidation Services in Dubai
The company liquidation procdure may vary from a different jurisdiction. In general, to start the liquidation of company in dubai, all the shareholders have to sign the board resolution including the local sponsor in front of the public notary. Then the final step is the process approval by DED.
To liquidate or close the company, you need to get a clearance letter from the labor and immigration department after the cancellation of all the employee visas. once you get the clearance letter then you can wind up or liquidate the company.
All the employees’ visa of the liquidating company has to be cancelled before liquidating of the company in dubai. If not, the business or company cannot complete the process of liquidation.
The cost of the Company Liquidation Services in Dubai varies from a different jurisdiction. In general, for the whole liquidation process it will cost you around AED10,000 and in some free zones, it will cost you only AED 6,000/- respectively.
Requirements
- Prepare the resolution for dissolution to wind up or liquidate the company.
- Liquidator appointment
- Liquidator acceptance letter
- Resolution attestation from the notary public.
- Documents submission to the authority to start the liquidation process.
- News paper advertisement.
- Clearance from Immigration dept.
- Clearance from Labour dept.
- Customs clearance.
- Closure certificate of Bank account.
- Clearance from all the Govt authorities such as Electricity & water authority, RTA, FTA, and telecommunication authority
- Submission of final liquidation report with all other clearances.
- Then the Authority will release the final cancellation certificate and remove the trade name from the commercial register.
Documents required for Company Liquidation
- License copy
- Deregistration application form
- Memorandum of Association copy
- Shareholder passport copy
- Shareholders resolution
- Emirates ID copy
- Power of Attorney if any
Notice Period for Liquidation of Company in Dubai
Once all the above documents are submitted and the initial payment is paid to the concerned Authority that is (Department of Economic Development), then a liquidation certificate (primary) will be issued. The Primary liquidation certificate is issued as documentary evidence from the Authority for the liquidating company to continue with the winding up of a company in the UAE.
The company can also proceed with the advertisement that is to publish in the newspaper. For Limited Liability Companies and some of the Free zone companies it requires forty-five days’ notice of liquidation advertisement in the public newspaper. While for LLC companies, 4 advertisements need to be published in the Arabic language.
Final step for Liquidation of Company in Dubai
Once the time of notice period is completed and all the documents are submitted along with the above-mentioned documents, then the authority will review and upon approval the final payment to the authority has to be completed. Then, the final certificate called License Cancellation Certificate will be issued by the concerned Authority.
CPA Audit and Accounting ensures clients suitable procedures for Liquidation of Company in Dubai. Contact with our team for an initial consultation on how to start with the most suitable procedure.
