Company Liquidation is the process of winding up of a firm’s business. Company Liquidation is also known as winding-up or dissolution. The liquidation takes place when a business or a company is not able to meet its obligations due to lack of funds, and in order to pay to the creditors, the company needs to sell off its assets to fulfill the obligations and close down their business.
For a business in the UAE, there are certain set procedures that need to be followed by a company before it liquidates. We at ARC Associates, provide our clients with the best liquidation services in UAE. Whether it is the liquidation of a limited liability company (LLC) or a free zone company/establishment (FZC)/ (FZE), we are there to fulfill all the requirements that are required by the Authorities, be it Dubai Airport Free Zone Authority (DAFZA), Jebel Ali Free Zone Authority (JAFZA), Dubai Multi Commodities Centre (DMCC), Hamriyah Free Zone Authority, Creative City Fujairah, Dubai Silicon Oasis Authority, etc.
Liquidation of a company is a process that is made up of various other procedures like payment of all the outstanding bills to the authorities, cancellation of employees’ visa, closing of the bank account, getting the accounts audited by an auditing firm and in order to carry out the liquidation process without much hindrance and burden, you can approach ARC Associates that will help you to liquidate your company.
Requirements for liquidation:
FZC/FZE Liquidation
=> The Board needs to give a resolution that they need to dissolve the firm and needs to appoint a liquidator for the process.
=> The registered auditor needs to submit a liquidation letter [FZC/FZE Liquidation]
=> All the visas have to be canceled and clearance from immigration is required
=> The original license has to be presented along with the Memorandum of Association.
=> Clearance has to be obtained from the business unit, free zone authority, and CLD government section
=>All the dues have to be cleared in lieu of the free zone
=> There also needs to be a resolution for a non-liability letter that has to be signed by all the shareholders in front of the authority
LLC Liquidation
=> Cancel the visas of all the existing employees.
=> The liquidator has to be appointed and the Board has to pass the resolution for the dissolution which has to be attested from the Notary Public [LLC Liquidation]
=> The liquidator has to give the letter along with their license copy and the proof of appointment of the auditors
=> In order to get the company liquidation certificate, fees have to be paid at the Department of Economic Development
=> There will be an advertisement in the local Arabic newspaper about the liquidation of the company
=> The newspaper ad and the final audit report has to be submitted to the DED
=> A confirmation has to be given by the liquidator that there are no claims from the third party
=> A clearance letter has to be claimed from the immigration and Ministry of Labor.
=> Pay fees at the DED along with a copy of the Board of Resolution and liquidation certificate.
A business consultant in UAE can help you in carrying out the liquidation process, and ARC Associates will provide all the necessary and best help to liquidate your firm with the least time and hassle.
For a no-obligation initial consultation, please contact:
Mr. Reyees. K.P | Director
ARC Associates
Tel: +971 4 4431604
PO BOX 390831
Mob: 055 4874391
B2B Tower, Office 1213
Business Bay
Dubai, UAE
Email: info@arcauditing.ae