July 10, 2017

Company Liquidation

 

Company Liquidation in DUbai

Company Liquidation Services in Dubai

SAB Auditing is providing the best and most timely company liquidation services in Dubai. Company Liquidation in Dubai is a process in which a free zone company or LLC company closes all its operations and winds up the company therefore all the assets are distributed among the creditors and shareholders. The process of winding up a company is known as ‘Liquidation’ or ‘dissolution’.

Company Liquidation in Dubai

Company liquidation in Dubai is a very lengthy process. Closing a company in UAE can be a time-consuming and complicated procedure but our experienced and influential liquidators in UAE can simplify all the legal procedures and assist you in the company liquidation process.

Company liquidation in Dubai occurs when the company does not have enough funds to sustain the daily tasks and operations or does not have enough profit to touch the break-even and the company is in a debt. Company liquidation is certain when a company commits a crime or a serious offense such as fraud and violation of rules and regulations.

SAB Auditing provide services for all types of company liquidation in Dubai such as LLC Company Liquidation, Free Zone Company Liquidation, and all assets and license.

Closing a business in Dubai?

The company liquidation process consists of some major steps such as cancellation of all the visas and trade licenses, clearance of all the utility bills, closing down the bank accounts, and the preparation of the final audit report. SAB takes responsibility for all the tasks for closing your business in Dubai. SAB is providing quick and timely liquidation services in Dubai.

liquidation procedure in dubai

Cancellation of a Limited Liability Company (LLC) License

  1. Cancellation of contracts of all the employees of the company.
  2. The decision of the director or the board of directors for dissolution.
  3. Appointment of a liquidator, authorized by a notary public.
  4. Fees paid to the Department of Economic Development (DED) for the issuance of the company liquidation certificate.
  5. Advertisement of liquidation in two local Arabic newspapers for one day and wait for 45 days to check whether any client has a financial claim against the company.
  6. Present the original newspaper advertisement along with the audit report of the company to the Department of Economic Development (DED).
  7. Clearance letter from Ministry of Labour, DEWA, Etisalat, Immigration, and visa cancellation of all the partners.
  8. Liquidation certificate and copy of Director Board resolution.

Cancellation of Sole Establishment Company

  1. Cancellation of contracts of all the employees of the company.
  2. Cancellation of Labour Establishment Card form from Tas’heel Center.
  3. Get the seal and authorized signature of the company on the application and submit it at any of the Labour office branches. The labor office will issue their NOC by putting a stamp on the application you submitted.
  4. Then type the license cancellation form of the Department of Economic Development, get the signature of the owner, and submit it at DED.
  5. Pay fees at the Department of Economic Development for cancellation.
  6. Economic Department will issue a file number and take it to the Department of Protective Systems to get clearance from the Police authority. If there are no violations in Police records, they will send clearance messages soon to DED electronically.