Company liquidation in Dubai, UAE

Company liquidation in Dubai, UAE – Makebiz

Closing a company is a rather complicated and time-consuming process. If further business activity is not planned, it is worth closing the company. Otherwise, debts and fines for overdue and untimely renewed license will start to accumulate. 

Among the main conditions for liquidation it is worth noting:

  • obtaining permission from the authorized state authorities;
  • closure of debts and fulfillment of obligations;
  • publication in the media;
  • revocation of visas;
  • carrying out an audit.

Only then can the appropriate application be submitted and accompanied by a package of necessary documents, and the corporate accounts can be closed. To start the process of closing the company, the very fact of the will of the founder is sufficient.

Among the documents will be required:

  • a license to carry out business activities;
  • memorandum of association;
  • minutes of the general meeting of owners, confirming the adoption of the decision to liquidate the company and the appointment of the liquidator responsible for the procedure;
  • application for the liquidation of the company in the prescribed form.

It is worth bearing in mind that the features and stages of company liquidation may vary according to the organizational and legal form of the company and its location: Mainland or various free zones. The duty for closing the company may also vary depending on the area.

The average time for the complete liquidation of a legal entity in the UAE is from several months to a year. It is possible to shorten them with proper preparation for the procedure together with a competent specialist.

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