Company Liquidation Services

Company Liquidation is the process where the company decides to close down its operations. All the assets including the properties of the company are to be distributed to its creditors if any and to its shareholders as per the legal terms.
Before you proceed to terminate the business there are a list of checks and balances to be done by obtaining various documents of clearance and confirmation. Company Liquidation process may vary based on the legal types of the UAE company in terms of the documentation and procedures, however all of them revolve around the below key points.

COMPANY LIQUIDATION/ DEREGISTRATION REQUIREMENTS

  1. Ensure that the company have no liabilities in its name.
  2. All the active UAE resident visas under the company must be cancelled.
  3. Make sure all the utilities in the name of the company are closed and settled.
  4. All the company Bank Accounts must be closed.
  5. Any assets at the time of liquidation must be transferred to the shareholders or to the Liquidators.
  6. All the charges and dues concerning the Government Authorities must be cleared and settled.
  7. An Advertisement informing the intention of liquidation in a prominent UAE newspaper.
  8. The company must prepare a resolution to liquidate and appoint a licensed liquidator to carry out the procedures.
  9. A letter of consent from the appointed Liquidator.
  10. Depending on the type of business, certain clearance letters must be obtained from relevant authorities briefly mentioned as below.
    • Clearance certificate from the Freezone /Offshore Authority.
    • Clearance letter from Utility providers.
    • Clearance from the Customs department.
    • Clearance letter from the banks on the account closure.
    • Clearance letter from the landlord.
    • Clearance letter from any third-party authority as per the regulated activity.
  11. A Liquidators Report made available by the appointed liquidator.

Liquidating a company will not be an easy task as the process requires a lot of time, effort and expertise.

We at domtax we are happy to assist and manage the entire liquidation process to your satisfaction.

Once you appoint us we shall obtain the Company Termination Certificate with utmost professionalism within the shortest possible time.