Company Closure & Liquidation Services in Dubai, UAE

Company Closure Services in Dubai

Now that you’ve made the painful decision of liquidating your company, it is time to get everything together to start dissolving your business. We have helped hundreds of clients just like you minimize their legal liabilities and possible financial losses during their Company Closure Services process, and we can help you too.

For a successful liquidation, you have to meet all the legal requirements. We have a complete understanding of the existing legislation and will coordinate with authorities to guarantee a hassle-free liquidation for our clients. We can even assist you through the business name cancellation process, employee payments, cancellation of taxation registrations, and any other related legal requirements. Each method involves certain legalities that we will assist you with in detail. We can also find you a third party who will procure the liquidating company and deal with the related concerns.

Company liquidation in Dubai, UAE, is the process of legally closing down a business. This procedure involves settling the company’s debts, selling off assets, and distributing any remaining funds among the stakeholders. Whether you’re a business owner looking to wind down your operations or need to shut down due to financial difficulties, understanding the liquidation process is essential to ensure compliance with local laws and regulations. Dubai offers a clear legal framework for company liquidation, making it crucial for business owners to seek professional help to navigate the complexities and complete the process efficiently.

Business liquidation preparation

Owner’s responsibilities

The cost of closing down

Insolvency and bankruptcy

A detailed review of all compliances

What Happens During Company Closure Services in UAE?

Liquidation is the process by which a company or a part of the company, sole establishment, Free Zone Company, or institution closes its business/operations. During liquidation, assets and property of the corporation or business is distributed to their creditors, shareholders, and owners of the United Arab Emirates-registered Company. Liquidation is also known as winding-up or dissolution.

Liquidation happens when a corporation doesn’t have liquid funds to hold day to day transactions, creditors aren’t being paid because of the lack of money, or the company commits a serious offense of some type. Company Closure Services in Dubai sometimes can be compulsory and noted as a creditor’s liquidation or voluntary.

You need to appoint a liquidator if your company is a: General partnership, a Limited Liability Company, Simple Limited Partnership, a Public Joint Stock Company, or a Private Joint Stock Company. A liquidator is a UAE registered agent or firm that represents the company in court. They are responsible for settling all remaining debts of the company and selling any remaining assets.

Company Liquidation Services in Dubai

360 Audit and biz consultant will take on the challenge of closing your business in the UAE. We will help with everything from settling your last utility bill, canceling visas, closing the bank account, preparing the final audit, and any other liquidation service that is needed. When you trust 360 Audit and biz consultant with your Company Closure Services in Dubai, you’re simplifying the legal procedures and avoiding additional costs that may pop up. Let us help you by providing the best Company Closure Services services in Dubai and the UAE.

Documents Needed for Free Zone Company Closure Services in UAE

Board resolution’ for liquidating the corporate and appointment of a liquidator
Immigration and labor department’s clearance from the Free Zone Authority (FZA)
All Visas ought to be canceled and cleared by Immigration and Labor Department
Submission of Liquidation letter
Clearance Certificate from Free Zone Authority
Clearance Certificate (NOC) from Business Unite
CLD Clearance Certificate from Government section
Original Free Zone company license
All fees and charges need to be settled with the Free Zone

Documents Needed for Dissolution of Branch Company in Dubai

Notarized Board Resolution’ to liquidate
A letter from the appointed liquidator accepting the position
Registration & Licensing Application (Form No. BR/1) from the Economic Department of the Emirates
Company’s Original License and legal documents
Release letter from the property owner
NOC letters from the ministry of labor & immigration and RTA
No liability and bank account closure certificate
Resolutions by shareholders to dissolve the businesses from the Public Notary
Letter of Company Dissolution by the Economic Development Department (EDD)

Documents Needed for Dissolution of Branch Company in Dubai Company Closure Services

Termination of National Service Agreement
Application for the issuance of branch deregistration certificate
Apply for the Ministry of Human Resources and Emiratisation for closure certificate
Obtain third party clearance
Close bank accounts
Get the license cancellation certificate

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Company Closure and Liquidation Services in Dubai, UAE

Closing down a company is a big decision, and when that time comes, it’s crucial to follow the legal and financial procedures properly to ensure a smooth and compliant exit. Whether you’re looking for company closure services in Dubai or need expert help with company liquidation in Dubai, understanding the steps involved can save you time and money while protecting your interests.

What is Company Liquidation?

Company liquidation is the formal process of ending a business’s operations. In Dubai, this involves selling off assets, paying off debts, and legally dissolving the company. This can occur for various reasons, such as financial distress, business decisions, or the expiration of a business license.

The process is regulated by Dubai’s Department of Economic Development (DED) and other relevant authorities, ensuring that every step is handled in accordance with local laws and regulations. Professional company liquidation services in Dubai are critical to make sure everything is done correctly.

The Liquidation Process in Dubai, UAE

The liquidation process in Dubai follows a set procedure that ensures the proper closure of the company. Here are the main steps involved:

1. Shareholder Approval
The first step in the liquidation process is obtaining approval from the company’s shareholders. This may require a board meeting where the decision to liquidate the company is made official.
2. Appointment of a Liquidator
Once the shareholders agree to liquidate the company, a liquidator is appointed. This individual or firm is responsible for managing the liquidation process, including handling the company’s debts, assets, and financial affairs.
3. Settling Debts and Liabilities
The liquidator’s primary task is to settle all outstanding debts, taxes, and liabilities. This includes paying off creditors, dealing with employee settlements, and ensuring that any pending financial obligations are cleared.
4. Sale of Assets
If the company has any assets, such as property, equipment, or intellectual property, these will be sold to help pay off debts. The liquidator will oversee the sale process to ensure that the assets are sold at market value.
5. Deregistration of the Company
After settling debts and selling assets, the company must be deregistered with the Department of Economic Development (DED) and other relevant authorities. This officially marks the company’s closure.
6. Final Distribution
Once the debts are cleared, any remaining assets are distributed among the company’s stakeholders according to the ownership agreement or legal provisions.
Why Choose Professional Company Liquidation Services?
Handling company liquidation in Dubai can be complex and time-consuming, but with the right company liquidation services, you can ensure a smooth transition. Professional consultants help you navigate through the entire process, from paperwork to asset liquidation, and ensure compliance with all legal requirements.

Key Services Offered by Company Liquidation Experts:

Legal and Regulatory Compliance: Ensuring all the necessary filings are done with DED and other authorities.
Debt Settlement: Assistance in negotiating and paying off outstanding debts.
Asset Management: Managing the sale of company assets to pay off liabilities.
Deregistration: Finalizing all necessary paperwork for company deregistration.
Stakeholder Communication: Ensuring proper communication with investors, employees, and creditors throughout the process.

Conclusion

Closing a company is a delicate and often complicated process, but with expert company liquidation services in Dubai, you can rest assured that everything will be handled professionally and in compliance with the law. Whether you are closing your business voluntarily or due to financial challenges, working with a skilled liquidator can make all the difference in ensuring the best possible outcome.

If you need help with the company liquidation process in Dubai, UAE, don’t hesitate to contact us today for expert advice and assistance.

+971 552 800 427

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Office#1, 13th Floor City Tower
2 Sheikh Zayed Road Dubai UAE