Company Liquidation

Company Liquidation

Company liquidation or Closing down of company in Dubai requires adequate knowledge on the entire shutting down procedures. If you hire a professional consultants or liquidators to take care the liquidation then you will be get rid of from a great hassle on paper works & can save your valuable time.

 Procedures of closing down/De –registration of company in Dubai 

  1. Appointment of Liquidators

As like as any other countries, UAE / Dubai also insisting to appoint liquidators to close the company. Either law firms or chartered accounts can be act as liquidators.

  1. Liquidation Board Resolution

The board of directors of the company must issue a liquidation BOR and it must signed & be attested by the shareholders / representative/s infront of the legal authority in UAE.

  1. Getting Clearance from Ministry of Labour & Immigration 

As a process of liquidating the company in Dubai – UAE, clearance certificate from the ministry of labour & immigration must be obtain prior to the final submission in the authority.

  1. Getting Clearance from Customs Department 

NOC/ Clearance certificate from Dubai Customs is mandatory document to closing the company in Dubai (only applicable for trading companies / or companies involve in import & export of goods).

  1. Getting Bank Closure Letters 

Company’s bank accounts must be close and to obtain bank closure letters from the all bankers of the company.

  1. Settlement of Financial Liabilities

 As part of Liquidation process all the financial liability like employee’s settlement, third parties liabilities, bank liabilities etc of the company must be settled.

  1. Newspaper Advertisement 

The appointed company liquidator have to put advertisement in the local newspaper stating that the company is under liquidation and any objection for third parties must contact the liquidator

  1. Obtaining Non Liability Certificate & Liquidation Report

Non liability certificate& liquidation report from the auditors is a mandatory document for liquidation. Based on the non-liability certificate only the company can approach the authority & request to issue the de-registration certificate.

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