Company liquidation or Closing down of company in Dubai requires adequate knowledge on the entire shutting down procedures. Professional consultants can take care of the liquidation process which can save a lot of your valuable time..
Procedures of closing down/de-registration of company in Dubai
1. Appointment of Liquidators
As like in any other country, UAE / Dubai focuses to appoint liquidators to close the company. Either law firms or chartered accounts can act as liquidators.
2. Liquidation Board Resolution
The board of directors of the company must issue a liquidation BOR and it must be signed & attested by the shareholders / representative/s in the presence of the legal authority in UAE.
3. Getting Clearance from Ministry of Labor & Immigration
As a process of liquidating the company in Dubai – UAE, clearance certificate from the ministry of labor & immigration must be obtained prior to the final submission in the authority.
4. Getting Clearance from Customs Department NOC/ Clearance certificate from Dubai Customs is a mandatory document to close the company in Dubai (only applicable for trading companies or companies involving in import & export of goods).
5. Getting Bank Closure Letters
Company’s bank accounts must be closed and bank closure letters from the all bankers of the company to be obtained.
6. Settlement of Financial Liabilities
As part of the Liquidation process all financial liabilities like employee’s settlement, third parties liabilities, bank liabilities etc. of the company must be settled.
7. Newspaper Advertisement
The appointed company liquidator to place an advertisement in the local newspaper stating that the company is under liquidation and any objection from third parties to contact the liquidator.
8. 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.