Company Liquidation in Dubai
Company Liquidation in Dubai is a lengthy process and cannot be done at instance, a proper procedure is essential in order to legally close down the company. Under the Liquidation process for a LLC or even a Free Zone company the operations of closure need to be done in an authorized manner. Further the assets and other properties under the company’s name is divided among the shareholders, the directors or the creditors mutually. At Asnaad Consultancy we help through this insolvency process and make the it easier for you. Company Liquidation which commonly is known as company cancellation or dissolution of the company requires an appropriate approach in dealing with the issues and backlogs of the company. Our expert consultants take care of every problem with utmost credibility.
Liquidation of company in Dubai or anywhere in UAE becomes inevitable when an organization does not have liquid funds to hold on the regular transactions, creditors are not paid or the company commits some serious offense – under which a company is considered for liquidation. Liquidation could either be compulsory (sometimes noted as a creditors’ liquidation) or voluntary (sometimes noted as a shareholders’ liquidation, though some voluntary liquidations are controlled by the creditors). Company Liquidation in Dubai also includes compensation for employees, their visa and work permit cancellation.
During this process the owner of the business requires to coordinate with the Department of Naturalization and Residency and the Ministry of Labor. There are various welfares and compulsions the UAE government imposes during the termination of the employees. Apart from the employees the owner also is obligated to deal with getting subscriptions annulled, accounts with the DEWA and Etisalat or Du to be cancelled, closure dealings with the bank, retrieving your deposits and more. Moreover, the lease contract for the office or warehouse leases has to be honored, cancellation of licenses and various other legal documents are done with proper application process which requires approvals from government and federal authorities.
Asnaad Consultancy can assist you with various Company Cancellation Services:
- Drafting of Legal Documents and Memos
- Acquiring Liquidators’ Acceptance
- DED Application and Submission
- Conscripting of Company Board Resolutions
- Newspaper Advertisement for Notifying Company Liquidation
- Getting Clearance Letter from DEWA and Etisalat / Du
- Arranging Clearance Letter from Municipality and Customs
- Obtaining Bank Account Closure and Bank No Liability Certificate
- Auditing for the Financial Statements for Liquidation of Company
- Getting No Liability Certificate
- Getting Employees Visa Cancellation and Labor Card Cancellation
- Obtaining Immigration Card Cancellation and Clearance Certificate
- Liquidation Report Preparation and Submission
- Final Cancellation Letter
- Partner Visa Cancellation