Company Liquidation in UAE

Company Liquidation

What is a company's liquidation in the UAE?

Liquidation of a company in the UAE, also known as winding up, is a process by which a company’s operations and existence are terminated. The closing of a company or the cancellation of a corporation in the UAE is usually referred to as the liquidation of a company or the winding up of a company in the UAE.

In the UAE, we offer Company Liquidation Services to all sorts of businesses.

Steps and Procedures for Liquidating a Business in the United Arab Emirates

Prepare the dissolution resolution for the company's winding up
Liquidator is appointed
The liquidator's acceptance letter
A notary public's attestation of the resolution
Documents must be submitted to the authority in order to begin the liquidation process
A new advertisement in the newspaper
Obtaining an immigration clearance
Obtaining labour clearance
Clearance of customs
Receipt for the closure of a bank account
Approval from all government agencies, including the RTA, the Electricity and Water Authority, the Telecommunication Authority, the FTA, and others
The final liquidation report, as well as all other clearances, must be submitted
The authority will issue a final cancellation certificate and the trade name will be removed from the commercial register

If the shareholders are not located in the UAE, the resolution / Power of Attorney must be notarized and attested by the UAE embassy in that country, as well as attested and legalised by the UAE Ministry of Foreign Affairs and Ministry of Justice. A Notary Public’s attestation is not necessary for enterprises registered in most of the Free Zones. The appointment of the company’s liquidation should also be included in this declaration of the resolution, together with the name of the liquidator involved and their full address. Furthermore, when liquidating a firm, this step is not applicable to sole proprietorships.

Documents required for the initial liquidation of a company in the United Arab Emirates

A copy of the licence

Memorandum of Association

Copy with all the modifications

Power of Attorney

Resolution of Shareholders

Shareholder's passport(copy)

A copy of your Emirates ID

Application for Deregistration

Notice Period for a Company Liquidation in the UAE

A primary liquidation certificate will be issued once the above-mentioned documents have been filed and the initial payment has been made to the competent authority (Department of Economic Development). The Authority issues a liquidation certificate as documentary evidence for a company to continue with the winding up of a company in the UAE.

Actions should be conducted during a company’s Notice Period of Liquidation

Approval from the Department of Immigration
Approval from the Department of Labor
Letter of approval from the departments of electricity and water
Telecom Authority clearance letter (DU or Etisalat, etc)
Landlord's letter of approval
Letter of account closure

The last stage of a company's liquidation

The following documents must be supplied with the above-mentioned documents once the notification time has expired:

After the authority has reviewed and approved the following documents, the final payment to the authority must be made. Following that, the competent Authority will issue the final certificate, known as a License Cancellation Certificate.

Accroun Consultants Group provides clients with appropriate procedures for company liquidation in the UAE. Contact our team for a free consultation on the best way to proceed with the most suited technique.

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We will assign a dedicated and qualified team to your entity, who will assist you in ensuring statutory compliance and providing necessary management reports.