Company Liquidation in UAE Free Zone
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Company Liquidation in UAE Free Zones
Company Liquidation or closing of a company is the process when the company or business completely closes down all of its operations and all the assets and properties of the company distributed to its creditors and shareholders. Closing a company or business is not a straightforward task, but we have the expertise which will help you in a very smooth liquidation of your company or business.
The operation is also called as de-registration of the company. We can help you to complete this complicated task in all of the free zones of UAE. To completely terminate a business or company in UAE below mentioned requirements must be followed. Requirements may vary from free zone to free zone but most of them will remain the same in each free zone.
Free Zone Company Liquidation Requirements
- The company must not have any liabilities
- All existing active visas must be canceled
- All existing corporate Bank Accounts must be closed
- Any assets at time of liquidation must be transferred to the shareholders or a third party
- All fees and charges concerning the free zone authority must be cleared
- Immigration clearance must be obtained from Free Zone Authority
- The company must prepare a resolution to liquidate and appoint a licensed liquidator to carry out the procedure
- The liquidator must approve the order of action of the company’s liquidation and send confirmation that the company has no assets or obligations/liabilities by preparing a final Audit Report/Liquidation Letter
- Clearance certificate from relevant free zone authority
- Clearance certificate from business unit
- Clearance certificate from all utilities
- Clearance certificate from any related authorities as per the regulated activity
- Clearance for customs
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