How Do I Close a Free Zone Company…
Closing a free zone company in the UAE…
Capital Plus Auditing for Hassle-Free Closure
Closing a business in the UAE is not just about ceasing operations. It involves legal procedures, financial settlements, and compliance with strict regulations. This can be a daunting task for many business owners. We are experts in company liquidation services in UAE, expertly managing complete processes to meet your business liquidation needs.
we specialize in making the process smooth and hassle-free. From settling debts to managing paperwork, our expert liquidators ensure your company is closed professionally and efficiently. We handle every detail so you can focus on what’s next.
Liquidation is essential for businesses exiting the market. It ensures all obligations are resolved, compliance with local laws is achieved, and the business owner is protected from future liabilities.
Ensure a professional exit, preserving your credibility in the market.
This occurs when the company owners choose to wind up operations. It’s the simplest form of liquidation and often involves solvent companies wanting to exit the market for strategic reasons.
When a company is unable to pay its debts, creditors may initiate an involuntary liquidation. This process often involves complex negotiations to resolve liabilities.
A court may order compulsory liquidation if a company has severe legal violations or fraud. This is a more rigid process that requires compliance with court orders and strict oversight.
Shareholders’ Resolution: Shareholders must formally approve the decision to liquidate. This resolution is then notarized as required by UAE law.
Clearance must be obtained from various authorities, including:
The requirements list may vary and additional documents may be requested, depending on the license issuing authority.
The liquidation process is straightforward, with fewer stakeholders involved.
Requires all partners to agree on the decision and jointly resolve liabilities.
A complex process involving shareholder approvals and coordination to manage liabilities and distribute assets.
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The process includes passing a resolution to liquidate, appointing a liquidator, settling liabilities, canceling visas, obtaining clearance certificates, publishing a liquidation notice, and canceling the trade license with relevant authorities.
The cost depends on factors such as company size, liabilities, and jurisdiction (mainland or free zone). Typical expenses include government fees, liquidator charges, and clearance costs. Contact us for a personalized estimate.
The liquidation process usually takes 7 days to 3 months, depending on the license issuing authority and the complexity of the business and the time required to obtain clearances and settle liabilities.
Yes, employees must receive their end-of-service benefits, unpaid salaries, and any other dues before the liquidation process is finalized. This is mandatory under UAE labor laws.
In the UAE, a company cannot typically be reinstated after liquidation, as liquidation is the formal process of closing and deregistering a company. Once the process is complete, the company ceases to exist legally. However, there are specific cases and exceptions: Court Intervention and New license and registration.
Liquidation is mandatory to avoid Accumulation of fines for non-renewal, Blacklisting of the business and its owners, Legal consequences, such as personal liability for unpaid debts and legal claims. It is also a practical solution for businesses that are insolvent or no longer operational, as it facilitates proper closure, ensures legal compliance, and safeguards the owner’s reputation and financial interests.
Ready to liquidate your company stress-free? Contact Capital Plus Auditing today!
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