QMC assists in liquidation of companies in UAE. Complete support service is provided to make the entire process quick and smooth. All required protocols are taken care as per the norms and regulations of the authority. The following necessary steps are conducted with desired time-line.

Arranging all the essential documents

Assistance in issuance of “No Liability Certificate” from Authorized Auditor Submission of necessary documents with the Authority and follow-up The complete support service is provided across all the Mainland, Free-Zone & Off-Shore Authorities.

Company Liquidation in Mainland

• No matter of what type of business you own in the UAE, you must cancel your business license and all related permits associated with it when you have made your decision to close it down.
• It is important for relevant government entities to know that you are no longer in the business so you will avoid any accumulated fines and penalties incurred upon your license, when it is not renewed upon expiry date.
• If you are in a shareholding company, it is important to discharge your liabilities towards creditors and partners and protect your interests and shares.
• It is also wise to put your goodwill and business reputation in perspective, if you decide to open a business again.

Closing a business entails more than just ceasing operations. In DMCC, you need to apply for closing the business through the member portal. The authorities, duties and responsibilities of the Directors of the company will be terminated as an effect of the submission of the company termination application. The application will be reviewed and processed. This will be followed by an announcement in a local Arabic newspaper. DMCC authorities will then file the final termination of the company and issue termination letters.

In JAFZA, you must notify the authorities three months prior for the office and warehouse facility and 6 months prior for plot facility.

In all cases, you will need to cancel the employees’ visas and their work permits. Dubai portal explains that this requires coordination with both Department of Naturalisation and Residency and Ministry of Human Resources and Emiratisation.

As per the UAE’s Labour Law, employers are required to give their employees a two-month, paid notice period before terminating their contracts. In many cases, employees can keep their residency visas until the company’s trade license runs out. Then, the company needs to cancel utilities and telecommunication services. Collect an NOC from the utilities providing company for processing the closure.

Company Closure Protocol

You will need to notify the free zone authority in advance as per their requirement. The intention for closing the company shall be published in an Arabic newspaper. You will need NOC from utility providing companies and other applicable government/free zone departments. Once all the paperwork is cleared, you need to cancel your employees’ visas and work permits and close bank accounts. Finally, you should receive an official termination letter from the free zone authority.

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We try and walk the extra mile to assist our clients to successfully run their business from this part of the world by connecting them to the right service providers as per their business need.

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