Liquidation (or “Winding up”) is a process by which a company’s existence is bought to an end.
We provide liquidation services for all entities – limited liability companies, free zone companies and offshore companies across Abu Dhabi, Ajman, Dubai, Fujairah, Ras Al Khaimah, and Sharjah. We at 7 Strokes understand the position of Business Owners when they are planning to move out of Business. We assist in the preparation of Board resolution, power of attorney, audit report, liquidator’s statement etc, which are mandatory documents required for liquidation. In short, only you have to appoint us your UAE company liquidators and our experts will give you license cancellation certificate saving you all the hassle.
Approximate time for Company Liquidation in U.A.E varies depends on the nature of the business activity, the type of shareholders and the scope of work involved.
Proper liquidation is essential to ensure that the process is done efficiently and legally.
There is a set number of steps entailed, ranging from the submission of numerous documents to an official notice period.
In the UAE, the process is strictly governed by Legislation. For example, LLC companies are subject to Federal Law No. 2 of 2015 on commercial company’s law, articles from 306 to 326. This entails 3 steps:
1. Notice of Company’s Dissolution & Appointment of a Liquidator
2. Cancellation of license(s) & cancellation from the Commercial Registration
3. Cancellation of Tax Registration with the Federal tax Authority (if applicable)
During this period, companies need to obtain bank closure letters, clearance letters from landlords, utility providers, labour department, water and electricity departments, and other bodies. Then a liquidation report is submitted.
Once all documentation has been reviewed and the final payment to the Department of Economic Development or relevant Authority made, the final certificate called License Cancellation Certificate is issued.
Needless to say, accounting plays a crucial role in the liquidation process.
Ensuring that books have been carefully balanced and audits done frequently is the safest way to ensure that the liquidation goes according to plan.
If auditing requirements are not met and financial errors or discrepancies arise, it can make liquidation become far more complicated.
It is also essential to get expert help throughout liquidation to ensure that the process is made as stress-free as possible.
Documents need to be gathered and processed carefully to ensure regulatory compliance at every step of the way.
To help you navigate auditing and FTA requirements needed for liquidation, Simply Solved can issue mandatory liquidators’ report.
We provide a cost-effective, highly efficient service that gives you full support during liquidation.