Company Liquidation Services
Company liquidation is a long and tedious process; it might be compulsory or voluntary. Once you plan to close down your business, the government entities should be notified of the same, so as to avoid any accumulated fines and penalties.
License cancellation is one of the primary steps in the liquidation process, and the formalities differ based on the form of company. In the case of establishments and sole proprietorships, you will have to apply for cancellation through DED. Also, clearances need to be acquired from the below mentioned departments-
- Ministry of Human Resources and Emiratisation
- Directorate of Residency and Foreigners Affairs
- The relevant water and electricity authority
- The leasing entity
Whereas, for companies with shares, the process is not that simple. It involves liquidating the shares, collecting the debts and paying the creditors before finalizing with DED. Discharging your liabilities towards creditors and partners is mandatory in the case of shareholding companies.
If the legal form of your company is one of these, then you will have to appoint a liquidator;
- General Partnership
- Limited Liability Company
- Simple Limited Partnership
- Public Joint Stock Company
- Private Joint Stock Company
The company liquidation process involves various steps such as publishing the notice of liquidation in 2 local newspapers, submitting a declaration letter to DED from the liquidator and the partners indicating no objection, cancelling the foreign partners’ visas sponsored by the company and many more. You will have to closely monitor the procedures, before you go ahead with the decision.
If you find it difficult to go through the whole lot of procedures and involvement with myriad authorities, then please feel free to contact Jumeira Consultants. We can help you liquidate any form of company in any sector.