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Company Liquidation/De-registration Services

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Company Liquidation/De-registration Services

Company liquidation in Dubai is an unpleasant and challenging situation for any business owner. While the prospect of starting a company is rewarding in Dubai, due to certain reasons or circumstances, the company might run into losses and the owner has to take the difficult decision of shutting down the company. 

Liquidating the company in Dubai can be a long and tedious process as it involves several steps and intricacies. Hence it is necessary to choose the right company liquidation provider who can help you navigate the process efficiently.

Company Liquidation Services in Dubai

Once the decision to dissolve the company has been made, seek company liquidation services in Dubai for a smooth liquidation process. This will ensure that you meet all the legal and regulatory requirements. We at Corpin Consultants have a team of legal experts who can guide you through the process of company liquidation so that you fulfill all the legal requirements effectively. 

Right from canceling the business name, taxation registrations and employee payments to other legal payments, we take care of these processes. We also assist in locating a third-party company, who could procure the company. 

What Happens During Company Liquidation in UAE?

Company liquidation in UAE implies that a company, a part of the company, a free zone company or the sole establishment decides to wind up its business operations. The company assets and the property are distributed to its creditors, owners and stakeholders.   There are various reasons why a company could liquidate – lack of funds, unpaid dues or serious offenses committed by the business. There are two types of company liquidation in Dubai – Compulsory of Voluntary. 
  • Compulsory Liquidation
Compulsory liquidation takes place when a court orders the company to be dissolved. The audit of the company’s assets is carried by the legal appointee, which are then distributed to contributors and creditors. 
  • Voluntary Liquidation
Voluntary liquidation takes place ewhn a company faces financial difficulties. The shareholders decide to shut down the business operations voluntarily as they cannot pay their creditors.

The Process of Company Liquidation in Dubai, UAE Step 1

The process of company liquidation begins by conducting a special meeting of the board of directors to discuss the liquidation procedure. Any company that is in planning to wind up its operations, including the General Partnership, LLC, Public Joint Stock Company, Private Joint Stock Company or a Simple Limited Partnership should appoint a liquidator. A liquidator is a UAE-registered agent or firm and who will represent the company in the court. This person will supervise the entire process and ensure that all debts are settled, which includes selling the assets of the company. 

Step 2: Submission of Application for Liquidation

The company owners are required to provide official documents stating their decision to liquidate the company. The documents should also include the name of the appointed liquidator, the original registration certificate, and the liquidator’s credentials. These documents must be notarized to be valid.

Step 4: Notice Period

The company is also required to provide a 45-day notice period to the Department of Economic Development of that emirate before shutting down.

Step 5: Visa Cancellation & Settlement of Dues

During these 45 days, the company owners should cancel all company-related visas, including the employee visas, family member visas etc. All the outstanding utilities and communication bills should be paid off in full and No Objection certificates must be obtained from relevant service providers. 

Step 6: Liquidator Report

Outstanding dues to creditors, clients, or other third parties should be settled before shutting down the company. The liquidator submits a final audit report stating that all dues are paid, avoiding further delays.

Step 7: Liquidation Certificate

After settling all claims and dues, the Department of Economic Development issues a Final Liquidation Certificate, indicating the completion of the liquidation process. Once issued, the company no longer legally exists.

Choosing Corpin Consultants for Company Liquidation Services in Dubai

Corpin Consultants takes on the challenge of closing your business in the UAE. We assist with everything from settling your final utility bill, canceling visas, closing the bank account, preparing the final audit, and other necessary liquidation services. By trusting Corpin Consultants with your company liquidation in Dubai, you simplify the legal procedures and avoid unexpected costs.

Corpin Consultants stands ready to assist you with comprehensive and professional company liquidation services.

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