JAFZA is one of the foremost free zones in the world and the most rapidly expanding. More than 120 of the 500 tycoons worldwide, from various destinations, are hosted and housed by JAFZA. It is the most driving component of the flourishing UAE economy. JAFZA reflects innovation and pioneering dynamism with its unprecedented reputation.
According to the Jebel Ali Free Zone Norms and Guidelines, Implementing Regulations No. 1/99, an audit is mandatory for the vast majority of the Free Zone Organisations registered under the JAFZA Authority. Clause (51) provides that approved auditors endorsed by the Authority are delegated to the Free Zone Organizations in JAFZA. They have audit reports on the annual records of such Free Zone organisations. They are to be sent to Jebel Ali, Dubai, and UAE investors and stakeholders of such Free Zone organisations.
The company’s liquidation process in Jafza begins with the appointment of a liquidator, which passes a resolution by the board of directors for the company. The termination and authorisation provision must include the adopted Board Resolution. It should also state the name and the bank account details of the person to whom all the deposits are to be made after the closing down.
The clearances listed below are issued at the time of liquidation and after the passage of the Board Resolution, the liquidation procedure further processed.
- The letter of closing of the bank account
- Letter of Postal Service Approval
- Letter from Customs Clearance
- Certificate of clearance from government authorities, telecommunications,
- VAT clearance certificate & certificate for TRN de-registration
All unpaid dues to JAFZA, including overstay charges, should be charged and settled before the date of cancellation of all visas or the handing over of the keys to the premises, whichever is later.
The immigration card is revoked, and the immigration details should be collected and stored, as the Visa Department will later regard it as an invoice.
The department of finance and accounts finalises the accounts, and the client must use the final visa status report along with the visa department's NOC, leasing, licencing, and legal affairs and submit all original deposit receipts.
The liquidation process will take place 30 days after the necessary documents have been submitted and the de-registration notice has been released.
Documents Required For Winding Up a Company in JAFZA
- Cover Letter from Registered Agent for winding up of a business
- The company should be active and renewed to deregister it.
- Request letter for the liquidation of the firm signed by Shareholder.
- Shareholders Resolution for the liquidation of the business and appointment of Auditor
- Original Certificate of Formation
- Original MOA/AOA (2 nos.)
- Original Shareholder’s resolution (if any)
- Auditor’s statement regarding the liquidity of the subject business
- Original Bank Liquidation Letter
Liquidation Procedure – Jebel Ali Free Zone (JAFZA)
Liquidating/Winding up an LLC Company in JAFZA involves the following major stages:
Board Resolution- The shareholder has to visit JAFZA for Signing in front of Authority.
Filling Forms and Auditor Appointment
Making Deregistration Fees-6500
Applying for Dubai Customs, Etisalat and RTA clearance.
Dubai customs NOC-.
If the firm is registered-AED3150 + Courier charges
If the firm is not registered with Dubai customs-AED120 + Courier Charges
Closing bank account and obtaining Bank closure letter
Submitting Liquidation report and NOC from Customs, Etisalat and RTA
PO Box – Settling pending Dues and getting clearance.
We are getting clearance for JAFZA Finance, Leasing, Administration and Immigration clearances.
How Can We Help?
Keep track that you can liquidate the company without declaring bankruptcy if you consider going through company liquidation in JAFZA. To help you be on top of all the company's finances, we recommend you keep your account books balanced. In addition to providing you with a liquidation report that is required to complete the liquidation process, licenced JAFZA liquidators such as Commitbiz consultancy may also assist you with this mission. Do contact us; we will be proud to guide you.