Company Liquidation Services in Dubai

Company liquidation in Dubai calls for a qualified approach with strict adherence to formal procedures. Our specialised company liquidation services in Dubai provide you with an easy exit strategy.

Now that you have made the painful decision to liquidate your company, it's time you got your final acts together and dissolved your company in accordance with the laws of the land. Company liquidation in Dubai is a long, tedious, and contentious process involving the filling of myriad applications, initiating the deregistration process, and negotiating with employees and several government departments. 

To avoid any future hassle, you need proper completion of application forms and meticulous deregistering of certificates from various government agencies. Only a complete understanding of the existing legislation can help you meet the liquidation requirements as mandated by the law of the land. 

All About Company Liquidation Services in Dubai

We provide company liquidation services in Dubai offshore, mainland, and Dubai Freezone company formations. Let us have a look at some of the important information regarding the same.

Types of Company Liquidation in Dubai, UAE

Company liquidation in Dubai is of two types:

Voluntary Liquidation

Compulsory Liquidation

In a voluntary liquidation, the company owners will attempt to close the company because they have no funds to pay the creditors. Priority is provided to creditors in this form of liquidation.

Compulsory liquidation is the form of liquidation of the corporation that is put out by a court order. Here, the company's properties are allocated to creditors and contributors based on priority claims.

Reasons for Company Liquidation in Dubai

The following are some of the factors when you need to opt for company liquidation services in Dubai:

  • The company is impotent to pay creditors
  • The company no longer possesses assets
  • The company has no liquidity or cash to fund its existence
  • The company gets revenue, but the losses are way too heavy
  • The company is unable to get any form of revenue or business
  • The directors opt to vote for liquidation traditionally at the board meeting

What if you do not want to do Company Liquidation in Dubai, but the Company cannot continue?

There may be a scenario in which you may not want to liquidate your business, but you cannot continue with the company. In such a system, the license-providing authority assumes that any corporation must be allowed not to liquidate and still have a reasonable chance to keep the business on track.

It is why the Dubai DED has the ability of a company to "freeze" a license instead of abandoning it. While freezing a permit, the company's employees and establishment cards will not work, but the company is still in existence. The company may always recommend its activities after the freeze period is over by just regenerating the cards and licenses.

How do you proceed with Company Liquidation Services in Dubai?

Commitbiz has been providing highly specialised company Liquidation Services in Dubai to limited liability companies in Dubai, free zone companies, and offshore companies across the UAE. With many successful closures under our belt, we have acquired the expertise to guarantee hassle-free liquidation to our clients.

Our specialised services include determining a solution and advising you on objectives such as costs, time, and risks of participating as one of the independent third-party liquidators for finding a quick-fix solution. During the process, we liaison between you and the governmental authorities to find an easy and mutually acceptable exit strategy.

Our distinctive approach involves three stages.

Analysing the Scope of Involvement

In this stage, we sit with you to review your company's liabilities, commitments, and assets. A proper understanding of this helps us get insights into issues such as:

  • Debt recovery
  • Asset disinvestment
  • Claims management
  • Assess liquidation costs
  • Intimate creditors and debtors
  • Outline the liquidation timetable
  • Perform compliance due diligence
  • Consider possible advance payments to shareholders

Managing the Liquidation

After the completion of the first stage, we initiate the liquidation process. This stage consists of the following:

  • Asset disinvestment
  • Preparing documents
  • Debt recovery and creditors' payments
  • Preparation of accounts for the liquidation
  • Liaison with Notary and Government authorities

Documents Required for Company Liquidation Services in Dubai

Different documents must be submitted for the liquidation process and are set out by the Dubai government. These documents are needed both in free zones and on the mainland for corporate liquidation. 

The necessary documents are listed below:

  • Investors' resolution
  • A copy of the permit
  • Copy of the Emirates ID
  • Power of Attorney (if any)
  • Application form of deregistration
  • Passport copies of all the investors
  • The composition of the Memorandum of Association (MOA)

Final Closure

The steps in the final closure stage include the following:

  • Deregistration
  • Termination of contracts
  • Information and publication
  • Final settlement of payments

With the help of our competent staff, we have been handling liquidation services in UAE with great efficiency. Unlike most other agencies, we do not pass your case to third-party service providers and handle it in-house from start to finish. 

In fact, we will assign your case to an expert who will assist you through the entire process. This has guaranteed our clientele additional confidence and peace of mind.

We believe every client deserves an opportunity to consult with our professionals without worrying about costs. It is precisely because of this that we take time to hear you out and advise you on the steps to be taken without charging any consultation fee.

To know more about UAE company liquidation services, get in touch with our experts today.

Frequently Asked Questions (FAQs)

Who should you reach out to liquidate your company in UAE?

A notice must be submitted to the Dubai Development Authority (DDA).

Should the company provide advertisements before liquidation?

Yes, in both English and Arabic, for a period of a minimum of 45 days.

What are the clearances to be made before dissolving a company in UAE?

The following clearances should be made:

  • Customs Department 

  • DDA finance department

  • Government Services Department of DDA

  • IT Department of DDA

  • Facilities management clearance.

Do we require a liquidation report?

Yes, appoint an auditor for preparation.

What happens to the employee's Visas during liquidation?

All the Visas should be canceled and cleared.