COMPANY LIQUIDATION - FORMALITIES AND PROCEDURES
COMPANY LIQUIDATION SERVICES
We provide liquidation services for all companies such as limited liability companies, free zone companies and offshore companies across UAE. We recommend to wind up the company if which is not in use for avoiding complications in the future.
The company can close at any time but which will not be waived from fees to government. It is required to cancel all the visas under the company before cancellation or liquidation of the company. The company has to either cancel or renew it on its expiry if the company has visas linked in it, to avoid legal proceedings by the government. This is purely part of social security measures.
WHO CAN LIQUIDATE A COMPANY
Preferably an experienced business consultant can liquidate or wind up the company. A consultant will normally appoint a registered liquidators to finalize the formalities followed by the newspaper advertisement.
FEE OF THE LIQUIDATORS
The fee of the liquidator depends upon the volume of the works to be executed. A free zone company will have minimum requirements of an auditor but a company in the mainland has got vast requirements and additional fee to be charged. However, it can be negotiated and Danburite Corporate
has a division to take care of your liquidation matters.
THE DURATION OF A COMPANY LIQUIDATION
The normal duration of a company liquidation is 45 to 50 days if all the requirements and formalities are executed on time. A free zone will have one window solution to close the company whereas the mainland company have its clearances from multiple departments which are in various locations.
HOW WE CAN SUPPORT YOU
- As liquidators we have qualified practitioners who are responsible to collect the company’s assets and distribute them to the company’s creditors, and in the event of a surplus, to the owners.
- Also we are required to notify the Gazette (the official newspaper of record for the UAE – it records official, regulatory and legal information) and Registrar of their appointment. If the liquidation is voluntary, notice to the local newspaper is also standard practice.
- Additionally, in the case of a voluntary or compulsory liquidation, we will have the power to continue the running of the business (if feasible) to ensure a beneficial winding up of the company.
- Appoint liquidators and lawyers
- Preparing audit reports for the company
- Executing end to end services up to immigration and ministry of labor
For more details please feel free to contact us on firstname.lastname@example.org,