COMPANY LIQUIDATION
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Company Liquidation
Company Liquidation: In Dubai’s ever-changing economic scene, while many enterprises fly to new heights, others may need to suspend operations for a variety of reasons.
Company liquidation, also known as business dissolution or winding up, is closing a company’s operations, settling its liabilities, and distributing its residual assets. The procedure of corporate liquidation in Dubai necessitates experience and precision.
Types Of Liquidation
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Authorities Involved
- Department of Economic Development (DET)
- Notary Public
- Dubai Chamber of Commerce
- Free Zone Authorities (if applicable)
- Federal Tax Authority (FTA)
- Ministry of Human Resources and Emiratisation (MOHRE)
- General Directorate of Residency and Foreigners Affairs (GDRFA)
- Banks and Financial Institutions
- Telecom Authorities
- Post Office
Process of Liquidation
The company's board passes a resolution about the liquidation, nominating a liquidator
Notify the Department of Economy and Tourism (DET) and other relevant authorities about the decision to liquidate
Clear all outstanding debts, utility bills, and other financial obligations.
Distribute any remaining assets among shareholders, as per the company's Memorandum of Association or as per statutory guidelines.
Ensure all visas, immigration and labor cards issued under the company are canceled.
Conclude all the company's bank accounts.
From various entities like utilities, banks, FTA, Customs and free zones
The appointed liquidator prepares this, which is then submitted to the DET.
Upon completion of the above steps, DET will issue a liquidation certificate, formally deregistering the company.
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Company dissolution in Dubai necessitates strict adherence to the city’s commercial and regulatory regulations. Collaborating with our experienced Dubai liquidation experts ensures a careful, compliant, and hassle-free winding-up process.
Allow our expertise to lead your company through its liquidation process with diligence and care.
