Ajman Free Zone Company Liquidation
The decision to close a firm in Ajman Free Zone is not only a matter of giving up.
A formal process ensures that all financial and legal matters are resolved to the last detail. In the UAE, dissolving your business entails officially closing the doors, settling debts, clearing your trade license, and adhering to all regulations.
Things become lot less stressful when you allow FAR Consulting Middle East to take care of everything.
These are knowledgeable people. They manage the entire process, from gathering paperwork to obtaining permissions, so you don’t have to worry about wasting time or losing sleep.
Request A Proposal
What Does Liquidation Actually Mean?
Liquidation in the Ajman Free Zone signifies the complete termination of your business’s existence. You remove the company’s name from the official register, complete all outstanding obligations, pay off debts, resolve any amounts due to employees, and submit all required documentation to the government.
There are two main ways this happens:
- Voluntary Liquidation:
Perhaps because they have accomplished their objectives, want to relocate, or simply wish to reorganize, shareholders opt to shut up business.
- Mandatory Liquidation:
At this point, the firm is often ordered to close by a court or the authorities as a result of unpaid obligations or other legal difficulties.
The majority of Ajman Free Zone firms choose the voluntary approach. Owners may exit more cleanly and the system is better structured.
How the Liquidation Process Works
The following is how FAR Consulting Middle East manages its affairs:
- Shareholder Resolution
When the shareholders sign and attest a resolution stating, “Yes, we’re liquidating,” everything starts.
- Selecting a Liquidator
The process is managed by a licensed liquidator, such FAR Consulting Middle East. They ensure that all assets and liabilities are accounted for and that all legal requirements are satisfied.
- Submit to the Ajman Free Zone Authority
The Free Zone Authority then approves the liquidation request, the formal shareholder resolution, and the liquidator’s appointment letter.
- Posting a Liquidation Notice
An announcement appears in a local newspaper. This notifies everyone of the firm’s closure and provides creditors 45 days to file any claims.
- Resolving Debts
Before you may shut down for good, you must first settle all outstanding debts to your suppliers, landlords, employees, and utility companies.
- Obtaining all necessary approvals
You’ll require the following:
– authorization from the Ajman Free Zone Authority
– Clearance from the Federal Tax Authority (FTA)
– Immigration and labor clearance
– verification that the company’s bank account has been closed
– Utility approval (such as Etisalat)
- The Liquidator’s Last Report
The liquidator prepares a final report verifying that everything has been resolved after all debts have been paid.
- Revoking the Trade License
The Ajman Free Zone Authority issues the liquidation certificate after reviewing your paperwork and making sure everything is in order. Your business is now officially shut down.
The Papers You’ll Require
Having everything ready makes things move along more quickly. The following is a list of what you will require:
– Duplicate trade license
– Memorandum of association (MOA)
– Emirates IDs and passports for all shareholders
– Decision to liquidate
– If you have a Power of Attorney
– Notice of bank closing
– Clearances and lease agreement
– Certificates of clearance from every department
Cost and Timeline
In Ajman Free Zone, it typically takes four to six weeks to wind down a business. Timing depends on the speed at which you may obtain clearances and the structure of your business.
Costs vary, as do visa cancellations, unpaid bills, newspaper advertisements, and other expenses. FAR Consulting In the Middle East, the prices are clearly stated in advance, giving you a clear understanding of what you’re getting into.
What Makes FAR Consulting Middle East the Best Option?
Let’s be honest, shutting down a business might be a hassle. But with these men, it’s simple. They keep you informed throughout the entire process, while their staff takes care of all the legal, financial, and technical aspects.
– Genuine knowledge of free zones in the UAE
– Everything is transparent; there are no additional costs.
– They collaborate with all other organizations, including Ajman Free Zone.
– Quick turnaround and consistent updates
– In the UAE, all procedures are carried out strictly in accordance with the law.
Therefore, you are aware of who to contact if you want to shut down your business without any hassle.