There are a number of factors that cause the cancellation or revocation of a trade license in Sharjah business zone. Conducting a complete liquidation procedure is often a complex task for corporations, enterprise units close their roles during this process, and the firm’s assets and capital are distributed among the shareholders. Thus, it is essential to avail the services of UAE-accredited liquidators to seamlessly terminate a trade license and to enforce compliance with the regulatory authorities regulations and standards. Farahat & Co is a trusted and reputable liquidation firm in the UAE that offers streamlined liquidation services.
Essential Requisites to Revoking a Trade License in Sharjah Business Zone
Primarily, corporations ought to formally cancel formal engagements with all governmental service billings used during the course of business operation, this includes accounts with DU, Etisalat, and SEWA. The firm’s shareholders must revoke both their working licenses and their full personnel visas. According to UAE labor legislation, employers must give their employees either a 2-month paid notice term or an 8-week notice period. Essentially, the firm’s bank account and other accounts associated with the business ought to be closed. More still, office or depot leases must be formally terminated before winding off businesses in the Sharjah business zone.
Possible Causes for Termination of a Trade License in Sharjah Business Zone
- If a corporation violates standing regulations, or if a firm commits fraud, the company’s trading license will be suspended.
- If a business’s income is not enough to cover expenses, not sufficient to compensate employees or lacks efficient expertise to limit work risk, the company’s trading license will be suspended.
- Further, if a business license has expired and there is no intent to renew it, the corporation has to obtain formal consent, to which failure to comply accrues hefty fines upon the business.
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Steps to Cancel a Trade License in Sharjah Business Zone
Below are the stages to cancel a trade license in the Sharjah business zone:
- Human resource labor has to be terminated, including any active license holders.
- There must be a Notary Public’s attestation on the BOD resolution for closure.
- A letter from the selected liquidator together with a copy of the license; certificate of authorized signature, attested by a Notary Public; receipt of the registration of an auditor.
- Receipt of business liquidation after payment of dues at DED.
- After forty-five days have passed, authorities will check to see if anyone has filed a lawsuit against the firm by placing a closing ad in two regional Arabic journals for 1 day.
Outsourcing the expert services of accredited liquidators in UAE can make the liquidation procedure seamless.
- Reveal the DED ‘s initial advertisement and the relevant audit report.
- Liquidator and partners’ assurance that there are no reservations or claims from 3rd parties throughout the advertising time.
- If any legitimate visas are listed on a firm approval, authorities will terminate the partners’ permits
- A manuscript of the cancellation receipt and a copy of the resolution of the board of directors.
- Pay the DED fees for the cancellation of the license.
- In the last stage, a trade license termination certificate will be issued by the relevant authority.
Seek the Services of Accredited Liquidators in Sharjah Business Zone
It is essential for corporations to avail the services of approved liquidators in Sharjah business zone, UAE to formally and out carry the liquidation process, in compliance with the set regulations and standards of the respective business zone and the Federal Regulatory body. Thus, contact Farahat & Co. today, your trusted point of contact in the UAE that offers regulated liquidation services.
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