Company Liquidation Services
Company Liquidation Services in UAE
Company liquidation in UAE means closing down a business entity and its operations in a legal way. The process consists of the discharge of debts and distribution of the company’s assets, cancellation of the trade license, and finally, company de-registeration by the relevant authority.
At FAR Consulting Middle East, we provide professional company liquidation services in Dubai and across the UAE. The liquidation process is carried out by our qualified, licensed liquidators, which includes drafting resolutions, settlement of outstanding debts, notice publication, and final deregistration.
It’s important for businesses to comply with laws related to closing any mainland LLC, free zone company, or offshore entity. Ensures compliance with all UAE laws, including Federal Decree-Law No. 32 of 2021 and No. 51 of 2023. At FAR Consulting Middle East, we make business closure simple, compliant, and, above all, stress-free.
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Types of Company Liquidation in UAE
- There are mainly two types of company liquidation in the UAE. This includes:
- Voluntary Liquidation:
It occurs when the shareholders or owners of the company choose to close it voluntarily. In this type of liquidation, the company is usually solvent; that is, it can pay off its debts. The whole process is conducted by a licensed liquidator who oversees various activities, including settling liabilities, asset disposal, and license cancellation.
Voluntary liquidation is carried out due to various reasons, such as
- Fulfillment of the company’s goal,
- Suffering from loss, or
- The owners wish to exit from business.
- Compulsory Liquidation:
Compulsory liquidation is initiated by court order when a company becomes insolvent or unable to pay its debts. Such a liquidation petition is filed by one or more creditors before the court. Thereafter, a liquidator is appointed by the court and entrusted with duties such as the sale of a company’s assets and their proceeds’ distribution to creditors.
Why Liquidation Services Are Essential in Dubai
The UAE requires company liquidation as a mandatory step to prevent legal and financial consequences, as ignoring specific procedures will result in penalties and future business restrictions in the UAE.
The Official Portal of the UAE Government states that entities must cancel their business licenses and pay all outstanding liabilities to prevent penalty enforcement for expired licenses.
Our liquidation services provide:
- Regulatory Compliance: The UAE Commercial Companies Law and Bankruptcy Law require full compliance to prevent both legal consequences and financial penalties.
- Protection of Stakeholders: The process protects stakeholders by providing fair debt settlements to creditors and asset distribution to shareholders.
- Reputation Preservation: The compliant closure process protects your business reputation, which will benefit your future UAE business operations.
Our company liquidators at FAR Consulting Middle East will handle every detail of the process with complete transparency and efficiency.
Why Choose FAR Consulting Middle East for Company Liquidation in UAE?
The key benefits relating to the professional company liquidation services offered in the UAE by FAR Consulting Middle East include:
- Regulatory Compliance: Our company follows UAE company law to perform legal business closures which protects you from fines, blacklisting and other legal consequences. Our company provides liquidation services to all business types including mainland LLC, free zones companies and offshore entities.
- Licensed Liquidators: Our company holds authorized licenses from the Department of Economic Development (DED) and UAE Free Zone Authorities to perform company liquidation according to regulatory requirements.
- Complete Liquidation Process: Our team manages the complete business liquidation process starting from shareholder resolution drafting until obtaining the final clearance certificate to provide a trouble-free experience.
- Protection of Business Interests: Our team handles fair asset distribution and debt settlement to protect your interests during the winding-up process.
- Avoiding Penalties: Our services will prevent all unnecessary costs including license renewal fees, fines and unpaid government dues which will result in a clean market exit.
FAR Consulting Middle East provides transparent and professional company liquidation services in Dubai and throughout the UAE while following all UAE regulatory requirements.
Our Comprehensive Liquidation Services in Dubai
The Middle East FAR Consulting offers liquidation services from beginning to end. The services provided by us include:
- Drafting and Attesting Resolutions: Our team assists clients in preparing and notarizing shareholder resolutions for liquidation purposes. We make sure that all procedures are in compliance with UAE legal requirements.
- Licensed Liquidator: Our licensed liquidator will oversee the entire liquidation process, including asset evaluation and payment of any outstanding debts to the creditors, and issuance of formal acceptance letters, if required.
- Obtaining Clearances: We help you obtain No Objection Certificates (NOCs) from the relevant service providers, like DEWA and Etisalat, and involved government departments, such as immigration, labor authorities (MOHRE), the Roads and Transport Authority (RTA), and the Federal Customs Authority (FCA), for an effortless and fully compliant closure of the company.
- Publishing Liquidation Notices: We publish liquidation notices in two local newspapers (Arabic and English) while adhering to the required 30-day creditor claim period.
- Visa and Permit Cancellations: Under UAE labor law, we cancel all employee and partner visas, work permits and establishment cards.
- Bank Account Closure: Our team assists companies with bank account closure procedures and obtains account closure letters.
- Final Deregistration: We will submit all necessary documents to the DED or Free Zone Authority for the final liquidation certificate to officially close your company.
The liquidation services we provide meet the requirements of Federal Decree-Law No. 32/2021 on company dissolution and Federal Decree-Law No. 51/2023 on bankruptcy and insolvency. FAR Consulting Middle East will manage everything so you can focus on your upcoming business venture.