JAFZA Company Liquidation
There is a legal procedure you must adhere to when it comes time to shut down a business in the Jebel Ali Free Zone (JAFZA). Everything is supervised by the JAFZA Authority, which ensures that you correctly close down, pay off any obligations, and revoke your commercial license in accordance with UAE legislation.
We manage the entire JAFZA liquidation process from beginning to end at FAR Consulting Middle East. It is our responsibility to ensure that everything is seamless, open, and completely compliant at every stage.
Comprehending the Liquidation of JAFZA Company
In JAFZA, a company’s liquidation entails the orderly resolution of all legal and financial issues. In order to revoke your license, you must settle any outstanding bills, cancel staff visas, pay off any outstanding balances with the authorities, and obtain JAFZA’s approval.
There are numerous reasons why businesses go through liquidation. Occasionally, it involves reorganizing or relocating. Sometimes a project has ended or there are simply no longer any revenues. For whatever cause, FAR Consulting Middle East ensures that the procedure is accurate and as simple as possible.
JAFZA Liquidation Types
Here, there are two primary methods for liquidating a business.
When the shareholders choose to shut down the company on their own, this is known as voluntary liquidation. Perhaps the company’s primary goal has been achieved, or perhaps the stockholders wish to move on or change tactics. In this instance, the business selects a certified liquidator to oversee the entire procedure.
Compulsory liquidation is not the same. This one begins when a court or other authority orders the closure, usually because to non compliance with JAFZA regulations, unpaid payments, or insolvency. Here, the authorities have to oversee every action and give their approval.
The JAFZA Company Liquidation Process Step-by-Step
Every phase of the liquidation is managed by FAR Consulting Middle East. We ensure that nothing is overlooked.
The board must first approve a resolution to liquidate. It is signed and notarized by shareholders, attesting to the company’s closure and designating a qualified liquidator.
After being appointed, the liquidator is in charge of everything, including debt settlement, creating the final liquidation report, and ensuring that any loose ends are resolved.
We then let JAFZA know. To obtain approval, we submit the liquidation request, the board resolution, and the letter appointing the liquidator.
We then proceed with the clearances. Certificates from the immigration and labor authorities, Customs, Etisalat or Du, JAFZA, and the Dubai Electricity and Water Authority are required.
We pay any end-of-service benefits and terminate all employee visas prior to the last stage.
The final report, which certifies that all debts have been paid, is subsequently filed by the liquidator.
Deregistration and license termination are the final steps. JAFZA provides a final certificate attesting to the official closure of your business and the permanent cancellation of your license.
Although it may seem like a lot, we maintain efficiency and complete compliance with JAFZA regulations.
Documents Needed for the Liquidation of JAFZA Company
The original trade license
The Memorandum of Association,
A board resolution for liquidation
The liquidator’s appointment letter and license copy,
Clearance letters from departments and utilities
The final audit and liquidation report
Copies of the manager’s and all shareholders’ passports and visas
Time and Expense
A JAFZA company’s liquidation typically takes four to eight weeks. The size of your business and the speed at which clearances are obtained will determine the precise schedule.
The number of employees, financial issues, and the nature of the liquidation all affect costs.
From the start, we are honest about the charges. There are no unpleasant surprises or hidden fees, and you can see exactly what lies ahead.
The Reasons for Selecting FAR Consulting The Middle East
One of the top corporate consulting firms in Dubai is FAR Consulting Middle East. In all significant free zones, including JAFZA, we assist with the establishment and closure of businesses.
Our group is quite familiar with JAFZA regulations. Your matter is handled by legal counsel and certified liquidators. We are with you from the initial stage to the final signature, and we handle paperwork and approvals fast and precisely. Our pricing is always clear, and we communicate in a straightforward and intimate manner.
We want your company to leave JAFZA in a responsible and transparent manner. You can rely on us for a complying, stress-free procedure.