RAKEZ Company Liquidation in the UAE
It’s never easy to shut down a business. You can’t afford to overlook anything because there are so many things to get right. Liquidation is the formal, last step if your business is registered with Ras Al Khaimah Economic Zone (RAKEZ).
Before your trade license is revoked for good, this is more than a collection of forms; it’s about settling debts, obtaining all necessary government approvals, and ensuring the well-being of your workers.
That’s where FAR Consulting Middle East enters the picture. They are familiar with the process, the regulations, and they ensure that you are not abandoned or kept in the dark.
You can shut down the firm in a timely and legal manner with their help.
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So, What Is RAKEZ Company Liquidation?
This is the legal procedure for permanently closing your business and removing it from the UAE’s formal records. In legal terms, at least, your firm ceases to exist after it completes its operation.
This usually happens in two ways:
- Voluntary Liquidation:
The stockholders may decide it’s time to close down, maybe the firm did what it was meant to do, or maybe it’s just time for something new.
- Forced Liquidation:
Unpaid bills are often the reason the courts or government intervene and compel the company to close.
The majority of firms in RAKEZ choose voluntary liquidation. It’s cleaner, and it maintains a clear record for you.
How Does RAKEZ Liquidation Actually Work?
All procedures are handled by FAR Consulting Middle East. They have you covered and keep you informed, so you don’t have to worry about the fine print.
- Shareholder resolution
The shareholders must approve a board resolution to wind up the firm in order for everything to start. This needs to be formally stamped.
- Choosing a Liquidator
Next, you’ll need a licenced liquidator, such FAR Consulting Middle East. They deal with the RAKEZ authority, handle the financial wrap-up, and write all the reports.
- Submitting to RAKEZ
You submit the resolution and documentation of the liquidator’s appointment to RAKEZ. You are officially in liquidation as soon as RAKEZ gives the go ahead.
- Public Declaration
The firm currently publishes a liquidation announcement in an Arabic newspaper. This allows creditors 45 days to step forward.
- Paying Off Debts
It’s time to settle your lease, bills, employees, and suppliers, as well as shut down your bank accounts. The liquidator sees to it that no loose ends remain.
- Obtaining All of the Approvals
You must obtain signatures from the following individuals before you may finish:
Federal Tax Authority (FTA) and RAZZ Authority
– Labor and Immigration
– Ministry of Human Resources and Emiratisation (MOHRE).
– Providers of utilities (such as Etisalat and DEWA)
– Confirmation from the bank that the account has been closed.
- The Liquidator’s Final Report
The liquidator drafts the final report verifying that everything is completed after all clearances are in place and everything is resolved.
- revoking the trade license
RAKEZ reviews the report, and if all is well, they release the formal certificate of liquidation. That’s all; your business is now formally shut.
What documents should you prepare?
Prepare papers in advance to prevent having to hunt for them later:
Your trade license and the Memorandum of Association (MOA)
Every shareholder’s passport and Emirates ID
Resolution on Liquidation of the Board
If necessary, a Power of Attorney
An NOC from your bank and utilities, formal clearance permits, and a letter ending your lease
Having these prepared in advance reduces time and aggravation.
How Long Does It Take? How Much Does It Cost?
In RAKEZ, liquidation typically takes four to six weeks. It truly depends on how quickly you can arrange the necessary documentation and clearances. The number of employees, the size of your business, and any outstanding debts all contribute to the price.
You will be informed of the costs in advance when dealing with FAR Consulting Middle East. There are no hidden charges or guesses.
Why Choose FAR Consulting Middle East?
Although closing a business can be difficult, it doesn’t have to be a nightmare. FAR Consulting Middle East provides you with:
Complete support from start to finish; timely, clear updates so you’re never in the dark; and experts that oversee every facet of government
No unpleasant surprises and a clear price
A smooth, lawful process from beginning to end
The details are handled by their team, so you don’t need to bother about them. You may move forward knowing that everything has been handled properly. From the initial resolution to the final certificate, they assist you.