About Company Liquidation
Make complex procedures easier by seeking professional assistance.
Company liquidation is the process when the company shuts down its operations while the property and assets of the company are sold and distributed among its creditors and shareholders.
Winding up a company in the UAE is quite a complicated and long process which requires a professional approach and expertise. Procedure involves a large number of different authorities and third-parties to clear all the related dues, settle all liabilities, obtain legal requirements and approvals.
Additionally, the UAE company must submit the de-registration confirmation to FTA within 21 days to avoid the penalty of 10,000 AED for late submission.
Company Liquidation
Steps to shut down the UAE company
Use the checklist below to have a clear understanding of all the steps that should be done to conduct the process of your company liquidation in the United Arab Emirates.
Step1:
- Closing corporate bank account
- All active UAE bank accounts of the company must be closed. It is mandatory to obtain the Statement of Accounts for the last financial year in order to prepare the Liquidators Report. Additionally, you will need to obtain a Bank Account Closure Confirmation from the respective UAE banks in order to prove the closure of the account.
Step2:
- Immigration clearance
- All running visas under the UAE company sponsorship must be formally cancelled. Also, you should cancel or put on hold all active UAE Residence Visas run under any employee sponsorship (employment visa/ dependent visa/ family visa).
Step3:
- Clearance from regulating authority
- Depending on the activity of the company, clearances may be required. For example, if the company has a trading business, they must approach the Ministry of Customs and the Chamber of Commerce to obtain clearance.
Step4:
- Clearances from third party liabilities
- All utilities DU/Etisalat, DEWA, Air Conditioning and any office facility of the UAE company must be cleared. You should pay all the rent to the landlord and obtain clearance if you are renting an office.
Step5:
- Publication for de-registration
- According to the jurisdiction in which your UAE company is registered, any legal entity must publish a 15-day newspaper advertisement informing the public that the company is in the process of liquidation. This can also be published online.
Step6:
- Company Assets
- According to the jurisdiction in which your UAE company is registered, any legal entity must publish a 15-day newspaper advertisement informing the public that the company is in the process of liquidation. This can also be published online.
Step7:
- Liquidators report
- The UAE company must hire a licensed and approved auditing firm, that is authorized to prepare the Liquidators Report for the company.
Step8:
- Confirmation certificate of the company license termination and company deregistration
- The Authority, where the company is registered, will issue the final approval after complying with all the steps mentioned above and then release the Certificate
How We Can Help
We can simplify and speed up the liquidation process for your company in the UAE.
The specialists at Brainciti Management Consultancies have an extensive 14-year experience in the liquidation of any type of UAE companies, including Free Zones, LLCs, local and foreign branch companies, as well as offshore companies.
We will assist you in liquidating your UAE company in an accurate, efficient, and 100% law-compliant manner.
Speed up the liquidation process for your company in the UAE
Get Expert Assistance
End-to-end service package meeting all your business needs
With us you will get the following services for the complete company liquidation procedure until receiving the Certificate confirming that your UAE company is deregistered.
- Consultation on Corporate Affairs
- Obtaining clearances from all utilities DU/Etisalat, DEWA, air conditioning, and any other office facility
- Establishment Card cancellation
- Full preparation of required documents for UAE company license termination and company deregistration
- Obtaining clearances from any Authority, when required as per activity of the UAE company
- Full compliance with the UAE Residence visa cancellation for the active employees under the UAE company
- The full application for UAE Company License Termination
- Assistance with the authorized signatory to sign the liquidation of the UAE company in front of Authority
- Compliance with the cancellation of UAE residence visas for active employees of UAE companies
- The full application for UAE company deregistration
- Coordinating with Authorities regarding UAE Company deregistration publication
- Collection of License Termination and Company Deregistration Letter from authorities
