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How to close a company in Dubai, UAE
Company liquidation in Dubai is the process of closing down and cancelling the licence and any attributes associated with the existence of a firm. There can be various reasons for this, both positive and negative. The company may be at a loss or may want to close the current business to open another venture, etc.
The first thing to do is to prepare notarised minutes of the general meeting of shareholders confirming the liquidation of the business and the appointment of a liquidator. He must draw up an official letter of commitment. Next, the application for closure is submitted to the DED. It is important to make sure that the company has no outstanding debts or unfulfilled obligations.
Once the certificate of winding up has been received, it is necessary to publish a notice of the company's closure in the media and newspapers. The next step is to cancel company sponsored visas and employment cards with the Ministry of Human Resources and Emiratisation.
All active bank accounts in the company name should be officially closed. It is then worth requesting an account statement for the last financial year and confirmation from the bank that the account has been closed (this may be required for the liquidators' report).
If the organisation has leased business premises, the final invoice from DEWA should be retained, as well as confirmation of the cessation of utilities registered under the company name.
Once these procedures have been carried out and the fee paid, a Certificate of Deregistration is issued. The process may seem long and complicated, but Openbiz specialists will provide you with professional support and assistance at every stage, saving you time and resources. Sign up for a free consultation and find out more about how to close a company in Dubai.
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