Approved Auditors in DIAC
Dubai International Academic City (DIAC) is a free zone that is fully deDIACated to higher education, housing key global and local internationally accredited universities, and attracting students from all around the world. They offer Commercial Spaces, D/Quarters and an enabling platform for entrepreneurs & innovators called in5. Even though DIAC may seem like the perfect place to set up your educational-related business, there still may be reasons for company liquidation in DIAC.
| – | The process for Company Liquidation in DIAC |
| – | How can Mubarak Al Ketbi Chartered Accountants help you in Company Liquidation? |
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The process of Company Liquidation in DIAC:
The process is as follows:
| 1. | Board Resolution: The shareholders and owners of a company come together and sign a document to show agreement for the liquidation of their company. This resolution then must be notarized by the notary public & sent to The free zone authority of Dubai International Academic City. |
| 2. | Appointment of a Liquidator: A licensed Dubai auditor and liquidator (like us!) should be chosen for this liquidation process. A liquidator’s acceptance letter is sent to the free zone authority for proof that the liquidation is done by this individual. |
| 3. | VAT De-registration: Before beginning the company liquidation procedure in Dubai, the in question form, if it is a VAT registrant, must register for VAT registration right away. A corporation might be eligible for VAT de-registration if it is in liquidation. When such firms become eligible, they have twenty days to seek for de-registration. Penalties up to AED 10,000 will be incurred for applications that are not submitted within the allotted period. Furthermore, if VAT de-registration is not completed, the liquidation procedure would be postponed. |
| 4. | Obtain No Objection Certificates. Official government agencies and utility companies, such Etisalat, DEWA, and Dubai Customs, must submit clearance letters. In case a car is registered under the company’s name, the RTA must provide the NOC. If the business has a PO Box, clearance from Emirates Post needs to be obtained. |
| 5. | Comply with Economic Substance Requirements and Ultimate Beneficial Ownership regulations of the UAE. (Link to Blog N1). |
| 6. | Newspaper advertisement: It is required of you to notify the public about your company’s liquidation through a newspaper advertisement. It is necessary to publish the advertising in regional Arabic and English newspapers. Thereafter, there will be a 45-day grace period during which other parties may bring forth claims about the company’s dissolution. |
| 7. | Cancel all work visas and bank accounts: All visas and bank accounts from the company should be closed and have a No Objection Certificate. |
| 8. | Return original documents: It is required that you return to the free zone authorities any original documentation that you were given at the time of incorporation. The original trade licence, tenancy contract, investment service agreement, memorandum and articles of association, share certificate, certificate of incorporation, and so on are among the documents you have to return. |
| 9. | Submission of Liquidation Report: The Dubai International Academic City firm liquidation process will be finished when the liquidator gives the free zone government the final report. After reviewing the report, the Registrar strikes the company’s name from the free zone register and revokes its trade licence. |
How can Mubarak Al Ketbi Chartered Accountants help you in Company Liquidation?
Due to the potential for needless delays and problems caused by omitting any paperwork or stage, the DIAC liquidation process may be costly and time-consuming. Being DIAC Approved company liquidators, Mubarak Al Ketbi Chartered Accountants can assist you in navigating the challenges and obstacles of liquidating your business in the United Arab Emirates. Get in touch with us right now if you have any inquiries or would want to collaborate; we guarantee your satisfaction in your work!