Company Liquidation in DAFZA:
Dubai Airport Free Zone Authority (DAFZA) is an airport free zone located in Dubai. It is a hub of business activity with direct access to the Dubai Airport. This allows it to be the ideal gateway to the Middle East, as well as Europe, the Indian Subcontinent and the Even still, there may be reasons for Company Liquidation in DAFZA despite the major advantages this Free Zone provides. This article will discuss about Company Liquidation in DAFZA, as well as:
- The process of Company Liquidation in DAFZA
- How can Mubarak Al Ketbi Chartered Accountants help you in Company Liquidation?
Here are all the documents that need to be submitted throughout the liquidation process:
| – | Shareholder/Board Resolution, Attested by The Notary Public. |
| – | Letter of Appointment Presented to Liquidator Hired by The Company. |
| – | Letter of Acceptance from The Liquidator Submitted to The Company. |
| – | Bank Closure Letter |
| – | Clearance Documents from Dubai Customs |
| – | Clearance Documents from Relevant Service Providers |
| – | Liquidator’s Report |
The process of Company Liquidation in DAFZA:
| 1. | Consultation of shareholders: You communicate with your shareholders regarding the decision to close your company through issuing a formal statement to a shareholder/board resolution. |
| 2. | Appointment of a liquidator: A third party liquidator, like Mubarak Al Ketbi Chartered Accountants, should be appointed to manage the liquidation process. |
| 3. | Public Announcement of liquidation: A corporation must run an advertisement in the local newspaper when it starts the liquidation procedure. The company’s intention to liquidate itself is announced in this 45-day advertisement |
| 4. | Branch and VAT Deregistration: This applies to companies that have branches and/or have registered for VAT. De-registering for VAT is a crucial step for company liquidation. In DAFZA, companies have 20 business days to de-register for VAT after they have begun the liquidation process. |
| 5. | Proof of Clearance from Customs and Service Providers: All service providers must give clearance documents to your firm. This serves as evidence that the business has settled its outstanding debts with all service providers. |
| 6. | Bank Account Closure and Visa Cancellation: Your business must terminate all visas issued in accordance with your business licence and close its bank account. |
| 7. | Liquidator’s Report: The final step of the process is to submit a liquidator’s report. The designated liquidator has put together this report, which contains information about the assets of the business and the liquidation procedure. |
How can Mubarak Al Ketbi Chartered Accountants help you in Company Liquidation:
The company liquidation process can be time-consuming and expensive because corporations must coordinate with a variety of external parties and authorities to ensure that everything is completed on time. Missing any step or paperwork can result in unnecessary delays and issues. Mubarak Al Ketbi Chartered Accountants can help you navigate the problems and difficulties of liquidating your company in the United Arab Emirates. If you have any questions or want to work with us, Contact us today, and we promise your satisfaction!