Company Liquidation in JAFZA:
Jebel Ali Free Zone (Jafza) is the flagship free zone of DP World, and is an integral part of the DP World UAE Region’s integrated business hub. The free zone has developed into a sophisticated business community and a trade catalyst that provides unheard-of growth prospects and access to markets. Jafza is home to 10,000+ businesses contributing significantly to the GDP of Dubai. Even still, there may be reasons for company liquidation in JAFZA. This article will explain that, as well as:
- JAFZA Company Liquidation Procedures:
- How can Mubarak Al Ketbi Chartered Accountants help you in company liquidation?
JAFZA Company Liquidation Procedures:
| 1. | The free zone firms will submit a deregistration form to the authorities together with their original company papers. |
| 2. | The business will then schedule the departure interview, where they will let the authorities know that they want to close. |
| 3. | The companies who have rented the premises are required to notify the lease department of JAFZA. For land facilities, notice should be given six months in advance, and three months in advance for warehouse and office facilities. |
| 4. | After that, Dubai customs will formally send the company a letter of clearance. This letter is intended to act as confirmation that the company has handled all customs-related matters. |
| 5. | RTA, DEWA, and Etisalat shall provide certification to the corporation proving that no cars are registered under its name and that all payments have been paid. |
| 6. | The firm will thereafter receive permission from the Finance Department of JAFZA. Before the department may provide clearance, the appointment letter for the company liquidation in JAFZA needs to be submitted. |
| 7. | It is necessary to cancel the visas that were issued under the company’s name. The company also needs to make sure that the workers receive their gratuities. |
| 8. | Following receipt of all required approvals, the JAFZA authority will publish a notice in the local newspaper for 15 days announcing the company’s decision to liquidate. |
| 9. | After the fifteen days have elapsed and no objections have been filed, the corporation may be deregistered and the licensing requirements will be fulfilled. |
The documents required are:
| – | Cover letter from the registered agent for a business closing. |
| – | To deregister a corporation, it must be current and renewed. |
| – | letter from the shareholder requesting the liquidation of the company. |
| – | Shareholders’ Original Certificate of Formation Resolution for the Liquidation of the Business and the Appointment of Auditor |
| – | the initial MOA/AOA (2 nos.) |
| – | Resolution of the original shareholders, if any; declaration of the auditors regarding the business’s liquidity |
| – | Original letter of bank liquidation |
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!