Company Liquidation in D3
Dubai Design District (d3) is a space where the world of design, art and fashion co-exist, where you’ll be inspired to discover new perspectives and change the ordinary to the extraordinary. They have Commercial Spaces, Co-working Spaces, an Artistic environment, and Retail Stores available. Even though it might seem like the perfect place for artists in Dubai, there still may be reasons for Company Liquidation in Dubai Development Authority (the authority that regulates the Dubai Design District). This article will discuss this, as well as:
| – | The process of Company Liquidation in d3 |
| – | How can Mubarak Al Ketbi Chartered Accountants help you in Company Liquidation for Design District? |
The process of Company liquidation in D3:
The process of liquidation includes
| 1. | Board Resolution: The shareholders and owners of the company must be aware of and agree for liquidation of the company. They must then pass up a resolution to close the company (with their signature as a form of approval). The resolution needs to be notarized by the Notary Public before being sent to the DDA. |
| 2. | Appointment of a liquidator: The company should choose a certified liquidator in Dubai, UAE (Like us!) to liquidate their company. They will be responsible for the entire process, from the Board Notice till the Final Liquidation Report. The name and address of the liquidator should be included in the Board resolution. It is important to choose a proper liquidator. |
| 3. | Letter of Acceptance from the Liquidator: The liquidator will then send a letter to the Dubai Development Authority as proof that they will liquidate the company in that free zone. The liquidator will gain power now as he now has access to the company’s personal details. |
| 4. | Comply with Economic Substance Requirements and Ultimate Beneficial Ownership regulations of the UAE. |
| 5. | Cancel all work visas and company bank account: 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. |
| 6. | 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. |
| 7. | Newspaper Advertisement: It is required of you to notify the public about your company’s liquidation through a newspaper advertising. 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. |
| 8. | Submission of Liquidation Report: When the liquidator delivers the final liquidation report to the free zone government, the company liquidation procedure in Dubai Design District will be completed. The Registrar removes the company’s name from the free zone register and cancels its trading license after receiving the report. |
How can Mubarak Al Ketbi Chartered Accountants help you in Company Liquidation in Design Destrict?
The process of liquidation in D3 can be time-consuming and expensive because 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, as we are D3 Approved company liquidators. If you have any questions or want to work with us, Contact us today, and we promise your satisfaction