Company Liquidation in Dubai Internet City (DIC)
Dubai Internet City (DIC) is the region’s leading tech hub #WhereMindsClick. It is a thriving environment for technological innovations, with their culture focused around progress and discovery. They offer Commercial spaces, D/Quarters & in5Centres. Even though it may seem like the perfect place to set up your business, there still may be reasons for Company Liquidation in Dubai Internet City. This article will discuss that, as well as:
| – | Process of Company Liquidation in DIC: |
| – | How can Mubarak Al Ketbi Chartered Accountants help you in Company Liquidation? |
Process of Company Liquidation in DIC:
The process for Company liquidation in DIC 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 Internet 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 thisindividual. |
| 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. |
| 6. | Newspaper Advertisement: It is necessary to issue an advertisement in the newspaper informing the public about the company’s liquidation in Dubai Commercial City. One national newspaper in Arabic and one national newspaper in English in the UAE shall publish the notice. Thereafter, there is a 45-day lock-in period during which creditors can make their claim. The free zone authorities will not consider any claims filed after the lock-in period. |
| 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 Media 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 DIC liquidation process may be costly and time-consuming. Being DIC 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.