Company Liquidation in DWC
Dubai World Trade Center (DWC) is Dubai’s epicentre for events and business in the heart of the city. It is an ideal platform to do business, as DWC places you at the centre of the region’s economy. With over 1 million square feet of space, Dubai World Trade Centre is the first choice for industry gatherings. It might seem like the perfect place for your business to grow, but you still may require Company Liquidation in DWC. This article will explain that, as well as:
| – | Steps to Liquidate a Company in Dubai World Trade Centre |
| – | How can Mubarak Al Ketbi Chartered Accountants help you in Company Liquidation? |
Steps to Liquidate a Company in Dubai World Trade Centre
The process of liquidation in Dubai World Centre (DWC) Free Zone is:
| 1. | Pass a Board Resolution: The first stage is for the firm in Dubai World Trade Center’s liquidation to approve a board resolution. Every director’s shareholder must sign the board resolution. Prior to being sent to the free zone authorities, the resolution needs to be notarized and certified. |
| 2. | Appoint a Company Liquidator: To wind up the business at Dubai World Trade Center, a company liquidator must be engaged. An audit company with a licence to operate in the United Arab Emirates may serve as the liquidator (Like us!). |
| 3. | Letter of Acceptance from Liquidator: Following his appointment, the liquidator ought to affirm in writing to the free zone authorities that he is prepared to serve as the company’s liquidator for Dubai World Trade Center. |
| 4. | Cancellation of Visas: The corporation must cancel all of its visas, including those of its workers. It is imperative that you confirm the cancellation of the company’s establishment card as well. |
| 5. | Closure of Bank Account: Prior to closing the business, the company’s bank account should be closed if it is still open. In this regard, a closure letter has to be received from the bank |
| 6. | Obtain Clearance Letters: Obtaining clearance letters from government agencies and utility companies is advised. NoCs are required from Etisalat/Du, DEWA, Dubai Customs, Emirates Post (if you have a PO Box), and other sources. Any car registered in the company’s name will require a clearance letter from RTA. |
| 7. | Lease Surrender: The leasing department of Dubai World Trade Center must receive a lease surrender or NOC from the firm that is in liquidation. The NOC must be obtained from the business centre if the firm is operating in one that is not owned by the company. |
| 8. | Apply for VAT Deregistration: In the UAE, companies who are in liquidation need to verify the status of their VAT registration. Prior to liquidating your business in the UAE, you must file for VAT deregistration if you currently have an active VAT registration. You will be subject to a 10,000 AED fine if you do not comply with this rule. |
| 9. | Hand over UBO Registers: Within 30 days of designating the liquidator, the firm must turn over its Real Beneficiary Register (RBR) and Partners or Shareholders Register (PSR) to the free zone authorities in accordance with Cabinet Decision No. (58) of 2020 on Ultimate Beneficial Ownership (UBO). |
| 10. | Meet Economic Substance Regulations: Businesses in the United Arab Emirates going through liquidation have to comply with the Economic Substance Regulations (ESR). |
| 11. | Newspaper Advertisement: Details regarding the liquidation of the company must be published in both English (Gulf News or Khaleej Times) and Arabic newspapers (Al Bayan or Al Khaleej). After the commercial, there will be a three-week waiting period |
| 12. | Submission of the Liquidation Report: The liquidator must provide the free zone authority with a final liquidation report at the conclusion of the procedure. |
How can Mubarak Al Ketbi Chartered Accountants help you in Company Liquidation DMCC:
The liquidation in DWC procedures 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 DWC Approved company liquidators. If you have any questions or want to work with us, Contact us today, and we promise your satisfaction