Company Liquidation in SRTIP:
Sharjah Research Technology and Innovation Park (SRTIP) Freezone is the Fastest Growing Innovation Park in the Region. The benefits of setting up business in SRTIP Free Zone include an amazing innovative ecosystem, a talent pool of programers, entrepreneurs, software innovators, professional offices and additive manufacturing workshops. It may seem like the perfect place to set up your innovative company, but company liquidation in Sharjah Research Technology and Innovation Park (SRTIP) may still be required. This article will discuss about that, as well as:
| – | The process of company liquidation in SRTIP: |
| – | How can Mubarak Al Ketbi Chartered Accountants help you in Company liquidation of SRTIP? |
The process of company liquidation in SRTIP
The process is similar to many other freezones, and it is:
| 1. | Shareholder resolution: In SRTIP, the business liquidation procedure starts with a resolution approved by the directors or shareholders. It will be considered that the liquidation procedure will start on the day the resolution was approved. |
| 2. | Notice to the free zone registrar: The company’s liquidation should be reported to the free zone government by the directors or shareholders. The corporation should designate an official liquidator and inform the appropriate authorities about the appointment. Any audit company with a current UAE operating licence may act as the iquidator. |
| 3. | Liquidator’s acceptance letter: After being appointed, the liquidator needs to acknowledge his appointment in writing to the free zone authorities. The directors’ authority will end at this moment and be turned over to the liquidator. |
| 4. | Cancel all the work visas: All visas issued in the company’s name, including those of its workers, ought to be cancelled. It’s also advisable to revoke the establishment card issued by the firm. |
| 5. | Obtain No Objection certificates: The labor and immigration departments must provide No Objection Certificates (NOCs), which must then be turned in to the free zone authorities. It is also necessary to handover the office space and facility keys to the free zone administration. It is necessary to return any original certificates that were issued at the time of incorporation. Additionally, clearance certifications from Etisalat / Du, SEWA, and Sharjah Customs to be received. A closure letter must be issued and the company’s bank account must be closed. |
| 6. | Newspaper advertisement: A newspaper ad informing the public and creditors of the company’s insolvency is appropriate. One national newspaper in the Arabic language and one national daily in the English language in the UAE shall carry the liquidation news. During the 45-day lock-in period that follows the advertisement’s publication, creditors may bring any claim. |
| 7. | Apply for VAT Deregistration: Applying for VAT registration is a need for a VAT registered firm going through liquidation, or else the Federal Tax Authority (FTA) will impose heavy fines. Companies must apply for deregistration within 20 days of becoming eligible for it, according to the UAE VAT Law. Companies who disregard this regulation risk incurring a 10,000 AED fine. |
| 8. | Follow the Economic Substance Regulations and Maintenance of UBO Registers. |
| 9. | Submission of liquidation report: When the liquidator submits the final liquidation report to the free zone authorities, the SRTIP company liquidation procedure comes to an end. The Registrar will remove the company’s name from the register and invalidate the trading licence as soon as they receive the report. |
How can Mubarak Al Ketbi Chartered Accountants help you in Company Liquidation of SRTIP?
The liquidation in SRTIP 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 SRTIP Approved company liquidators. If you have any questions or want to work with us, Contact us today, and we promise your satisfaction
