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Company Liquidation

Company Liquidation is a process of selling or dissolving a business, in other words, ending a company’s existence. The process involves selling the business’s assets or converting them into monetary funds, which are distributed to shareholders, company members, and any outside creditors who are owed money after the company is liquidated. Businesses don’t need to be insolvent to liquidate; liquidation can be voluntary or involuntarily.

Spectrum Audit, as company liquidator will ensure a 100% supervision in the liquidation process, turning the company’s assets into cash, discharging the business’s liabilities, and  distributing any leftover money to the shareholders in the manner set forth in the company’s constitution. Company owner can also decide if the liquidation of the business is partial where the owner decides to close only one aspect of its business and remains an on-going concern under a new, smaller business profile . Only after all these steps are completed, the company is formally declared as liquidated or dissolved.

Spectrum Audit is an expert in the Company Liquidation process. Reach us to have a frills free life in your journey in Dubai or any of the Emirates in UAE.We at Spectrum will assist you in taking care of all the legal procedures involved in the liquidation process of your company whether in the mainland or any free zone.

Reach us today for any kind of assistance,

call us at +971 4 2699329 or

email us at [email protected] to get all your queries addressed.

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Company liquidation, also known as business dissolution, refers to the process of closing a company in Dubai. It involves settling any liabilities, distributing the remaining assets among shareholders, deregistering the company from the relevant authorities, and cancelling any business licenses.

There are two types of company liquidation in Dubai - voluntary and compulsory. Voluntary liquidation is when the owners decide to close the business, while compulsory liquidation is ordered by the court, usually when the company is unable to pay its debts.

Yes, a company liquidation service can guide you through the complex process of company liquidation. They can help you comply with all the legal requirements, settle outstanding debts, distribute assets, and complete the necessary paperwork.

A liquidator is appointed to manage the process of liquidation. They are responsible for settling the company's debts, selling its assets, distributing the remaining assets among the shareholders, and finalizing all official paperwork required for the liquidation process.

The process involves several steps, including passing a resolution to liquidate, appointing a liquidator, settling all liabilities, cancelling visas and licenses, and notifying the relevant authorities. The exact process can vary depending on the type of company and whether the liquidation is voluntary or compulsory.

The time frame can vary widely depending on the complexity of the company's structure, the number of liabilities to be settled, and the efficiency of the liquidation process. Generally, it can take anywhere from a few weeks to several months.

During company liquidation, all employees must be formally terminated, and their end-of-service benefits must be settled. Any work permits and visas associated with the company must also be cancelled.

Yes, but all debts and liabilities must be settled as part of the liquidation process. If the company's assets are insufficient to cover its debts, the shareholders may be required to make up the shortfall, depending on the type of company.

Yes, failing to properly liquidate a company can result in penalties, including fines and potential restrictions on the shareholders' ability to open new businesses in Dubai.

The documents required may vary depending on the company type and the specific circumstances, but generally include the company's trade license, certificate of formation, board resolution to liquidate, and a liquidation report from the appointed liquidator.

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