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Company Liquidation in Dubai

Auditors in Dubai Financial Audit

How Can We Help In Covering Company Liquidation in Dubai

Company Liquidation in Dubai is a procedure where an LLC firm, free zone Company, sole establishment, or any establishment gets to close the operation. All the properties or assets of the firm will then get shared with the creditor and stakeholders of the firm. We, at Spectrum, would like to help you cover all the liquidation procedures on behalf of your firm. Liquidation is known as the winding up of a solution of a business. The technical dissolution will correspond to the final stage of the liquidation procedure.

Get to the types:

Before you plan to close down your business, we will let you know about the types of liquidations to follow. Before closing down any business, there are points like business name cancellation, cancellation of taxation registration, employee payment, and more, which must be covered. According to our experts, liquidation can either be compulsory or voluntary. Some voluntary liquidation is further controlled by the company’s creditors.

  • Voluntary:

For voluntary liquidation, the company’s shareholders will decide to just wind up the firm as they have no money to pay out the creditors. During such instances, the creditors will receive priority.

  • Compulsory:

In this type, the company liquidation will be presented by the court order as the first rule to follow. Here, the company’s assets will get distributed to the creditors, depending on their priority claims.

What is our process to cover Company Liquidation in Dubai?

We are ready to help you cover the Company Liquidation in Dubai using simplistic steps, which are easy to understand.

  • First, we would like to help the company by presenting official documents to verify that the decision to liquidate the company has been thoroughly taken.
  • This documentation will include the name of our appointed liquidator.
  • The main registration certificate should be there as well, with the credentials of our liquidator.
  • These documents are all notarized. 
  • Once the initial steps of liquidation are accomplished, we ensure that the business cancels any special permits or licenses that it might have obtained to perform multiple Dubai-centric activities.
  • All the Dubai branches must present original documents from the parent company, and our liquidator will help you in matching those tasks as well.

Why choose us for company liquidation?

The liquidation process can indeed get lengthy and costly at the same time because the firms must liaise with various external parties for arranging everything on time. Missing any such document or step will result in unwanted complications or delays. 

We, at Spectrum, provide liquidation services to cover all kinds of UAE entities. Whether you own an LLC, a free zone firm, or even an offshore company, we are ready to provide the best Company Liquidation in Dubai to all of them. Join us for that complete liquidation help. We will assist you with a single part or covering various parts of the procedure, whichever the client deemed perfect. All it takes is a single call from your side, and we will head toward you right away!

To learn more about our process, call us from Spectrum Accounts at +971-4-269-9329. You can email us at [email protected] to resolve some further understandings.

FAQ's

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.

A: 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.

A: 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: 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.

A: 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.

A:- 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.

A: 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.

A: 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.

A: 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.

Spectrum offers end-to-end accounting and audit services, simplifying its client’s life by adopting to the emerging practices to provide its clients complete solutions. We specialize in a spectrum of services including Accounting, Auditing,Value Added Tax (VAT), Economic Substance Regulations (ESR), Mergers and Acquisitions (M&A), Company Formation and Liquidation, Country by Country Reporting (CbCR) and Business Advisory Services and other business services. Our magnitude of experience, competence and reputation makes us a distinctive world-class accounting service provider.

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Tel: +971 4 269 9329
Mail: [email protected]
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