Requirements for Company Liquidation Reporting

To initiate the process of company liquidation and ensure a comprehensive liquidation report, the following prerequisites must be meticulously compiled:

1. Updated Know Your Customer (KYC):

   – Thoroughly updated KYC documentation to authenticate the identity of the involved parties.

2. Legal Documents:

   – Provide the latest copy of the Trade License.

   – Furnish updated Memorandum and Articles of Association (MOA/AOA) copies.

3. Management Credentials:

   – Present copies of visas and passports for all key management personnel.

4. Financial Records:

   – Submit the previous year’s audit report, or in its absence, detailed sales, purchases, and expenses documentation for accurate liquidation report preparation.

5. Visa Cancellation:

   – Include copies of visa cancellation documents for all relevant individuals.

6. Liability Settlement:

   – Ensure that all outstanding liabilities are settled and documented.

7. Bank Closure Confirmation:

   – Provide confirmation of bank account closure along with corresponding bank statements up to the closure date.

8. Board Resolution:

   – A formal board resolution explicitly stating the decision to proceed with company liquidation.

9. Public Notice:

   – Issue a Notice of Liquidation through a widely circulated advertisement. The liquidation report will be issued 45 days after this public notice.

10. Tax Deregistration:

    – Include a copy of the Value Added Tax (VAT) deregistration certificate if the company is registered.

11. Labor License Cancellation:

    – Furnish a copy of the labour license cancellation certificate.

12. Departmental Clearances:

    – Obtain clearance letters from relevant departments, including:

       – Telecommunication Department (e.g., Etisalat, Du, etc.).

       – PO Box provider.

       – Customs authority.

       – Electricity & Water Authority.

 

By adhering to these comprehensive requirements, the liquidation process can be conducted efficiently and in compliance with all legal and regulatory obligations.

 

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Disclaimer: This material and the information contained herein, prepared by SPECTRUM AUDITING, are intended for clients and professionals to provide updates and are not an exhaustive treatment of the subject. We are not, by means of this material, rendering any professional advice or services. It should not be solely relied upon as the basis for any decision which may affect you or your business. This update provides certain general information as well as specific information regarding SPECTRUM AUDITING. This update should not be regarded as comprehensive or sufficient for the purposes of any decision-making.