Company-Closure

Company Closure

Company Closure or Company Liquidation is an important aspect when you have decided to close down your business. No matter which type of license you hold or in which jurisdiction in the UAE, you are required to cancel your business license, visas, lease agreement, bank accounts, utilities and all related permits you hold in the company name.

Formalities of liquidating the company depends on the type of company and business activity. For certain companies such as sole propertorship or establishments, it is a straight forward process. However, for certain type of companies such as Limited Liability, Partnership, Private of Public Joint Stock Company, it is mandatory to appoint a licensed Liquidator.

The Liquidation process in the UAE is complex and also time consuming. It is also mandatory to give a liquidation notice in any 2 newspapers (1 Arabic and 1 English), thus the liquidation process takes from 45 to 90 days’ time. After obtaining clearance and NOC from relevant authorities, the liquidator issues a liquidation report which further needs to be submitted for the company closure process.

The process of liquidation requires a qualified and experienced approach. We ensure that our client experience simple and easy exit from the formal procedures.

Please write to us on info@bracecsp.com or call on +971 55 955 1389 for any questions or assistance.