This is the process of canceling a trade license in the UAE when closing a business. To avoid penalties for non-renewal, it is mandatory to follow specific procedures to legally wind up a business, which can be quite grueling at times. Our company liquidation services handle this hassle with minimal involvement from the customer, ensuring a clean finish. We understand the importance of settling dues and profits among creditors and partners, keeping your goodwill and business reputation intact. We also consider the possibility of restarting your venture in the near future.
Company Liquidation Services
Formalities For Canceling Business License
The cancelation procedures varies based on business forms; the sole proprietorships and establishments, being the simplest. All you need to do is apply for cancellation through DED by submitting the below documents:
- NOC from Directorate of Residency and Foreigners Affairs
- NOC from Ministry of Human Resources and Emiratization
- NOC from Local Services Agent
- Letter stating the reason for Company Liquidation
For companies with shares, the steps are more because it requires liquidating the shares, collecting the debts and paying off the creditors before finalizing with DED. If your company is one of the below mentioned, you need to appoint a liquidator:
- General Partnership
- Simple Limited Partnership
- Limited Liability Company
- Private Joint Stock Company
- Public Joint Stock Company
Stage 1
- Prepare a notarized minute of the general assembly stating the company liquidation and the appointment of an auditor for the Liquidation.
- Submit all the Company Documents and Details of the appointed auditor to the DED (Dubai Economic Department).
- DED issues a liquidation certificate.
- Publish the notice of liquidation in local newspapers (Both in English and Arabic) for 45 days.
- From the date of issue, the notice gives the debtors a grace period of 45 days to submit their claims.
Stage 2
- Cancel all the employment/Partner Visa under the Company.
- Cancel labour and Immigration files of the Company and obtain NOC from both the departments.
- Obtain an NOC from the Local Partner.
- Prepare a letter stating the reason for Company Liquidation.
- Prepare the audit report of the Company.
- Obtain NOC from all the external departments (If required).
- Submit all the aforementioned documents to the DED to get the approval for final cancellation.
- After paying the requested fees, you can receive the certificate of deregistration (cancellation).
Business Setup Services
To establish any business in Dubai, a license is the most important thing. The licenses are issued by the Dubai Economic Department depending upon the nature of business. They are of three types:
Commercial licenses - that are required for any kind of trading.
Professional licenses - that are required by professional service providers such as, craftsmen and skilled labor etc.
Industrial licenses – that are needed for establishing any industrial or manufacturing operation.
Commercial licenses - that are required for any kind of trading.
Professional licenses - that are required by professional service providers such as, craftsmen and skilled labor etc.
Industrial licenses – that are needed for establishing any industrial or manufacturing operation.
PRO Services
Without the right knowledge about the business environment of UAE, simple processes and procedures can run into days and weeks unnecessarily holding up your business. Legal transactions with Government departments in UAE, like the Ministry of Labour, Department of Naturalization & Residency, Ministry of Foreign affairs, Economic Department, Municipality, etc can be completed smoothly and quickly with qualified and efficient PROs.
- Dubai Medical application service
- Dubai Family Visa Service
- WES Services Available
Free Zone License
At Express Business we help you setup, manage and effectively run your company in free zones in UAE. Our team of experienced professionals will assist you to start your business in UAE free zones. From identifying the right free zone to designing your business structure and assisting you with in-depth advice in UAE free zone operations & success; you can rely on us.