Company Liquidation is a long procedure and indeed not an easy task

DAFZA is one of the most prestigious and advanced free zones in Dubai located in the Dubai airport operated with the vision to provide an ideal base for business in the Middle East by providing a business-friendly environment, world-class infrastructure, tax exemptions, full repatriation of earnings, total ownership, and exceptional facilities.

All the businesses operating in DAFZA are required to liquidate their company through the registered auditors of DAFZA in accordance with the rules established by the free zone authority and the UAE government.

The liquidation of a company starts with appointing the registered liquidator of DAFZA.

• The Board of the company has to pass a resolution that the company is under liquidation and appoint a liquidator.
• Newspaper advertisement is published in both Arabic and English languages with 45 days of notice for creditors to submit their proof of claim and obligations.

At the time of liquidation and after the passing of the Board Resolution, the below clearances need to be obtained for the liquidation procedure to process further –

• P.O Box clearance should be obtained
• Clearance certificates from banks, telecommunications, and other government utilities should be obtained
• The accounts are finalized by the finance and accounts department and the customer needs to avail the final visa status report along with the NOC from the visa department, from Leasing, Licensing, and Legal affair and submit all the original deposit receipts

The liquidation process will take effect 30 days after the submission of the required documents and publication of the de-registration notice
After the liquidation task is fully completed, a liquidation report must be issued by the appointed liquidator and submitted to DAFZA and on Approval, DAFZA will issue a certificate of de-registration.

ARC Associates is the registered liquidator of DAFZA. Company liquidation is not indeed an easy task, that is why it is best to be done with specialized experts of ARC Associates.