Free Zone Company Liquidation
There are several free zones that have been established all around UAE and there are special rules and regulations that govern these free zones. All the firms and businesses who wish to set up themselves in the free zones need to follow and adhere to all the regulations in the specific free zones.
These free zones have special taxes, customs, and import regimes. There are various free zones in the UAE like the Dubai Airport Free Zone (DAFZA), Jebel Ali Free Zone, Hamriyah Free Zone, Ajman Free Zone, Fujairah Creative City, Ras Al Khaimah Free Zone, etc.
Different free zones have different procedures that are followed at the time of liquidation of the company and below are the steps of the procedures of liquidation that are more or less followed by each organization in the free zone.
The resolution is passed by the Board of Directors to establish that the company is liquidating and the liquidators are appointed by the Board. In this case, it is imperative that the approved and registered liquidators are only appointed by the free zone companies.
The next step is to cancel and clear all the visas issued as per the license of the company and obtain clearance from the labor and immigration departments of the free zone authority.
The registered auditor needs to issue the liquidation letter for the FZE (Free Zone Establishment) and FZCO (Free Zone Company) and the same needs to be submitted.
At the time of liquidation, it is to be ensured that all the fees and charges of the specific free zone authority are paid and settled and there is no owing to the free zone authorities.
It is imperative that the companies obtain the clearance certificate from the free zone authority for the purpose of liquidation. The clearance certificate is issued by the free zone authority at the time of liquidation when all the required fees and charges are paid by the company.
ARC Associates are registered and approved liquidators in the UAE. With a team of well qualified and experienced professionals, who are well versed with all the rules and regulations that are to be followed and complied at the time of liquidation of the companies registered under various free zone authorities in the UAE, It makes the process of liquidation much easier for the FZEs and FZCOs.
