Setting up business in UAE significantly depends on the rules and regulation, business environment and the culture itself. It is important that all related issues or concerns are identified, understood, measured and dealt effectively during the process of setting up the business.
Setting up business in the UAE Free zones significantly depends on the rules and regulation and policy guidelines that are specifically set by each Free Zones Authorities.
Advantages of the companies in free zones:
Key steps to set up a business in a free zone:
Company Liquidation (also called de-registration) is the process when the company or business completely closes down all of its operations and all the assets and properties of the company distributed to its creditors and shareholders.
The following details are the requirements that are needed to accomplish before a business or company in the UAE will successfully be liquidated or terminated.
Free Zone Company Liquidation Requirements:
(Note: Requirements may vary from free zone to free zone but most of them will remain the same in each free zone.)
In all cases, you will need to cancel the employees’ visas and their work permits. Dubai portal explains that this requires coordination with both the Department of Naturalisation and Residency and the Ministry of Human Resources and Emiratisation.
As per the UAE’s Labour Law, employers are required to give their employees a two-month, paid notice period before terminating their contracts. In many cases, employees can keep their residency visas until the company’s trade license runs out. Then, the company needs to cancel utilities and telecommunication services. Collect a NOC from the utilities providing company for processing the closure.
Normally, there are three general stages for every liquidation process. These are:
In this stage, certain procedures are needed to be performed such as Due Diligence compliance, review of the company’s liabilities and commitments, asset disinvestment process, and liquidation cost and plotting a liquidation timetable
In this stage, the liquidation process now begins. This includes preparing the required documents and the accounts to be liquidated, asset disinvestment process, Debt recovery, and creditors payments and Liaison with Notary and Government authorities
For the final step, this process includes termination of the contract, payments for final settlement, informing the public and deregistration.
BMS is an organization with expert professionals who can help you with the registration and formation as well as liquidation and de-registration of your business in any of the UAE Free Zones.
Our market experience and the solid personal relationships which we constantly maintain with the major finance providers and business communities, we behold specialist advisory skills to support you both in the local and global market place.
With BMS, we can help you identify the needs of your business by:
With the continuous support from our Chartered Accountants, you will get core business advice, qualitative solutions and unique experience that are specifically catered with your business needs.
BMS AUDITING & CONSULTING CO. Suite No.1001, 10th floor, Smart Height, Dubai, United Arab Emirates PH: +971 45516399 | MOB : +971 555569829 email@example.com | firstname.lastname@example.org