Things you must know before closing down your business in Dubai

Posted on 30th, Dec 20
Things you must know before closing down your business in Dubai

Closing down your business is a considered decision. The reasons for your shut down might be personal or professional. Whatever the reason, there are a few important things to be noted for.

You need to comply with official procedures to shut down your business in UAE

Your prerequisites before closing down your business

Your company’s regular operations and activities are well known to clientele. So, a sudden announcement of shut down brings detrimental outcomes; economically and professionally.

Therefore, how can you avoid such disruption along the way?

  • Let all your clients and associates know about your decision to shut down the company. Provide adequate time, so that you can complete all assignments on time.
  • If you have stockpile, sell them as soon as possible
  • Settle all your refunds.
  • Your creditors must be informed. Otherwise, they may be inclined to ask for a long time.
  • Also, you need to collect all sales credit before shut down.
  • Provide ample notice period for employees, so that they can find another job or side hustle.
  • You should expel all your subscriptions and business credit cards.
  • Cancel all your licenses including trade licenses and others.
  • File your income tax returns and allocate the remaining assets between business partners.

There are different types of companies and dissolving them requires certain steps.

  • Start company liquidation process, employing a notarized general assembly
  • Get a letter from the liquidator acknowledging the responsibilities or liabilities.
  • You can also apply for the cancellation of your license through DED or other mediums.
  • Publicize your liquidation period in daily or newspaper.
  • Such an announcement allows debtors a grace period of forty-five days.
  • A letter will be issued to DED from the liquidator indicating no opposition from other parties.
  • Get consent or approval from the officials.
  • Cancel the company’s card and foreign partner’s visa
  • Submit accurate information in order to get final cancellation approval.
  • Make necessary payments determined by DED.
  • After settling the payment, get the certificate of cancellation

The above mentioned are the steps for getting your deregistration certificate

We are at your service and our expert can start the liquidation process and finally help you close your company. Our team of experts is happy to assist you at the earliest. We are one of the renowned business consultancy services in UAE. Hassle-free experience and expert advice are what you can expect from us. Call +971 555 393936 and experience the best Company Liquidation in Dubai, UAE with a quick call.