Our Services
Liquidation of Company & Closure Certificate
Steps for Liquidation of Company & Closure Certificate:
Initial Consultation:
Initiate the process with a personalized consultation to discuss the reasons for liquidation and to understand the specific requirements. Our experts provide guidance on the steps involved and the documentation needed.
Board Resolution:
Obtain a board resolution approving the decision to liquidate the company. This resolution is a formal acknowledgment by the company's directors of the decision to proceed with the liquidation process.
Appointment of Liquidator:
Appoint a liquidator who will oversee the liquidation process. The liquidator may be an external professional or a designated individual within the company. Perfect Business Solutions can assist in the appointment if needed.
Notice to Creditors and Shareholders:
Issue formal notices to creditors and shareholders announcing the decision to liquidate. This provides an opportunity for creditors to submit any outstanding claims and for shareholders to be informed of the company's dissolution.
Settlement of Debts and Liabilities:
Prioritize the settlement of outstanding debts and liabilities. The liquidator oversees the process of clearing financial obligations, ensuring compliance with legal requirements and minimizing potential legal issues during liquidation.
Asset Distribution:
Distribute remaining assets among shareholders according to the company's articles of association. The liquidator manages the fair and equitable distribution of assets, following legal procedures.
Clearance from Authorities:
Obtain clearance from relevant authorities, including the UAE Ministry of Finance and the UAE Ministry of Economy. This involves settling any outstanding fees, taxes, or fines to obtain a "No Objection Certificate" (NOC) from government entities.
Trade License Cancellation:
Initiate the cancellation of the company's trade license. This involves submitting the necessary documents to the relevant licensing authorities and obtaining the cancellation approval.
Closure Application:
Submit a closure application to the relevant economic department in the emirate where the company is registered. The application includes supporting documents and the NOC obtained from government authorities.
Verification and Audit:
Government authorities may conduct a verification and audit process to ensure all legal requirements are met. The liquidator collaborates with these authorities to facilitate the verification process.
Closure Certificate Issuance:
Upon successful completion of the liquidation process and verification, the relevant economic department issues a Closure Certificate. This certificate serves as official documentation confirming the lawful closure of the company.
Post-Liquidation Compliance:
Fulfill any post-liquidation compliance requirements, such as returning the company's original documents and stamps, and settling any remaining administrative matters.
Ongoing Support:
Perfect Business Solutions offers ongoing support for any queries or additional services related to the liquidation process. We remain committed to assisting you throughout the post-liquidation phase.
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