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Step-by-Step Company Liquidation Procedure with Dubai Development Authority and Frequently asked questions for company liquidation process with DDA-Dubai
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Company Liquidation Procedure Company Liquidation Procedure with Dubai Development with Dubai Development Authority (DDA) Authority (DDA) DDA Dubai is committed to developing an environment that is business- friendly and helps companies to grow exponentially. DDA takes care of the following processes: 1. Planning of real estate and growth 2. Issuing licenses for the services by which the authority governs the projects and industries coming under its jurisdiction. 3. Development of industries
Liquidation process with DDA Liquidation process with DDA Sending a notice to the Dubai development Authority Sending a notice to the Dubai development Authority Before closing the company, you are required to submit a notice to the Dubai Development Authority. The notice must contain the reason for the closure of your company. It should be provided one month before the liquidation; otherwise, the penalty will be appliedas per the lease agreement. Attesting the board resolution Attesting the board resolution In case there are multiple shareholders, the company needs to present a board resolution for the deregistration of the company. It is required to be attested in front of executives of a free zone. In case if the shareholder is not residing in UAE, then theresolution should benotarized from the UAE embassy ofthe country from wheretheshareholders belong. It is also required tobe attested by the Ministry of Foreign Affairs, UAE.
Liquidation process with DDA Liquidation process with DDA Submitting back the office key Submitting back the office key The company is required to submit the office keys to the Dubai Development authority as they won’t be allowed to use the office space for any purpose. The lease agreement for the office is also canceled. Announcement of company liquidation Announcement of company liquidation The company needs to provide the news about the company liquidation by announcing it through two of the local newspapers. It is necessary to provide the news in both English and Arabic language
Liquidation process with DDA Liquidation process with DDA Submission of original documents Submission of original documents The original documents such as license, company formation certificate, lease agreement, additional activities license, permits, etc., are required to be submitted back to the Dubai Development Authority. These documents will no longer be valid after the liquidation request is submitted.
Liquidation process with DDA Liquidation process with DDA Clearance from Authorities Clearance from Authorities Before the completion of the liquidation process, it is necessary to pass clearance from the following authorities: 1. Dubai Customs Department 2. DDA Finance Department 3. Etisalat Clearance. (If Required) 4. DDA IT Section 5. DDA Government Services Department 6. Facilities Management Clearance The authorities check the company for dues and frauds. Only after these authorities provide clearance, closure of the company is possible.
Liquidation process with DDA Liquidation process with DDA Liquidation Report Liquidation Report Dubai Development Authority requires preparation of a liquidation report which contains information on the company finances at the time of closure. This is to be done by a registered auditor in Dubai.
Frequently Asked Questions Frequently Asked Questions What is liquidation? What is liquidation? When a company wishes to wind up the business due to certain factors, the complete closing down process is known as company liquidation. In the process, one needs to sell out its assets to pay the debts and share of the shareholders. The liquidation process may differ as per the company structure. How many days will it take for the complete liquidation of the How many days will it take for the complete liquidation of the company present in the Dubai Development Authority? company present in the Dubai Development Authority? It will take around 10-12 days for the initial approval and 2-3 days for getting the company deregistration certificate.
Frequently Asked Questions Frequently Asked Questions What are the steps companies need to take before the What are the steps companies need to take before the liquidation process in DDA Dubai? liquidation process in DDA Dubai? The companies must take the following steps before performing the liquidation process: 1. Paying all the remaining utility bills 2. Settling down the telecommunication bills 3. Closing of the bank accounts 4. Preparation of the financial audit report 5. Visa cancellation under the license
Frequently Asked Questions Frequently Asked Questions What are the basic requirements for company What are the basic requirements for company liquidation in Dubai Development Authority? liquidation in Dubai Development Authority? The basic requirements for company liquidation in Dubai Development Authority are as follow: 1. The board’s resolution approving the company liquidation in DDA 2. Employee visas must be canceled 3. A liquidation letter is required to be submitted to DDA approved auditors 4. One needs to obtain a clearance certificate from free zone authority 5. No objection certificate from the parent unit of the company 6. One needs to obtain a clearance certificate from Commercial Licensing Division Government section
N R Doshi & Partners N R Doshi & Partners N R Doshi and Partners is one of the prominent business setup consultants in Dubai. We have experience in different company formation structures such as mainland company formation, free zone company formation, and offshore company formation. Furthermore, we have also undertaken projects where we had to perform company liquidation of the various company structures. We have specifically performed company liquidation for the companies coming under the Dubai Development Authority. You can even contact us contact us for other services such as external audit, accounting, VAT, andadvisory.
