What is LLC license cancellation Dubai?
LLC license cancellation Dubai means company liquidation in Dubai; or it simply means cancellation of the trade license in Dubai. It is the process in which business entity shout down its operation; and the assets and capital of the company is spread among the shareholders. Or another word it is the process of closing company in Dubai.
Closing resources before LLC license cancellation Dubai
First of all in the first place; the most important thing which needs to be close is the company utilities. It is necessary to cancel any utilities under the company use; like cancelling the account with Etisalat or du and DEWA; so that to retrieve your deposits. A large part of LLC license cancellation Dubai deals with final payment for employees. The owners or share holders of the company need to cancel their staff visa; as well as their work permits; if there is any before closing company in Dubai. The staff termination can be done from both immigration and labor. As per UAE labor law; the business owner need to give their staff a 2 month paid or 8 week notice period.
Another most important thing you need to close is the bank account of the company. You will be required to shout down any bank account link with the company; and get an okay latter from the bank. Office or warehouse leases will also need to be close; before closing company in Dubai.
Why we need closing company in Dubai
Company closing in Dubai or cancellation of trade license in Dubai; is very important part of business life cycle. There are three cases where need the Cancellation of trade license in Dubai.
First of all Cancellation of trade license in Dubai or company liquidation in Dubai becomes unavoidable; when a company make a serious offense of the law; or also in case a company commit a fraud and Dubai authority starts inspecting; and catch any dis respect to any rule of the country. In this case they will receive a legal notice; that is for Cancellation of trade license in Dubai. So company needs to be close.
Second case for companies where company need to be close; if their income is less and their expense are very high; or in simple word when they do not have enough funds; another we can say that if their business is not in a row as it should be; to carry on their daily tasks. And they are in a condition where they can’t pay their workers; or they are not capable to shelter their liability. The third case is when a company license is expired; and you do not want to renew that; then you have to close that license. Otherwise you will have a lot of fine.
And by closing company in Dubai we mean to Cancellation of trade license in Dubai. But note that once a license is closes; the same one will not be re-open. For trade license cancellation, you need to submit several documents; and also get approvals from the different gov’t and federal authority; but it depend on the type of business license you are holding.
What we offer for DED license cancellation or LLC license cancellation Dubai
- We prepare the company board resolutions
- Also we make the legal documents for LLC license cancellation in Dubai
- LLC license cancellation application
- We assist in finding as well as hiring a Liquidator
- A news adds for closing company in Dubai
- We also take clearance letter from Etisalat; as well as from DM
- Arrange clearance letter from custom dept; as well as from DEWA
- We also assist in Bank account closure and Bank NLC
- Audit for the financial statements for LLC license cancellation in Dubai
- We also assist in employee visa cancellation
- Labor card cancellation as well as Immigration card cancellation
- Liquidation report preparation as well as submission for DED license cancellation.
- Final cancellation letter
How to close LLC Company in Dubai; LLC license cancellation Dubai; LLC cancellation in Dubai
There are two main stages for closing company in Dubai
First Stage:
- Termination of all the workers; If there is any one active on a license.
- BOD resolution for closure and selection of a liquidator; and it has to be attesting from Notary Public.
- A letter from the selected liquidator along with their License Copy; Auditor registration certificate, Authorized signature certificate which is attest from a Notary Public.
- Payment of the fees at DED to issue company closing certificate.
- Closing ad in 2 local Arabic newspapers for one day; and then we will wait for 45 days; so that to check whether any one has any claim against the company.
Second Stage:
- Show the original Ad and final audit report to the DED.
- Confirmation of the Liquidator as well as Partners that there is no objection; or claim from the third party during the Ad period.
- We will cancel visa of the partners; that is if any valid visa is there on a company license. We will get clearance letter from Ministry of Labor; as well as Immigration, from DEWA also form Etisalat.
- Copy of Director Board resolution and copy of liquidation certificate..
- Pay fees at DED for LLC license cancellation.