ProSetup Solutions - Careful planning and execution for your success

Obtain a board resolution from the company's shareholders or board of directors approving the decision to liquidate the company. The resolution should outline the reasons for liquidation and appoint a liquidator to oversee the process.

Hire a licensed liquidator approved by the relevant authorities in the UAE to manage the liquidation process. The liquidator will prepare the necessary documentation, liaise with creditors, and ensure compliance with legal requirements until completion.

Obtain tax clearance certificates from the Federal Tax Authority (FTA) and settle any outstanding tax liabilities with the relevant authorities. Ensure compliance with VAT, corporate income tax, and all tax obligations before proceeding with liquidation.

Prepare final audited financial statements reflecting the company's financial position at the time of liquidation. Submit the financial statements to relevant government authorities and regulatory bodies as per legal requirements.

Apply for the dissolution and deregistration of the company with the relevant authorities, such as the Department of Economic Development (DED) or free zone authority where the company is registered. Submit the necessary documents, including the liquidator's report, financial statements, and clearance certificates, to initiate the deregistration process.

Publish a notice of the company's dissolution and liquidation in local newspapers to inform creditors and other stakeholders. The notice should include details of the liquidation process and contact information for the liquidator.

Cancel the company's trade license, permits, and registrations with government authorities, regulatory bodies, and industry associations. Clear any outstanding fees, fines, or penalties associated with the licenses.