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What is the Company Liquidation?

Company Liquidation (or business winding-up) is a legal procedure to terminate a corporate body, resolve all unpaid debts, cancel all active visas and officially end its trading license. Failure to properly cancel an inactive business will result in huge government penalties, blacklisting and possible future legal bans. Ampsy Consultancy is a professional company to guide the business owners through the process of company dissolution and help them navigate through the cancellation processes of Mainland economic departments and Free Zone registries with safety.

Our Core Company Liquidation Tracks

Mainland LLC Liquidation: Two phase cancellation process as required by the Department of Economic Development (DED). This comprises preparing the Board Resolution, appointing an official liquidator, notifying publicly and obtaining final clearance certificates.

Free Zone Company Dissolution: Clearing up the complicated procedure for terminating companies in specific free zones (like Meydan, IFZA or DMCC). We handle the shutdown of your digital registry portal, the payment of corporate utility bills and the clean up of the company structure.

Sole Proprietorship & Branch Closures: Expediting the cancellation of sole proprietorship license and corporate branches of foreign entities without any legal and financial obligations remaining behind.

Why Handle Your Business Closure with Ampsy

100% Legal Protection: All corporate tax profiles, bank accounts and customs codes are formally deregistered and a 100% protection for shareholders from future financial claims or travel bans is guaranteed.

Official Approved Liquidator Reports: Many UAE jurisdictions mandate a formal report from a registered and certified auditor for the approval of a liquidation. Our accounting team creates and certifies these required audit reports without hassle.

Collection of compulsory Federal Certificates (No Objection Certificates): We handle the collection of the required federal documents such as Ministry of Human Resources and Emiratisation (MOHRE), Immigration and local utilities (water, electric, etc.).

Shut down your business in a legal and professional manner

When it comes to closing a business, it is just as important to be meticulous as when opening a business. Ampsy Consultancy's top-notch team of corporate lawyers, consultants and chartered accountants has assisted over 5,000 businesses to successfully cross the UAE market since 2016 during all stages of their corporate life cycle.

Looking to go through a company liquidation without any hassles? Just call Ampsy Consultancy today and get a complimentary expert consultation!

(FAQs)

Frequently Asked Questions

It is a serious legal offence to leave a company without an official liquidation. The trade licence will be revoked but the government departments will enforce the annual fines recurrently. This can result in the shareholders being blacklisted, their bank accounts being frozen and/or the UAE travel ban.

For regular Free Zone businesses, this can typically happen within 2-3 weeks after submission of the paperwork. The legal procedure for a Mainland LLC takes about 40-60 days due to the UAE law's stipulation of a 30-day public notice period to determine if there are unpaid creditor claims.

Yes. In most cases, the Mainland LLCs and some high value Free Zone companies must appoint a registered, UAE-approved legal liquidator in accordance with the Companies Act. The liquidator is required to examine the company's last accounts and make an official Liquidation Report stating that all the company's local debts have been satisfied.

All employee and investor visas sponsored under the given trade license need to be completely canceled under UAE Immigration and the Ministry of Human Resources (MOHRE) before the trade license itself is officially terminated. Ampsy Consultancy takes care of this visa cancellation and labour card clearance process for you.
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