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Liquidation of a company in the UAE can be either forced (in the event of liquidation of creditors) or voluntary (in the case of liquidation by shareholders, although some voluntary liquidations are controlled by creditors). Liquidation of a company means completion of all its operations: closing of obligations to creditors, a license and a previously issued visa to a shareholder or employee.
As a first step, the company should decide on the dissolution (closure) of the company at a shareholders meeting. This decision must be notarized in the case of limited liability companies registered in the UAE. If the company’s shareholders are outside the Emirates, the liquidation decision must be notarized and witnessed by the UAE Embassy in their country of residence, and must also be certified and legalized by the Ministry of Foreign Affairs and the Ministry of Justice in the UAE. This statement should also indicate the appointment of the liquidator, his name and address. In some free zones, there is no requirement for certification of the liquidation order. After all documents are submitted, the authorized body reviews the application. After approval, the relevant authority issues a confirming certificate called the “License Cancellation Certificate”.
- Copy of license
- Copy of articles of incorporation with all changes
- Power of Attorney, if any
- Shareholder decision
- Copy of each shareholder’s passport
- Emirates ID of identity card copy
- Statement of liquidation