Alex France
May 10, 2024 12:53 PM

I am closing up my business in UAE. Is there any thing i need to settle in legal and financial terms before closing ?

I am closing up my business in UAE. Is there any thing i need to settle in legal and financial terms before closing ? 

All Replies (4)
Muhammed Althaf Hassan
3 days ago

When closing your business in the UAE, there are several legal and financial obligations to consider. It's important to settle any outstanding debts, including loans, invoices, and payments to suppliers or vendors. You should also ensure that all taxes, such as VAT and corporate taxes, are paid in full. Additionally, you may need to cancel or transfer any licenses, permits, or registrations associated with your business. It's advisable to consult with a legal or financial professional who can guide you through the specific requirements and procedures for closing a business in the UAE.

Tincy Babu
3 days ago

·       A company must appoint a legally authorized Company Liquidator to carry out the company closing procedures in Dubai.

·       A Board Resolution for Liquidation has to be prepared, signed & attested by the board of directors of the company.

·       The company must obtain a clearance certificate from the ministry of labor & immigration prior to the final submission of the supporting documents.

·       The company must close and obtain Bank Account Closure letters from all associated banks.

·       All financial liabilities have to be settled by the company such as creditor payments, clients, partners, suppliers, employee settlement, etc.

Rinta james
3 days ago

Notify authorities,Settle outstanding debts,Cancel licenses and permits:,*Settle employee matters:,*Clear tax obligations:

3 days ago

Notify relevant government authorities about closure.

Settle all outstanding debts, loans, and liabilities.

Cancel business licenses, permits, and registrations.

Terminate contracts and agreements, settling associated fees.

Liquidate business assets and distribute proceeds.

Distribute remaining assets and profits among shareholders.

File final tax returns and settle tax liabilities.

Cancel sponsored visas and work permits.

Close business bank accounts and settle balances.

Obtain clearance certificates from authorities and creditors.

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