JAFZA Approved Liquidators
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About JAFZA Liquidators:
JAFZA is one of the most rapidly expanding free zones in the world. The process of liquidation starts in JAFZA with hiring a professional liquidator to wind up the company. A company has to liquidate itself when the business fails. In some cases, the businesses are forcibly dissolved. If you have a business in JAFZA then there are different sets of rules. In the UAE, the regulations are determined by the authority of the particular area. It is obvious that no business owner would want to waste their time on a venture that has no future. So getting started with the liquidation as soon as possible will be the smart decision by the company. JAFZA approved liquidator will help you in understanding the guidelines and assist you in the procedure of liquidation.
List of Documents required for JAFZA company To initiate the Liquidation Process
Below mentioned is the list of documents that the JAFZA Liquidators would suggest a company to present before the authority for the liquidation –
Clearances needed for JAFZA Liquidation
After passing the Board Resolution, the below-mentioned clearances are needed for proceeding with the liquidation steps –
Procedure of JAFZA company liquidation
The following are the steps that the JAFZA company liquidation required to conduct the liquidation of a company
- The free zone companies will fill and submit deregistration form and all original documents of the company to the authority.
- The company will then arrange the exit interview where they will declare the intention of winding up to the authority.
- The companies who have taken the properties on lease will have to notify the JAFZA’s lease department. For warehouse and office facilities, 3 months advance and for plot facilities, 6 months in advance notice should be given.
- The company will then obtain an official customs clearance letter from Dubai customs. This letter will be a proof that the company has settled all of its customs-related matters.
- The company will obtain clearance from RTA, DEWA, and Etisalat that would be proof that the company there is no vehicles registered under the name of the company and all the dues have been paid.
- Then the company will obtain clearance from JAFZA’s Finance Department. Here the Liquidator’s appointment letter is required to be submitted before the department grants the clearance.
- The visas which were issued under the name of the company must be canceled. Moreover, the company has to make sure that the employees receive their gratuity.
- Once the company has obtained all the required clearances, the JAFZA authority will then broadcast the company’s purpose of liquidation in the local newspaper for 15 days. During this period if anyone has objection to the company’s wind up can notify the authority.
- If the 15 days have passed and no objections have been raised then the company can get deregistered and all the license termination will be done. In case if the company’s license has already been expired during applying for deregistration, the company will have to renew the license before it can deregister. If the company fails to do so, they will be fined AED 1,000 for every delayed month.
Liquidation services in JAFZA with Elevate Accounting and Auditing
Elevate Accounting and Auditing is a leading Audit firm in UAE and we provide auditing services in Freezones and Mainland. Our auditors have assisted many companies with liquidation services in JAFZA. As JAFZA approved liquidator , Elevate team members are highly skilled with all the knowledge about the regulation of liquidation and its process in JAFZA. Before getting the license cancellation for the company, our team makes sure that all the clearances are done. The following are the duties a company can expect from us to deliver for JAFZA company liquidation –
- Assign one of the best knowledgeable team member from our team to execute the liquidation .
- Collect all the required documents and clearances for the company’s liquidation.
- Make sure that the company submits all the documents on time without facing any penalties.
- Conduct a final audit for your company.