IFZA & DSO APPROVED LIQUIDATORS
IFZA & DSO Company Liquidation Services
IFZA, short for International Free Zone Authority IFZA, initially established in 2018 in Fujairah, has recently relocated its headquarters to the vibrant heart of Dubai, situated within the esteemed Dubai Digital Park, a regulated hub by Dubai Silicon Oasis (DSO). Renowned as the lowest cost-free zone for business setup, IFZA prides itself on offering a highly customized approach, complemented by efficient international service standards and cost-effective solutions.
IFZA caters to a diverse array of industries, focusing on services, professional, industrial, and commercial licenses. With an extensive portfolio of over 2000 business activities, IFZA facilitates ventures spanning professional services, information technology, design, logistics, trading, food and beverage, education, lifestyle, and marketing.
There may arise situations where a company operating in IFZA needs to undergo the process of liquidation. IFZA liquidation process of winding up a company’s affairs and distributing its assets to creditors and shareholders.
There could be several reasons why a company operating within the International Free Zone Authority (IFZA) might opt for liquidation. Understanding these reasons is crucial for entrepreneurs and stakeholders to make informed decisions about their business operations.
Liquidation process in International Free Zone Authority(IFZA) & Dubai Silicon Oasis (DSO)
Successfully winding up a company in Dubai Silicon Oasis (DSO) & International Free Zone Authority( IFZA) requires strict adherence to the local authority's regulations. Compliance with these requirements ensures a systematic liquidation Process in DSOA and notifies the authority of the cessation of operations under the company's name. However, navigating these regulations can be complex, prompting many companies to enlist an approved company liquidator in Dubai for assistance. IFZA Companies are always linked to one Service Agent. Service agents generally help to find a Liquidator. However, Business Owners are free to choose a good IFZA Liquidator like Elevate First Accounting & Auditing to prepare a Liquidator’s Report to be submitted to the IFZA Authority to deregister the Company. Approved Liquidator IFZA are also the Approved DSO Liquidator.
Notifying the Authorities
Companies must officially notify DSO/IFZA authorities of their intent to liquidate at least 1 months before commencing the process to avoid fines.
Board/Shareholder’s Resolution Regarding Company Liquidation
A resolution from the board or shareholders stating the intent to liquidate the company is required, attested by the UAE Embassy for foreign-owned companies.
Appointing a Third-Party Liquidator
DSO regulations mandate the appointment of a third-party liquidator to oversee the liquidation process, with mutual acceptance letters exchanged between the company and the liquidator.
Visa and Bank Account Cancellation
Visas, bank accounts, immigration/ID cards must be canceled, and end-of-service benefits settled as per UAE labor law.
VAT Account De-registration
VAT-registered companies must de-register within 20 days of becoming eligible for liquidation to avoid fines from the Federal Tax Authority (FTA).
Branch Closure
All branches of the company must be shut down before initiating the liquidation process, ensuring compliance with DSO regulations.
Clearance from Relevant Entities
Clearance letters are required from various entities the company was engaged with, including DEWA, Etisalat, etc.
Transferring Ownership of Intellectual Property Assets
Before liquidation, the company must transfer ownership of all intellectual property assets it owns.
Furnishing of Original Documents
All original documents provided during the company’s establishment must be submitted to the authority.
Provision of Liquidation Report
An appointed auditor will generate a report documenting the company’s liquidation process, detailing its financial activities, and providing necessary information to the authority.
Documents Required for IFZA Company Liquidation Process
When initiating the IFZA Company Liquidation Process for a company within the International Free Zone Authority (IFZA), various documents are essential to ensure compliance with regulatory requirements and facilitate a smooth transition.
Here's a comprehensive list of the documents typically required for IFZA company liquidation:
- Board Resolution
- Power of Attorney in case of Business Share holders are absent
- Liquidator's Appointment Letter
- Audit report for the Last Financial Year
- Statement of Affairs
- Clearance Certificates (Like… Electricity Dept , Telecom, RTA, Custom, etc.)
- Employee Settlement Documentation (Visa Cancellation)
- VAT Deregistration Certificate
- Bank Account Closure Letter
- Financial report for the year till the liquidation date
- IFZA Forms and Applications
- Trade License, Memorandum, Share Certificate(s), Certificate of Incorporation
Preparation of Liquidation Report
When selecting an IFZA liquidation service provider, it's crucial to consider their expertise and credentials. If opting for full assistance throughout the liquidation process, the service provider should be an authorized agent of the company, capable of representing the company before IFZA authorities. Alternatively, if seeking assistance specifically for the preparation of the liquidation report, any qualified service provider with expertise in IFZA regulations can be engaged for this purpose.
Elevate Accounting & Auditing - Your Trusted IFZA Approved Liquidator
When navigating the intricate process of company liquidation within the International Free Zone Authority (IFZA), having the guidance and expertise of a reputable and approved liquidator is paramount. Elevate Accounting & Auditing emerges as your trusted partner in facilitating a seamless and compliant liquidation journey within IFZA.
By choosing Elevate Accounting & Auditing as your IFZA approved liquidator, you can rest assured that your company's interests are in capable hands. Our dedicated team works tirelessly to streamline the liquidation process, minimize disruptions, and achieve optimal outcomes for all stakeholders involved.
Partner with Elevate Accounting & Auditing today and embark on your liquidation journey with confidence, knowing that you're backed by a trusted IFZA approved liquidator committed to your success.