Dubai Silicon Oasis Authority (DSOA) is a 100% government-free zone that houses technology-based businesses, offering state-of-the-infrastructure as well as prominent facilities. Similar to the company formation in Dubai Silicon Oasis, there are definite steps for the company liquidation process in the UAE, which you ought to follow.
Dubai Multi Commodities Center (DMCC) has taken numerous measures to safeguard the business community. Further, the measures also help investors plan for a business setup in Dubai.
Without following the proper steps of the company liquidation process in Silicon Oasis Dubai, you may delay the entire process. Therefore, we advise you to take the help of business setup consultants to help you with the company liquidation process in Dubai Silicon Oasis.
Company Liquidation Process in Dubai Silicon Oasis
Steps for Liquidating a Company in DSOA
Notice submission to Dubai Silicon Oasis Authority
The first step to kickstart a company’s liquidation process in Dubai Silicon Oasis is submitting a notice to DSOA. The company must submit the notice three months before the liquidation date. If the company does not serve three months’ notice, it has to pay the penalty. Thereafter, the authorities implement the penalty in the form of an agreement cancellation charge.
Presenting Board Resolution
After the notice is submitted, you need to provide a board resolution regarding the company’s liquidation. The deregistration resolution must be attested as well as presented to the free zone executives.
If the company in Dubai Silicon Oasis has foreign shareholders, or it is a company the parent company in a foreign county, then there is an additional liquidation requirement. The company needs to get the resolution attested as well as authorized by the UAE embassy located in the country from where the shareholder belongs, and the Ministry of Foreign Affairs, UAE, must legalize the same.
Submission of Premises keys
As the lease agreement gets canceled along with deregistration, you are not allowed to use the premises for any purpose. Therefore, you need to submit the keys to the office, shop, or warehouse.
Submission of Original Documents
The Dubai Silicon Oasis will revoke all the certifications and permissions they provided during company formation, and no refund will be issued even if permissions/licenses are still valid.
Clearance check
At the time of the liquidation process, a company needs clearances from the following authorities :
- Clearance from Dubai Customs Department
- Etisalat Clearance
- Facilities Management Clearance
- Clearance from DSOA Government Services Department
- Allowance from DSOA Finance Department
- Clearance from DSOA IT Section
- Lastly, Clearance from DEWA
Submission of Liquidation Report
Preparing a liquidation report is the last & most vital step in a company’s liquidation process. Only approved auditors at Dubai Silicon Oasis can prepare the report.
Further, the auditor needs to prepare a report that checks the company’s finances and ensures that there are no debts that the company needs to pay at liquidation. Thereafter, this report is a necessary document required by the government to ensure that the individual/s did not use the company as a face to commit fraud.
Businesses seeking professional deal advisory services Dubai can benefit from expert guidance during company restructuring, liquidation, mergers, acquisitions, and financial due diligence processes. Strategic advisory support helps organizations manage risks, ensure regulatory compliance, and make informed business decisions throughout the company liquidation and transition process.
Steps to Complete the Liquidation Process in DSOA
Frequently Asked Questions
How long does it take to liquidate a company in Dubai Silicon Oasis?
Does the visa cancel instantly after I submit the documents to liquidate a company in Dubai Silicon Oasis?
N R Doshi and Partners is an auditing firm in Dubai, having branches across the UAE. We are a business set-up consultant in Dubai. We help investors with their liquidation process in Dubai Silicon Oasis and conduct effective, fast company liquidation in any of the free zones as well as mainland Dubai.
Besides liquidation, if you wish to start a company anywhere else in the UAE, you can also reach us for company formation in the UAE. We conduct mainland company formation, offshore company formation, and free zone company formation UAE.
We also provide accounting, auditing, management consulting, AML compliance, and ESR Advisory Services.
