Liquidation

Winding up a business can be a daunting task without proper guidance; that's where YCA steps in, offering end-to-end support to make the liquidation process smoother and ensure full compliance with relevant regulations. 

It is a formal closure of a business that involves ceasing operations, settling all the liabilities owed, and removing the business name from all government registers. Liquidation is essential, as it confirms that a business has exited legally and met all regulatory requirements.

Our certified consultants handle the closing process, tailoring it to the specific industry type and jurisdiction while also considering various compliance laws.

Offshore Entities - All major companies across the UAE

Free Zone Businesses -  Companies in JAFZA, RAKICC, and more

Mainland Businesses - LLC, Civil Companies, Partnerships, Sole Establishments

From drafting documents for dissolution to receiving the cancellation certificate, we meticulously follow the entire liquidation lifecycle.

Here's how we process a business closure:

1. Notarizing the shareholders on the dissolution of a business
2. Appointing a liquidator based on jurisdiction and type and getting their acceptance
3. Submitting the closure documents to the respective authorities
4. Publishing closure notices in newspapers
5. Getting clearance documents from labor departments, customs, telecom companies, and property landlords
6. Closing bank accounts and securing those certificates
7. Filing final liquidation report and obtaining license cancellation certificate

You will need to have the following documents prepared and organized before starting the liquidation process.

• Trade license copy
• MOA (Memorandum Of Association) with amendments
• Shareholder's resolution
• Passport
• Emirates ID
• Power of Attorney, if applicable
• Deregistration application form

Having these organized, your next phase is to determine the legal notice period, which is typically 45 days of newspaper notice for most LLCs and free zone companies with a translation in Arabic. 

After the notice period, our liquidators compile and submit the application report, along with the rewired documents, to the concerned authorities. Upon approval, a license cancellation certification will be issued, marking the formal closure of the business.