Liquidation/Insolvency
Dubai Silicon Oasis is a globally recognized free zone and an integrated technology park that allows people to live, work and play. Hosting modern technology-based industries and an urban master-planned community.
It is considered to be the only technology park in the region that provides both a living and working integrated community established with the Mission to "facilitate and promote modern technology-based industries" thus supporting the region's demand for business expansion. A full package of incentives and benefits is provided to companies operating within the free zone.
Companies that are established in the DSOA free zone, need to comply with certain regulations that make the financial audit compulsory for the companies. The financial audit needs to be done at the end of each financial year and should be submitted to the authorities within four months of the end of the financial year from the registered auditor of DSOA. The audit of the financial statements is compulsory as it helps in the improvement of the management of the company and is also a test to ensure that all the rules and regulations have been complied with which must be done by the approved auditors of DSOA.
ARC Associates is a registered liquidator of DSOA for the deregistration of a company.
The process of liquidation of a DSOA registered companies are as follows:
A board resolution needs to be passed and signed by all the Board of Directors for FZE & FZC and branches of foreign/local companies. It is imperative that the clause for the closure and authorization is included in the Board Resolution passed. The name and the bank account details of the person to whom all the deposits are to be made after the closing down should also be mentioned.
The Immigration Card should be canceled and the details of the immigration should be obtained and kept as it would later be treated as the invoice by the Visa Department.
At the time of liquidation and after the passing of the Board Resolution, the below clearances need to be obtained for the liquidation procedure to process further –
Clearance certificate from the DSOA and other government entities, banks.
All the outstanding dues in DSOA should be paid and settled including overstay charges until the date of cancellation of all the visas or the handing over of the premises keys, whichever is later.
The accounts are finalized by the finance and accounts department and the customer needs to avail the final visa status report along with the NOC from the visa department, from Leasing, Licensing, and Legal affair, and submit all the original deposit receipts.
The liquidation process will take effect 30 days after the submission of the required documents and publication of the de-registration notice.