Liquidation/Insolvency
The process of liquidation of a company in the Dubai South (formerly known as DWC) Zone are as follows:
A board Resolution need to be passed and signed by all the Board of Directors for FZC and Branch of foreign/local company. 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 cancelled 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 –
The keys of the PO Box should be submitted to the DWC Post Office and the clearance should be obtained
Clearance certificate from the Dubai south Customs
Visa Status report needs to be received from the Visa Department after all the visas, IDs and immigration card have been applied for cancellation
After all the above clearances have been obtained, the premises keys should be handed over to the Leasing, Licensing and Legal Affairs of the Dubai south.
All the outstanding dues with Dubai South Zone’s finance & accounts department 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.
All the original documents such as the License, the Tenancy Contract, Memorandum of Association, Articles of Association, Investment Service Agreement, Share Certificate, and Certificate of Incorporation should be handed over to the Leasing, Licensing and Legal Affairs of Dubai South.
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 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
ARC Associates is a registered agent in Dubai South and provides assistance for company liquidation in Dubai South.