Liquidation/Insolvency
JAFZA is one of the world’s biggest and the most rapidly developing free zones. JAFZA is hosting and housing more than 120 of the businesses worldwide 500 tycoons, from numerous destinations. It is the main motivating element of the blossoming UAE economy. With its unmatched reputation, JAFZA represents advancement and pioneering dynamism.
An audit is obligatory for the vast majority of the Free Zone Organizations enrolled under JAFZA Authority respectively, according to the Jebel Ali Free Zone rules and guidelines, the Implementing regulations No. 1/99. The clause (51) gives that, the Free Zone Organizations in JAFZA will delegate approved auditors, who are endorsed by the authority. They provide audit reports of the yearly records of such Free Zone organizations and they are to be submitted to the investors and stakeholders of such Free Zone Organizations in Jebel Ali, Dubai, and UAE.
ARC professionals are one of the best audit firms in JAFZA & in Dubai, UAE. With some of the foremost and certified auditors in Dubai on our team, ARC guarantees you that we will exceed your expectations. We are registered liquidators of JAFZA.
The free zone has a different method to follow for company liquidation
The process of liquidation of a company in the Jafza begins with the appointment of liquidator passing a board resolution by the Board of Directors for a 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.
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 –
All the outstanding dues to JAFZA 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 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.
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