Trustee Services
Nov 16, 24Corporate Governance Framework
Nov 16, 24
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Business Closure
If you want to discontinue the operation and services which were emanating from your business than you must opt for cancellation of your business license and all other related permits associated with it.
Why cancellation of license is important for business closure?
If you are discontinuing or closing the operation and services of your business than it is important to inform the relevant government entities about it, by doing so you can avoid the accumulated fines and penalties levied upon non renewal of license. Moreover, in case your company is a shareholding entity then it is important to discharge all the liabilities of creditors and debtors before closing all the operations.
What steps are required for business closure?
Cancellation of license depends upon the nature of company you owe. For better understanding the concept basic steps required in business closure depending upon the nature of entity are mentioned below.
Steps for Sole Proprietorship
Therefore, for sole proprietorships establishments the process is very simple and straight as applicant has to apply for cancellation of business license through Department of Economic Development (DED) of the relevant Emirate and need clearance from the other Ministries and Departments such as Ministry of Human Resource and Emiratization, Directorate of Residency and Foreign Affairs, Water and Municipal Authority and leasing entity etc.
Entities which requires appointment of Liquidator
The companies enumerated below requires mandatory obligation for appointment of Liquidator. Thereby you are requested to pay kind attention if you are holding any of such kind of entity than appoint of liquidator is mandatory for you.
- Limited Liability Company
- General Partnership Company
- Simple Limited Partnership Company
- Public Joint Stock Company
- Private Joint Stock Company
Why do you need our Services?
Closing business is not an easy task as it appears because there are certain steps and stages of formalities that are to be performed by legal experts.
Therefore, NA Lawyers Firm tends to provide best business closure services to its clients our operations in business closure are very extensive including but not limited to preparing minutes of meeting for general assembly confirming company liquidation, arranging official liquidator, applying for cancellation through DED, obtaining certificate from DED for liquidation, publication of notice in local newspaper, obtaining permission and clearance from all the relevant government authorities and department.
NA Lawyers Firm has a list of happy clients who rendered our services in business closure. Therefore, our law firm tends to provide the all services in relation to the dissolution of company in mainland.
Our highly qualified team of business advisors and legal consultants at NA Lawyers Firm makes sure that no such loop holes are left in the procedure and to deliver the closing certificate to our client in a least possible time. Moreover, our team works in order to provide best services to all our clients. In case if you need any suggestion or help in relation to business closure of companies in Dubai or across UAE you can contact us freely. NA Lawyers Attorneys Law Firm is fully committed in order to perform their duty and in delivering out the positive results.
