UAE is international business Hub for Middle East and North Africa (MENA) region and offers wide range of business opportunities with relative ease of doing business. The way each month thousands of companies are being incorporated in UAE and its Free Zones, similarly, there are significant number of companies which are liquidated/dissolved. There can be multiple reasons for company liquidation such as group restructuring, failure to pay debts, corporate losses etc.
To wind up a company in UAE, cancellation of business license is necessary and detailed regulations and procedures to liquidate the company varies and depends on respective Emirates or Free Zone. The liquidation process normally involves selling of business assets, collecting receivables and then out of these collections and sale proceeds, repayment of debt and business obligation is made. Once all debts and business obligations are paid, remaining amount is to be distributed among the shareholders.
Our experts at VA, can assist you in all the proceedings of liquidation including audit whether the Company/Entity is registered in any Emirate in mainland or any of Free Zones in UAE.