LLC License Cancellation Procedures in Dubai

Cancellation of Limited Liability Company License

First Stage:
1. Cancel all existing employees, if any

2. Resolution of Director Board for dissolution and appointment of a liquidator and it has to be attested from Notary Public.

3. Letter from the Liquidator along with their License Copy, Auditor registration certificate, Authorized signature certificate attested by Notary Public.

4. Payment of Dh2000 at Department of Economic Development to issue company liquidation certificate. 

5. Liquidation advertisement in two local Arabic newspapers for one day and wait for 45 days to check whether any client has financial claim against the company.

First Stage:
1. Present original newspaper Ad and final audit report of the company to the Department of Economic Development.

2. Confirmation of the Liquidator and Partners that there is no any objection/claim from the third party during the Ad period.

3. Cancel visa of partners, if any, and get clearance letter from Ministry of Labour and Immigration. 

4. Copy of Director Board resolution and copy of liquidation certificate.

5. Pay Dh3000 at Department of Economic Development.

License sale: You can sell your license by share transfer to another investor and avoid license cancellation expense. read more
Mail your queries to: visaprocess.ae@gmail.com
------------------------------------------------------------------------------------
Q: My son is an investor in a company registered in Dubai and holding a partner visa from the firm. The business is not doing well and is in a bad shape. My son wants to exit Dubai. If he stays in his home country for more than six months, will his visa get cancelled automatically? His name appears on the licence of the company, too. Will that also get cancelled? He is also an authorised signatory to the company's bank account. What will be the best thing to do here to avoid any legal consequences? Can he enter UAE again without any issues?

A: Your son may liquidate the company and close the bank account and cancel his visa, before travelling to his home country. Alternatively, if the entity is a limited liability company, he could transfer and sell his shares to other partner(s) or to a third party, if such other partner(s) or a third party are willing to purchase his shares.

Upon transfer of his shares, the company could change the signatory of the bank account of the firm.

Further, if your son does not liquidate the company before his departure, he could give power of attorney to any person to liquidate the company in his absence. If he leaves the country without liquidating the company and continuously stays outside the UAE for more than 6 months, his visa should automatically be cancelled.

In the event he leaves the UAE without cancelling his visa and it is not automatically cancelled, he will have to get it done at the office of General Directorate of Residency and Foreigners Affairs, upon his return to the UAE.

Know the law
A person - who is an investor in a company here and is leaving the UAE - can transfer and sell his shares to other partner(s) or to a third party, if such other partner(s) or a third party are willing to purchase his shares. Upon transfer of his shares, the company can change the signatory of the bank account of the firm. (KT)
BUSINESS SET-UP IN UAE
EMPLOYMENT VISA
VISIT & TOURIST VISA
by at