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How to close your LLC in Dubai?
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❎ This is what you need to do to close a LLC company in Dubai. Read below the steps to follow ⬇️ 📌 No matter what type of business you own in Dubai, it is required to cancel the business license and…
❎ This is what you need to do to close a LLC company in Dubai. Read below the steps to follow ⬇️
📌 No matter what type of business you own in Dubai, it is required to cancel the business license and all related permits associated with it when you have made the decision to liquidate the business.
“As per the UAE commercial companies’ law, it is mandatory for shareholders of any business to execute the company closure procedures and pay all required closure fees to the license issuing authority. If a license is left to lapse past the expiry date, monthly penalties would be applied in perpetuity and this can lead to a police/criminal case in the name of the shareholders against cumulated debt.” – our CEO – Marianna Bulbuc declared to The National
Find below a DIY Guideline on procedures and steps required for an LLC liquidation in Dubai ⬇️
❌ Step 1
Before starting cancelling your company’s license, all employment visas under the company must be cancelled. Once the visas are cancelled, all employees must have either exit the country or obtain a new employment visa under another company.
Steps for employment visa cancellation:
✔️ Employment visa Cancellation
✔️ Labor Cancellation typing
✔️ Labor Cancellation Submission
✔️ Immigration Cancellation
Check the below link to understand more about the final settlement calculation for employees:
https://government.ae/…/end-of-service-benefits-for-employ…/
❌ Step 2
After cancelling all employees visas, the company Labour Card must be cancelled at MOHRE.
❌ Step 3
Following the Labor Card Cancellation, the Immigration Card can be cancelled at GDRFA. If any partner’s visa is under the company, the procedure can be done after signing the Board Resolution between the shareholders to dissolve the company.
Steps for partner’s visa cancellation:
✔️ Partner’s visa cancellation
✔️ Visa cancelation at GDRFA
❌ Step 4
Start the license cancelation procedure at DED. During this process all partners presence or the authorized signatory’s presence with POA from partners are required at Dubai Notary Public to sign the Board Resolution for dissolving the company.
Steps for LLC License liquidation:
✔️ Labor card cancellation
✔️ Immigration card cancellation/Employee list cancellation
✔️ Board Resolution letter drafting
✔️ Notary Public signature/stamp on the Board Resolution letter
✔️ LLC liquidation certificate
✔️ Advertisement (notice of liquidation) in 2 local newspapers – 45 days
✔️ License cancellation
✔️ Audit report preparation
⚠️ IMPORTANT NOTES!
• If DED requires any NOC/Clearance letter from any external department, it has to be obtained and submitted at the DED during the final stage of document’s submission.
• License liquidation process takes approximately 50-55 days including the waiting period of 45 days for the newspapers advertisement.
📎 Index:
* LLC – Limited Liability Company
* GDRFA – General Directorate of Residency & Foreigners Affairs
* MOFA – Ministry of Human Resources and Emiratisation
* DED – Department of Economic Development in Dubai
* POA – Power of Attorney
* NOC – Non Objection Certificate
For any assistance regarding your LLC liquidation, give us a call or drop an email. We shall ASSIST and GUIDE you with pleasure through the entire process.
📧 hello@bizzmosis.com
☎️ +971 4 381 3934
📞 +971 52 979 8169
Good day to all
Hope everyone is in high spirits .
My company Al Masroor Paper Trading LLC – dubai ; license number : 700017 has now been expired since 6 years . I need to cancel my company which is necessary before i get my partner visa cancelled .
1. There is NO employee visa on my company .
2. There is NO bank loan running on my company . (Infact never applied for one ).
3. NO creditors to pay for .
4.NO car loan on the company .
We started our business but faced an import fraud earlier in the business.. then couldn’t get on our feets ever.
My partner visa us also expired since 3 years now.
Is there any way i can cancel my LLC without paying any fines.
Because i am totally broken at this stage ..and not in a position to pay any fines on my LLC cancellation.
Would really appreciate if you can guide me through about where i should start from .
Thanks and kind regards .
Mubashir Ahmed
0556878572
Dear Mr. Mubashir,
Thank you for your message and trust in our expertise.
We are happy to assist you and hopefully finding a cost-effective way to cancel your LLC company.
One of our licensing experts shall get in touch with you and advice you further.
Kind regards
Good morning,
Thank you!
Glad you found the articles useful. We are here to help and support all entrepreneurs in taking the correct steps!
Good morning.
Thank you! Glad you found the articles useful.
Good Afternoon,
Thank you for your heads up.
Good morning.
Thank you! Glad you found the articles useful.
Hi Team,
I am having LLC company in dubai.Since feb 2020 we didnt renew the licence due loss in business and CORONA.Now we would like to cancel the license.This company doesnt have any bank loan,Credit cards,Car loans,Debters and Visas.
Please let us know how much is the charges to cancel the license.
Thanks
Aneez
050 267 8002
Dear Aneez,
Thank you for contacting us and trusting in our expertise.
An email introducing you to the relevant team member has been sent.
Look forward to being of help!
Best Regards,
Bizzmosis Team.