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Liquidation process for a Company

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Liquidation process for a Company

Sharjah Airport International Free Zone (SAIF Zone) has a number of approved court expert liquidators and auditors like Farahat and co. They are experts in carrying out the process of liquidation for a company.  The wind up the companies and help them in canceling their license. They also make sure that the least disturbance is caused to you during the whole process of company liquidation in SAIF Zone.

If you take the help of consultants present in SAIF Zone, you will not have to visit SAIF Zone for the cancellation of your license. They will do it all for their clients without disturbing them. One of the best things about them is that they ask for very reasonable fees but never bargain on the quality standards and speed of the service.

The procedure of company liquidation in SAIF Zone

The process of company liquidation in SAIF zone is carried out in three major steps;

  • Termination
  • Cancellation
  • Winding up

After the company gets the notice of written closure, it can start the process of a liquidation right away. Note that the notice should be signed by the Authorized Signatory.

Board resolution

All the directors of the company are supposed to sign the board resolution for liquidation of company in SAIF zone. The resolution must have the name of the person, its bank account details and company dues as well. all of this is needed in case there is any foreign document which needs to be attested.

Outstanding payments

All the outstanding payments must get cleared with the finance and accounts department of SAIF zone. If there are any overstay charges, they need to be cleared as well till the date of cancellation of visas and premises key handing over. If a person has to refund anything, he should do it under the name of the company by submitting the original receipt.

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Cancellation of visas and cards

All the visas, ID cards, immigration card should be canceled as per the legal procedures of the department of the investor’s services.

Handing over the premise’s keys

The premises keys must be handed over to the SAIF zone.

Returning essential documents

All the original documents should be returned to the department of Lease & License. These essential documents include License, Tenancy Contract, Memorandum & Articles of Association, Investment Service Agreement, Share Certificate, Certificate of Incorporation and more.

Cancellation of telephone lines

The company should arrange to cancel the telephone lines of the SAIF zone from ETISALAT and should provide the clearance certificate as well.

Clearance certificate

The investors should submit their passports to the Client & Investor Services Department during the clearance period.

Liquidation certificate

In the case of FZE, the investors should obtain their liquidation certificates from the auditors.

FEES

Fee for late liquidation

AED. 5000.00 are to be paid to the SAIF zone in case of late liquidation.

One publication notice

Fees in case of one publication notice in at least 2 local newspapers would be AED. 500.00

Cancellation of Immigration

The immigration cancellation fee is AED. 200.00

Immigration details

Forgetting details about visa status report, fees of AED. 275.00 is to be paid.

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