What is the Process of Company Cancellation in Dubai?

Dubai is such a great place to start a company. The exposure you can get here is unparalleled with any other place. The reason being the structure of the industry is curated in such a manner that all the companies can sustain even very harsh phases of the business cycle. Although, even with all the benefits, there are times when the need to dissolve a company becomes unavoidable.

Thus, in order to make sure that you get cancelled the license of your company without violating any guidelines, we have prepared this article with all the factors that you need to keep in your mind. So, without further ado, let’s learn about company cancellation in Dubai.

Who governs over the cases of company cancellation in Dubai?
Cancellation of a company involves a lot of payoffs and so all these factors are set up and regulated by the Ministry of Labor, Dubai. All the Labor law in Dubai are set by this Ministry and they take care of all the national as well as international affairs related to the cancellation of working visa and company cancellation in Dubai.

Apart from all the Labor and employment-related factors, the cancellation of accounts and dissolution of all the other assets with respect to the paying off of all the liabilities are managed by Etisalat, DU and DEWA.

What are the hassles that you might face?
For someone who wants to receive the cancellation certificate, they might find themselves into a puddle of hassles. These can be anything such as getting a plethora of certificates to check as to whether or not all the documentation are completed. It is completely fine if you are feeling overwhelmed during this phase and you are not familiar with the legal elements that are involved in all this. But, you can simply skip all this by taking help from a legal expert.

What is the complete procedure of Company cancellation in Dubai?
So, here is the complete step by step procedure that will get you through without any hassle what so ever.

Step 1: Firstly you are required to get the Registration and Licensing Application form and fill it entirely with the highest level of precision.

Step 2: Once it is filled you are required to submit this application form to the Ministry of Labor, Dubai.

Step 3: Submission of original or photocopy of the original license. In case the license has been ended, a no-objection certificate is required to be issued from the Ministry of Labor and Social Affairs.

Step 4: Cancellation of the Working Visa of all the partners or any non-GCC national partners who are sponsored by their visa.

Step 5: Receiving a No-objection certificate letter from UAE Central Bank regarding the following factors: Foreign Exchange Dealer, Currencies & Money Market Broker, and Shares & Bonds Broker.

Once, all of this is done, the procedure of Company Cancellation in Dubai is said to be completed. So, you need to follow all of these guidelines. Also, to make this easy, you can seek legal help.