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How to Liquidate a Company in JAFZA Free Zone

How to Liquidate a Company in JAFZA Free Zone

Blog / By Master Consultant

Liquidating a company in the Jebel Ali Free Zone Authority (JAFZA) is an official procedure that entails settling all debts and deregistering the business with JAFZA. This article outlines a step-by-step guide to help you navigate the process effectively. Types of Liquidation in JAFZA 1. Voluntary Liquidation: Initiated by shareholders when they choose to close the company. 2. Involuntary Liquidation: Enforced by legal authorities due to insolvency or failure to comply with regulations. Steps to Liquidate a Company in JAFZA 1. Board Resolution for Liquidation - Approve the company’s Liquidation through a board resolution. - All shareholders must sign and notarize the resolution. 2. Appoint a Liquidator - Select an approved liquidator to manage the Liquidation process. - The liquidator will oversee asset distribution, settle liabilities, and create a final Liquidation report. 3. Apply for Liquidation with JAFZA - Submit a Liquidation Application to JAFZA via the portal or customer service center. - Pay the necessary Liquidation fees. 4. Notify Relevant Authorities - Inform relevant governmental and regulatory bodies, including the UAE Ministry of Labor and Immigration Department, about the Liquidation. 5. Settle All Liabilities - Pay off all outstanding debts, including: - Employee salaries and gratuity payments. - Utility bills and invoices from service providers. - Bank loans or credit obligations. 6. Cancel Visas and Permits - Cancel all employee and shareholder visas through the GDRFA.** - Ensure any visa-related fines are settled before cancellation.** 7. Close Bank Accounts - Shut down all company bank accounts. - **Acquire a confirmation letter from the bank verifying account closure.** 8. Publish Notice of Liquidation** - Publish a notice of Liquidation in at least two local newspapers (one in English and one in Arabic). - Provide a 14-day window for creditors to make any claims. 9. Submit Liquidation Report - The liquidator will compile and submit a final Liquidation report to JAFZA. - This report confirms that all liabilities have been settled and assets distributed. 10. Return Licenses and Documents - Return the company’s original trade license, share certificates, and other legal documents to JAFZA. 11. De-Registration and Final Approval - After completing all steps, JAFZA will de-register the company and issue a Company Closure Certificate. Timeline for Liquidation The Liquidation process in JAFZA generally takes 2 to 3 months, depending on the complexity of the business and the settlement of liabilities.

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