A Guide to Trade License Cancellation in UAE
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Conditions for Trade License
It is very important to get clearance from the government authorities. This may avoid incurring any fines or penalties on your license when it is not renewed upon its expiry.
It is important for relevant government entities to know that you are no longer in the business, so you will avoid any accumulated fines and penalties incurred upon your license when it is not renewed upon the expiry date.
If you are in a shareholding company, it is important to discharge your liabilities towards creditors and partners and protect your interests and shares.
It is also wise to put your goodwill and business reputation in perspective if you decide to open a business again.
Primary Step 1.Approval from ministry authorized to undertake cancellation of trade license 2. Closing of bank account 3. Approval from the immigration department
Companies that require a Liquidator General Partnership Limited Liability Company Simple Limited Partnership Public Joint Stock Company Private Joint Stock Company
Steps to Cancel Trade License in UAE
Stage 1 – Drafting of
resolution
Prepare the board of resolutions to appoint the liquidator for the license cancellation, also prepare the cancellation contract in the notary public
Stage 2 – Application for
cancellation of trade license
As the first stage, the required person has to draft an application for cancellation of trade license.
Stage 3 – Cancellation
Cancellation of all the employment visas under the trade license and get the necessary approvals.
Stage 4 – Publication
Liquidation advertisement is to be published in two local newspapers. Confirmation of the Liquidator and Partners that there is no objection from the third party during the publication period.
Stage 5 – Clearance
The visa and company-established card will be canceled, and the owner will receive clearance from relevant authorities.
MOR E
Top Company Liquidator in UAE
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