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How to Liquidate a Company in JAFZA Free Zone

Written By Fayas Ismail / Reviewed By Fahad Ismail

FAQ

How to Liquidate a Company in JAFZA Free Zone
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.
Muhammed Fayas

Muhammed Fayas

ACCA (Advanced Level) candidate with a Bachelor of Commerce and over 5 years of experience at Young and Right Accounting and Tax Consultancy. Specialized in business consultancy, strategic planning, financial analysis, bookkeeping, auditing, and tax consultation. Proven track record of delivering accurate financial reporting with a meticulous, results-driven approach and a strong foundation in accounting and finance.

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