Business Setup in Dubai Outsource City (DOC)

Dubai Outsource City (DOC) is a United Arab Emirates based business park for local and international companies looking to work in the field of outsourcing services. It was launched in 2007 as Dubai Outsource Zone to provide state-of-the-art facilities to outsourcing companies. It houses more than 160 businesses from insurance, hospitality, banking, financial, government and travel industry. 

Why Dubai Outsource City (DOC) 

• DOC is located at a strategic location 
• It provides unique visa solutions 
• A range of commercial spaces are available to choose from with 24×7 security and access 
• Various licensing options to setup a business in DOC 
• Dubai Outsource City provides Business setup support and access to students for part-time roles 
• No currency restrictions 
• Groundbreaking infrastructure with ample parking space and high-speed internet 
• 100% repatriation of capital and profits is allowed for a Dubai Outsource City company 
• DOC provides Significant opportunities for channel and market growth 

Legal Structure

Free Zone Limited Liability Company 

One can form a Free Zone Limited Liability Company. An FZLLC has a separate legal identity and individuals and corporates can be its shareholders.  

Branch office of a UAE Company  

A branch office of a UAE Company does not have a separate legal entity and it conducts operations of parent company’s business.

 

Branch office of a Foreign Company  

DOC allows branch office of a foreign company to incorporate with no minimum share capital requirements.  

        

License Types at DOC

1. Commercial license

This type of license is provided for the companies that are engaged in trading or the buying and selling of goods. A business activity chosen under the classified commercial activity is required to have a commercial license. 

2. Services license

This type of license is given to the businesses that are providing services. They can be service providers, artisans and/or craftsman, professionals etc. 

3. Trade license

Trade license is issued to the businesses that are involved in industrial and manufacturing activities. It includes manufacturing of food products, metal casing etc.  

The type of activities permitted in DOC

Document Management, IT Management, Customer Care, Transaction Processing, Operations Support, Property Management Services, Hotels and Leisure Facilities and Regional Headquarters. 

The various kinds of services offered by DOC

Incorporation and licensing, Recruitment services, Immigration service, Land leasing, Affordable on-site housing, Business centre services, Research centres, High speed internet connectivity, IP telephony, Interactive Voice Response (IVR) facility, Automatic call distribution, Predictive dialing systems, Satellite communication services and Technical support.

Dubai Outsource City provides offices spaces for 

1. Call Centres

2. Data Centres

3. Regional HQ

4. Shared Services Centre

DOC Company Formation Process

Step by step company registration process at Dubai Outsource City

Step 1- Submit application form for approval. The details of the company are filled out. 

Step 2- Submit the legal documents needed for company registration. 

Step 3- Sign the Memorandum of Association and Articles of Association. 

Step 4- Deposit the required share capital. 

Step 5- Signing and returning of the customer confirmation letter and making of the required payment. 

Step 6- Signing of lease and personal sponsorship agreement. 

Documents required for DOC Business Setup

Complete list of documents

• Business plan 
• Board resolution 
• Proof of share capital 
• Application form for a license 
• Registration fee and license fee 
• Specimen signature of the manager 
• Agreement of personnel secondment 
• Personal details of the shareholder(s)
• Application form for company registration 
• Coloured copy of passports of the manager/director(s)/shareholder(s) 
• Original Memorandum of Association (MOA) and/or Articles of Association (AOA) 
• Certificate of Authorization for the GCC Standardization Organization (GSO)

 Guidelines for submission of legal documents 

Comply with the requirements

• All the legal documents that are more than one page in length are to be sealed under Powers of Attorney and need to be accompanied with a valid passport copy of the Attorney. 
• The Authority reserves the right to request any extra documents if it may deem required, as and when necessary. 
• The Authority has the right to ask for extra attestation by the UAE Embassy or the other Embassies, as may be necessary.
• Power of Attorney and/or Board Resolution for the Manager must state the Manager’s full name as per passport including nationality and a valid passport number.
• All the legal documents should be in Arabic and / or English. Documents that are in any other language must be accompanied by a certified Arabic or English translation. 

Source: https://nrdoshi.ae/business-setup-in-dubai-outsource-city-doc/

Dubai International Academic City: Business Setup in DIAC

 

Dubai International Academic City (DIAC) is a free zone fully dedicated to higher education and intellectual growth. Launched in 2007, it aims to fulfill the needs of the academic community. A plethora of regional and international colleges and universities are located here. There are over 27,000 students, and it offers more than 500 undergraduate and post-graduate programs. DIAC has 18 million sq ft. Campus with modern facilities.  

Dubai International Academic City (DIAC) is most suitable for the following types of ventures: 

• Academic institutions 
• Universities including online universities 
• Non-academic institutions 
• Proprietors 
• Boarding schools 
• Consulting firms 
• Commercial developers 
• Insurance companies 

                                                                    Types of Licenses available at DIAC 

   Choose the right DIAC Legal Structure

1. Free Zone Limited Liability Company 

A free zone limited liability company has an independent legal status. It is required to have at least one director to form an FZ-LLC  

2. Branch office of a UAE Company 

The branch office of a UAE Company does not have a separate legal identity, and it conducts operations of the parent company’s business. 

3. Branch office of a Foreign Company 

The branch office of a foreign company has no minimum share capital prerequisites; it is 51% locally owned. 

4. Freelance Permit  

The freelance permit gives an individual the liberty to operate as a freelance professional. 

            The benefits of business setup in Dubai International Academic City

Why setup a business at DIAC

• 100% foreign ownership
• 100% repatriation of profits
• Complete freedom from taxes
• Free of all import and export duties
• Operational costs are very low
• Availability of offices, factories, and warehouses
• Ease in obtaining a visa for students, staff, and faculties

DIAC BUSINESS SET-UP PROCESS

Step-by-step DIAC Business setup procedures

1. Submission of application 

2. Submission of documents and the necessary payment 

3. Signature and Collection

Documents Required  

• License Application form
• Registration Application Form
• Business Plan
• A copy of the Certificate of Incorporation
• Valid copies of the passport and visas of the manager of the proposed company, directors of the proposed company, and the legal representatives (if any)

The following documents are to be signed to complete the process

• Office Lease
• Articles of Association
• Memorandum of Association
• License
• Certificate of Incorporation

Facilities available 

1. Land

Different land options are provided to partners, including education, mixed-use, retail and hotel plots, and student accommodation. The plots are selected, keeping in mind the needs of educational institutions, accommodation, residential apartments, and dormitory facilities, and supermarkets, and shopping centers. 

2. Commercial Floor Space 

The space is available for all entities that meet the license requirements. 

3. Business Centre 

The Business Center offers a range of products and services like hot desks to fully furnished complete office environments. 

Hot Desk  

A Hot desk is a shared office desk, and more than one individual can use it. It is perfect for Freelancers who are looking to have a space to complete the office work such as email, printing, browsing, and calling. Hot desk clients are also eligible for one visa per freelancer.

Executive Desk  

Executive Desks come with one desk and chair along with a storage pedestal and a cabinet with key. Each of the open offices has a partition that runs from floor to shoulder height between the desks to provide privacy within such a shared environment. Executive Desk clients are also eligible for two visas per desk. The cabin size of a typical desk is approximately 100 sq. ft. 

Executive Office (Type 1)	Executive Office (Type 2)	Fitted Out Commercial Space
An executive office basically comes with one executive desk and chair, a storage cabinet, visitor chairs, and pedestal. The conventional office sizes range from 100 to 250 sq. ft.	This is an Executive Suite that offers a full-fledged furnished office environment within the Business Centre, including once executive table with chairs, visitors couch, a storage cabinet, and pedestal. The typical desk cabin size is 281 sq. ft.	A Fitted out Commercial Space offers the upper end for a business environment. Open areas fitted with desks, projectors, chairs, and table and audio-visual systems are provided. All the floors are fully carpeted and offer false ceilings with proper facilities like the Internet, telephone, IT services, and electricity.

DIAC Academic Partners 

Academic partners of Dubai International Academic City

• American University in the Emirates (AUE)
• Institute of Management Technology, Dubai
• Manchester Business School
• S P Jain School of Global Management
• Manipal University, Dubai
• BITS Pilani University, Dubai
• Hult International Business School
• Amity University, Dubai
• Abu Dhabi University
• University of Birmingham, Dubai

Source: https://nrdoshi.ae/dubai-international-academic-city-business-setup-in-diac/

How to Setup LLC Company in Dubai in 2020

In this article, we will fully describe How to Setup LLC Company in Dubai in 2020.

The United Arab Emirates offers a wide range of facilities and perks which have attracted foreign investors to setup a company in Dubai. It provides state-of-the-art infrastructure and business environment for everyone to fulfill their ambitions. One of the vital aspects which one needs to take into consideration for company formation in Dubai is the kind of legal entity he wishes to establish. He also needs to decide on the type of business activities he wants to conduct.

There are several types of business structures, and one needs to select the most suitable one according to the product, strategic objectives, location, and internal framework while deciding about the business setup in Dubai.

There are mainly three types of company formations in Dubai- Mainland Company Formation, Offshore Company Formation, and Free Zone Company Formation. A large number of entrepreneurs have gone for the LLC company Formation in Dubai for their business as it has potential benefits and very few risks associated. LLC Company is the standard type of Mainland Company formation in the UAE. You can also form a Free Zone Company (FZC), which is a limited liability company.

What is a Limited Liability Company?

Salient features of a LLC Company

The limited liability company is preferred by many of the businessmen, and therefore, it is one of the widest set up entities. The limited liability companies are the ones where the liability of owners or partners is limited up to their shares in the capital.

An LLC company in Dubai has features of both corporate as well as a partnership firm and provides advantages of both types of entities.

The concept was limited liability company was launched in 1977, and it is considered relatively new in comparison to other company formation types.

As the company members are not personally liable if any loss occurs, it has gained its popularity in recent decades as it addresses numerous concerns of entrepreneurs and provides benefits that are unique to this type of entity.

LLC Company in Dubai lets a foreign citizen own 49% of the total shares, and 51% ownership is held by a local citizen who can be a local sponsor for your company. However, if you Setup LLC Company in Dubai Free Zones, then it supports 100% foreign ownership. The procedure of Limited Liability Company may take some time, but it is quite simple, consist only of a few steps.

Why Setup LLC company in Dubai

                                                     LLC Company Formation Benefits

There are several business structures. Thus, the question arises that why forming an LLC Company in Dubai is the most suitable one? There are a large number of benefits which a Dubai Company Registration provides as compared to others:

• If you setup LLC Company in Dubai, then the company partners are safe from personal liability, and if any loss occurs, they don’t need to pay for it from personal assets like real estate, automobiles, etc. They will only need to pay according to their respective shares in the company.

• The paperwork required for LLC companies is comparatively lesser. Therefore, it makes it easier not only to start an LLC company in Dubai but also to maintain it. Legal compliance also becomes facile.

• In an LLC company in Dubai, you can have two to fifty shareholders, which ease the funding and functioning of the company. The shareholders can be individuals or corporations.

• There is no restriction on the visas required for your company.

• LLC has permission to conduct any of the activities, including the ones such as insurance, banking, etc. Therefore, you can obtain licenses for most of the business activities.

• There are no restrictions on the number of branches you can have in the UAE. You can even set branches in any of the free zones.

• A company can own real estate without ownership restrictions.

• The people investing in your company enjoy an investor’s visa, which provides them an option of 100% repatriation without any corporate tax.

How to setup LLC company in Dubai

LLC Company Formation : Step by Step Procedures

Setting up an LLC company in Dubai is a step by step process which requires visiting various departments and submitting the required documents. The below-mentioned steps will answer your question, how to setup LLC Company in Dubai.

• The first task is to decide a suitable name with which you wish to start the business. You also need to decide on the business activities in which your company is going to get involved.

• As per your business type, activities, and needs, you need to select a suitable location in Dubai.

• It is essential to have an agreement between the company partners and local sponsor who owns 51% of the company shares.

• All the required documents should be collected and then submitted to the Department of Economic Development (DED Dubai) with a filled application.

• As a business conducts specific activities, permits and licenses are required to be taken from the respective departments.

• One needs to obtain trade license, tenancy agreement, labor cards, MOA (Memorandum of Association), certificate of incorporation, and visas from relevant authorities.

Corporate Shareholder Model

Business Setup in Dubai

This model is functional in the UAE mainland, where the company owner can have 49% of the ownership, and the rest 51% lies in the hands of a local sponsor.

A risk mitigation document is prepared to ensure that all the management control, day-to-day activities of the business, financial decisions remain with the foreign investor. The local sponsor will be paid a fixed annual fee for sponsorship. This annual fee doesn’t vary with the change in profitability or turnover of the company. The company formation firms such as N R Doshi and Partners can find sponsors for you.

Documents required for setting up an LLC company in Dubai

Be ready with these Documents to form LLC in Dubai

Department of Economic Development (DED) requires the submission of a number of documents for starting an LLC in UAE. Also, the departments need the partners to submit documents as per the business activities.

The required documents must be attested as well as notarized from the home nation of the applicants and the UAE consulate. This process is time-consuming and must be conducted just after the name and business activities are decided. Here is the list of documents that one needs to submit to setup LLC Company in Dubai:

LLC company formation registration application form

Passport copies of partners, managers, and shareholders of the company

Sponsor’s passport copy

NOC from the sponsor is required

Memorandum of Association (MOA) (It should be attested from the public notary)

Initial approval provided by DED

Trade Name Registration form

The location of the office and tenancy contracted attested by DMPD (Dubai Municipality’s Planning Department) and CDF (Civil Defense Department)

Each shareholder’s bank reference holder

Source: https://nrdoshi.ae/how-to-setup-llc-company-in-dubai-in-2020/

Trade License in Dubai: Types, Procedures, Fees, and Renewal

Trade license in Dubai is one of the initial steps towards your dream of owning a business at the most prominent economic hub of the world. The business setup in Dubai allows various options for Individuals such as mainland company formation, offshore company formation, and free zone company formation.

Before you set up business in Dubai, it is necessary to go through the complete process, which starts from trade name registration in Dubai and ends as your company starts functioning.

In the whole process, you need to get a trade license in Dubai as per your business activities and preferred company structure. Let’s get started by knowing what exactly trade license in Dubai is.

While setting up a company in Dubai, UAE, you need to have specific permissions for conducting business activities. Trade license in Dubai allows you to conduct most of the activities in the UAE. It is issued by the Department of Economic Development (DED), popularly known as DED Dubai, and thus, can be called a DED Trade License.

It is also known as general trade license, and it supports the following activities:

• For the company formation in Dubai mainland or free zone, this license serves as the gateway of importing and exporting material to and from UAE, respectively.
• A license in Dubai will allow you to sell goods and services in the various parts of the emirates.
• It is also necessary for professional services such as healthcare and art galleries, etc.

Types of Trade License

Business activities supported

There are majorly four trade licenses. However, there are a few exclusive ones only for specific free zones and business activities. We will make you familiar with each type now.

Commercial License

The commercial license in Dubai allows a company to conducts trade activities such as buying and selling goods. You can only perform the activities for the items mentioned on the license.

Industrial License

This license allows the company to conduct the manufacturing of products, importing the raw material required for the product, and exporting the finished product. When you seek an industrial license, make sure you have a physical office in Dubai as it is mandatory.

Professional License

This license is, particularly for the service providers and professionals. The main advantage of this license is you don’t need to have a local sponsor; you can have 100% company ownership

Tourism License

As Dubai exclusively values Tourism, it has a separate license for companies engaging in the tourism sector. The rules, regulations, taxes, compliance, and permissions are different for this sector.

Step by Step Procedure

Business Setup in Dubai

DED takes the responsibility of issuing Dubai trade license. Therefore, DED Dubai guides the licensing and business activity classification in the local market of Dubai.

As the UAE always welcome foreign investment, the company formation in Dubai must be effortless. For that reason, company registration costs and procedures are kept favorable for everyone.

1. Trade name registration in Dubai and obtaining initial approval

You first need to reserve a trade name for your company by applying to DED Dubai. If the company name is available, the permit will be provided. In addition, you need to apply for initial permission for the business activities; you are going to conduct using your Dubai trade license.

2. Company’s Memorandum of Association Notarization

In order to obtain a trade license in Dubai, it is necessary to conduct notarization of the company’s MOA. One can do notarization in less than a day at DED Dubai. One needs to file a trade license application along with it.

3. Submission of Documents

Document submission is not only required for getting a Dubai trade license but also for membership registration with the Dubai Chamber of councils. For submission of the required original document, the applicant needs to visit the commercial registry present at the DED Dubai. If the documents are complete and legit, the name of the company is added to the Commercial Register. Then these documents, MOA and trade license application form is forwarded to the Federal Ministry of Economy.

Getting Instant Dubai Trade License

Can’t wait to set up a company in Dubai? Luckily, there’s an option

You must be expecting that there would be a long wait before your company starts functioning. Though the process seems to be time-consuming, there is an alternative.

It is possible to obtain Dubai economic department trade license instantly. If your business activities require a commercial trade license or professional trade license, you can get it in five minutes. It doesn’t even require MOA or the rent contract for the initial year. However, this license is limited to the business setup in Dubai, whose activities don’t require external approval, i.e., approval from government bodies other than DED.

You can apply through DED’s e-service portal, happiness lounge, service centers, and smart lounges with minimal documents.

Getting E-Trader License in Dubai

License for home-based businesses

E-trader license has some special features. The Department of Economic Development Dubai has introduced this E-Trader license. This license allows conducting and promoting the business through online mediums. However, there can be the only home-based businesses owning this license. Therefore, it is suitable for business owners who don’t require local partners.

As only a single owner can own a DED Trader License, one needs to have 100% ownership of the company. Further, E-Trader License does not require submission of ejari documents as physical office space is not required for this type of license.

How to renew Dubai Economic Department Trade License

Trade License Renewal in Dubai

Trade License is only valid for one year, and thus, its Renewal is required. In case if you do not perform renewal under the valid period, your license will get expired, and a ban on business activities will be imposed. For renewal of an expired trade license penalty may be charged.

1. A requirement of Tenancy Contract

It is necessary to have a tenancy contract that has at least one month of validity from the expiration date of the Dubai Trade License. In case if your tenancy contract is not having the required validity period, you need to get that renewed first.

2. License Renewal Application

For doing business in Dubai, you need to renew the license by applying for renewal at DED and submitting the required documents. The process is facile, and you need to submit a minimal number of documents mentioned below :

1. A typed BR/1 form
2. Copy of Tenancy Contract
3. Copy of current Trade License
4. Passport copies of business partners and investors

3. Make the Payment

After the documents are submitted, and the authenticity is approved, you receive a DED voucher for making the payment. You need to make the payment, and then you will instantly get your license renewed.

Advantages of having a Trade License in Dubai

Benefits of a DED Trade License

As UAE is directed towards bringing more and more foreign direct investment, the DED trade license provides huge advantages to investors and company owners.

• Import duty is low
• Paid-up capital is not necessary
• 100% repatriation not only on capital but also on profit
• A wide range of banking benefits
• Tax-free jurisdiction
• Provides gateway for local as well as an international trading

Trade License Dubai Fee

DED Trade License Fee

The trade license in Dubai’s cost varies as per your business activities and requirements. However, if one goes through the general charges, he can find out the total cost.

The License Fee starts from AED 12,000. Activity fees start from AED 150 to 500 depending upon the type of business activity. There are a few more requirements where you need to let go of your pennies, such as activity class guide fees, license replacement, license translation fees, etc.

Please note that this fee is only the official fee for obtaining the trade license and not the complete company formation in Dubai.

Source: https://nrdoshi.ae/trade-license-in-dubai-types-procedures-fees-and-renewal/

Company Liquidation Procedure with Dubai Development Authority / DDA-Dubai in 2020

In this article we will have a look at Company Liquidation Procedure with Dubai Development Authority (DDA).

Dubai Development Authority is one of the prominent authorities playing an important role in the development of Dubai’s economy. The authority sets global level standards for real estate building, urban planning, and business services.

DDA Dubai is committed to developing an environment that is business-friendly and helps companies to grow exponentially. DDA takes care of the following processes:

1. Planning of real estate and growth
2. Issuing licenses for the services by which the authority governs the projects and industries coming under its jurisdiction.
3. Development of industries

Dubai Development Authority

Liquidation Process with DDA

Company Liquidation procedure with Dubai Development Authority is as under:

Sending a notice to the Dubai development Authority

Before closing the company, you are required to submit a notice to the Dubai Development Authority. The notice must contain the reason for the closure of your company. It should be provided one month before the liquidation; otherwise, the penalty will be applied as per the lease agreement.

Attesting the board resolution

In case there are multiple shareholders, the company needs to present a board resolution for the deregistration of the company. It is required to be attested in front of executives of a free zone. In case if the shareholder is not residing in UAE, then the resolution should be notarized from the UAE embassy of the country from where the shareholders belong. It is also required to be attested by the Ministry of Foreign Affairs, UAE.

Submitting back the office key

The company is required to submit the office keys to the Dubai Development authority as they won’t be allowed to use the office space for any purpose. The lease agreement for the office is also canceled.

Announcement of company liquidation

The company needs to provide the news about the company liquidation by announcing it through two of the local newspapers. It is necessary to provide the news in both English and Arabic language

Submission of original documents

The original documents such as license, company formation certificate, lease agreement, additional activities license, permits, etc., are required to be submitted back to the Dubai Development Authority. These documents will no longer be valid after the liquidation request is submitted.

Clearance from Authorities

Before the completion of the liquidation process, it is necessary to pass clearance from the following authorities:

1. Dubai Customs Department
2. DDA Finance Department
3. Etisalat Clearance. (If Required)
4. DDA IT Section
5. DDA Government Services Department
6. Facilities Management Clearance

The authorities check the company for dues and frauds. Only after these authorities provide clearance, closure of the company is possible.

Liquidation Report

Dubai Development Authority requires preparation of a liquidation report which contains information on the company finances at the time of closure. This is to be done by a registered auditor in Dubai.

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Company Liquidation Procedure with Dubai Development Authority

FAQs

1. What is liquidation?

When a company wishes to wind up the business due to certain factors, the complete closing down process is known as company liquidation. In the process, one needs to sell out its assets to pay the debts and share of the shareholders. The liquidation process may differ as per the company structure.

2. How many days will it take for the complete liquidation of the company present in the Dubai Development Authority?

It will take around 10-12 days for the initial approval and 2-3 days for getting the company deregistration certificate.

3. What are the steps companies need to take before the liquidation process in DDA Dubai?

The companies must take the following steps before performing the liquidation process:
1) Paying all the remaining utility bills
2) Settling down the telecommunication bills
3) Closing of the bank accounts
4) Preparation of the financial audit report
5) Visa cancellation under the license

4. What are the basic requirements for company liquidation in Dubai Development Authority?

The basic requirements for company liquidation in Dubai Development Authority are as follow:
1) The board’s resolution approving the company liquidation in DDA
2) Employee visas must be canceled
3) A liquidation letter is required to be submitted to DDA approved auditors
4) One needs to obtain a clearance certificate from free zone authority
5) No objection certificate from the parent unit of the company
6) One needs to obtain a clearance certificate from Commercial Licensing Division Government section

Source: https://nrdoshi.ae/company-liquidation-procedure-with-dubai-development-authority-dda-dubai/ 

Steps for liquidating a company in Dubai Silicon Oasis Authority (DSOA)

Dubai Silicon Oasis Authority (DSOA) is a 100% government free zone that houses technology-based businesses, offering state-of-the-infrastructure and prominent facilities. Similar to the company formation in Dubai Silicon Oasis, there are certain definite steps for liquidating a company in Dubai Silicon Oasis, which you ought to follow.

Dubai Multi Commodities Center (DMCC) has taken numerous measures to safeguard the business community. The measures also help investors who are planning for a business setup in Dubai.

Without following proper steps of company liquidation in Silicon Oasis Dubai, you may end up delaying the entire process. Therefore, we advise you to take the help of business setup consultants who can help you in liquidating a company in Dubai Silicon Oasis.

Steps for liquidating a company in Dubai Silicon Oasis

Steps for Liquidating a Company in DSOA

Notice submission to Dubai Silicon Oasis Authority

The first step for liquidating a company in Dubai Silicon Oasis is the submission of notice to DSOA, which must be provided three months before the liquidation date. In case if the three months notice is not served, the company needs to pay the penalty. This penalty is implemented as a lease agreement cancellation charge.

Presenting Board Resolution

After the notice is submitted, you need to provide a board resolution regarding the liquidation of the company. The deregistration resolution must be attested and presented to the free zone executives.

In case if the company in Dubai Silicon Oasis has foreign shareholders or it is a company having the parent company in a foreign county, then there is an additional liquidation requirement. The company needs to get the resolution attested and authorized from the UAE embassy located in the country from where the shareholder belongs, and the Ministry of Foreign Affairs, UAE, must legalize the same.

Submission of Premises keys

As the lease agreement gets canceled along with deregistration, you are not allowed to use the premises for any purpose. Therefore, you need to submit the keys of office, shop, or warehouse.

Submission of Original Documents

The certificates and permissions provided by the Dubai Silicon Oasis at the time of company formation will be taken back at the time of liquidation. However, no refund will be provided even if the validity period is still left.

Clearance check

At the time of liquidation, following clearances from various authorities are required:

• Clearance from Dubai Customs Department
• Etisalat Clearance
• Facilities Management Clearance
• Clearance from DSOA Government Services Department
• Clearance from DSOA Finance Department
• Clearance from DSOA IT Section
• Clearance from DEWA

Submission of Liquidation Report

The liquidation report preparation is the last but one of the crucial steps of liquidating a company in Dubai Silicon Oasis. Dubai Silicon Oasis approved auditors can only prepare it.

The auditor needs to prepare a report in which he checks the finances of the company. It makes sure that there are no debts that the company needs to pay at the time of liquidation. This report is a necessary document required by the government, ensuring that the company wasn’t used as a means of a scam.

Steps for Liquidating a Company in DSOA

Frequently Asked Questions

How long does it take to liquidate a company in Dubai Silicon Oasis?

For liquidating a company in Dubai Silicon Oasis, initial approval may be required one to two weeks, and the document submission & clearances take less than a month.

Does the visa cancellation happen instantly once I submit the documents to liquidate a company in Dubai Silicon Oasis?

Yes, after you submit the document, the work visas related to your company will get canceled.

Source: https://nrdoshi.ae/steps-for-liquidating-a-company-in-dubai-silicon-oasis-dsoa/