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.
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
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.
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/
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