How Do You Close a Company in JAFZA and What Is the Process?

To close a company in JAFZA, start with a board resolution to approve the closure. This step initiates the deregistration process. You'll need to appoint a court-certified liquidator and submit necessary documents, including a deregistration form and a fee of AED 6,500. Obtain clearance letters from Dubai Customs, DEWA, and RTA to confirm all financial obligations are settled. Cancel all employee visas and settle utility services. Make sure you announce your intention to deregister in a local newspaper for 15 days. Following these steps carefully will help guarantee a smooth closure journey. More details can guide you further.

Types of Business Closures

When you decide to close your business in JAFZA, it's crucial to understand the different types of closures available. There are four main types: summary winding up, creditors winding up, bankruptcy, and liquidation. Each type serves a unique purpose based on your business's circumstances.

Summary winding up is the simplest option. If your company has no liabilities or can pay them off within six months, this process allows for a quick closure. You won't need to deal with complex legalities, making it a straightforward choice.

On the other hand, creditors winding up involves a resolution and requires you to meet with your creditors. This step is necessary to address any outstanding debts before you can proceed with the closure. It emphasizes communication and negotiation, which can help resolve issues amicably.

Bankruptcy is a more serious situation. Governed by UAE Commercial Transactions Law No. 18 of 1993, it involves a court process for companies unable to meet their financial obligations. This often leads to liquidation of assets, meaning your business's assets will be sold to pay off debts.

Finally, liquidation can be voluntary or compulsory. Voluntary liquidation is initiated by the directors when financial issues arise, while compulsory liquidation is ordered by the court. Each of these types of closures has different implications for you and your stakeholders, so understanding these options is vital as you navigate the process of closing your business.

Understanding Company Liquidation

Understanding company liquidation in JAFZA is important for business owners facing closure, as it involves a structured process to settle debts and distribute remaining assets. This process is overseen by a court-certified liquidator who guarantees compliance with regulations. There are four types of liquidation in JAFZA:

• Partial liquidation
• Complete liquidation
• Compulsory liquidation
• Voluntary liquidation

Each type serves different circumstances and has distinct outcomes.

The steps in JAFZA company liquidation include submitting a deregistration form, obtaining clearance letters from relevant authorities, and canceling employee visas. These actions must be completed before you can receive a Certificate of Dissolution, which officially ends the company's existence.

A key part of the process is the liquidation report prepared by a local auditor. This report confirms compliance with regulations and outlines the company's assets and liabilities. It's essential to adhere to JAFZA's regulatory requirements and timelines to avoid complications. Additionally, understanding the importance of annual audit and financial reporting ensures that all financial obligations are met during the liquidation process.

Failing to follow these steps can result in delays or penalties. Thus, it's important to stay organized and informed throughout the liquidation process. By understanding the requirements and working closely with professionals, you can navigate JAFZA company liquidation more smoothly. This knowledge not only helps you manage the closure effectively but also guarantees you fulfill your obligations to creditors and shareholders.

Closure Process Overview

To start the closure process in JAFZA, you'll need to pass a board resolution and schedule an exit interview with Customer Relations. It's important to remember that you'll have to provide notice depending on your facility type, with three months for office or warehouse spaces and six months for plot facilities. After that, you'll gather necessary clearance letters from authorities to guarantee everything is compliant before moving forward.

Initial Steps Required

Before initiating the closure process for a company in JAFZA, it's important to understand the necessary steps involved. As a company owner, you'll need to follow specific initial steps to guarantee a smooth deregistration.

• Pass a board resolution to approve the closure.
• Complete the deregistration form and notify JAFZA through an exit interview.
• Contact the leasing department to terminate lease agreements and restore premises.
• Obtain customs clearance to settle any outstanding goods and duties.

These steps are significant for closing your business in the Jebel Ali Free Zone. First, shareholders must pass a board resolution for deregistration. Then, you must fill out the deregistration form and schedule an exit interview with Customer Relations. It's also crucial to inform the leasing department about terminating your lease and confirming the premises are returned to their original condition.

Additionally, you'll need to settle any outstanding dues with Dubai Electricity and Water Authority (DEWA), Etisalat, and Roads and Transport Authority (RTA). Furthermore, utilizing PRO services can simplify the closure process and ensure compliance with local regulations. Finally, clearance from the JAFZA Finance Department is required before the closure process can move forward. Following these steps will help you navigate the initial phase of closing your company effectively.

Final Documentation and Clearance

As you approach the final stages of closing your company in JAFZA, it's crucial to guarantee all necessary documentation is in order. You'll need to submit the final documentation, which includes a liquidation report and clearance letters from relevant authorities. This guarantees you comply with legal obligations.

Start by obtaining clearance from the JAFZA Finance Department to confirm all financial obligations are settled. You'll also need a report from an auditor that verifies the settlement of assets and liabilities. Don't forget to get clearance letters from utility providers like DEWA and telecommunications providers like Etisalat, along with letters from relevant government departments confirming there are no outstanding dues.

Additionally, you must publish an advertisement in a local Arabic newspaper announcing your intention to deregister. This should run for 15 days to allow for any objections from third parties. Finally, verify you receive the final termination letter from JAFZA, which confirms the completion of the deregistration process. This letter is essential to officially dissolve your company and cancel its trade license. Following these steps will help you complete the closure process smoothly.

Initial Steps for Closure

To start the closure process, you'll need to pass a board resolution and inform JAFZA through an exit interview with Customer Relations. It's also important to notify the leasing department to terminate any lease agreements. These initial steps are essential for a smooth shift as you prepare to close your company.

Board Resolution Requirement

A board resolution is fundamental for initiating the closure of a company in JAFZA. This formal decision must be passed by the shareholders to kick off the deregistration process. To proceed, you'll need to have the resolution signed in person at the JAFZA head office with an authorized representative present.

This board resolution serves as a significant step, laying the foundation for all subsequent actions required for the company's closure. Here are some key points to remember:

• It documents the decision to close the company.
• It must be prepared accurately to avoid delays.
• It requires the presence of an authorized representative for signing.
• It's essential for the next steps in the closure process.

After you've secured the board resolution, the next step involves notifying JAFZA through an exit interview with Customer Relations. This process is critical, as it guarantees that all parties are aware of the closure intentions. By following these steps diligently, you can navigate the closure of your company in JAFZA more smoothly. Understanding the importance of this board resolution will help facilitate a more organized and efficient closure process.

Lease Termination Notification

Once the board resolution is secured, notifying the leasing department about the lease termination is critical for moving forward with the closure process in JAFZA. You'll need to reach out to the leasing department to formally terminate any lease agreements. This step is significant as it guarantees that the premises are restored to their original condition before you return the keys.

Additionally, it's important to clear any goods and settle duties with Dubai Customs prior to initiating lease termination. Make certain to understand the timeline required for notifications. You must notify JAFZA at least three months in advance for office or warehouse facilities, and six months for plot facilities.

Timely submission of your lease termination notification is fundamental. Following JAFZA's specific guidelines will facilitate a smooth closure process. If you miss these deadlines, it could complicate your closure efforts. Staying organized and adhering to the necessary steps will help you navigate this process effectively. Remember, clear communication with the leasing department and JAFZA is key to successfully ending your business's operations in JAFZA. Additionally, ensure compliance with local laws and regulations regarding trade licenses in Dubai to avoid any legal implications.

Employee Management During Closure

When closing a company in JAFZA, effectively managing your employees during this change is essential. You need to handle various aspects of employee management to guarantee compliance with UAE regulations while also supporting your team through this shift.

First, remember that you must cancel all employee visas and work permits during the closure process. The UAE Labour Law requires a minimum of a two-month paid notice period before termination. This gives your employees some financial stability as they prepare for their next steps. Keep in mind that employees can retain their residency visas until the company's trade license officially expires, allowing them time to shift. Additionally, understanding the ownership requirements in the UAE can help you navigate the closure process more effectively.

Here are some key points to reflect on for effective employee management during closure:

• Communicate openly about the closure and its implications.
• Provide resources for job searching or support services.
• Guarantee all final payments and benefits are processed promptly.
• Coordinate with the Department of Naturalization and Residency for visa cancellations.

Utility Management Requirements

Managing employees during the closure of your company is just one aspect of the process; utility management also demands attention. It's vital to cancel all utility services like electricity, water, and telecommunications as part of the utility management requirements. This step helps you avoid ongoing charges that can add up quickly.

You'll need to obtain a No Objection Certificate (NOC) from utility providers such as DEWA for water and electricity and Etisalat for telecommunications. This certificate confirms that you've settled all outstanding dues. Be prepared to provide clearance letters from these utility providers when you submit your documentation for deregistration and liquidation.

If your company has registered vehicles, you must also get clearance from the Roads and Transport Authority (RTA). This guarantees there are no outstanding obligations related to your vehicles before you officially close your business.

Failing to manage these utility cancellations properly can lead to penalties. You might face fees of AED 500 monthly for expired licenses until the deregistration process is complete. It's important to stay organized and keep track of all your utility accounts. By following these utility management requirements, you can streamline your company's closure process and avoid any unexpected charges. Remember, every detail matters in this phase to guarantee a smooth changeover.

Final Steps in the Process

As you approach the end of your company's closure in JAFZA, it is vital to follow the final steps carefully to secure a smooth deregistration process. First, you'll need to obtain clearance letters from authorities like DEWA and Dubai Customs to confirm that all dues are settled. Without these letters, you can't proceed further.

Next, you must cancel all active employee and shareholder visas. This step guarantees compliance with immigration regulations. After that, the General Manager's visa cancellation is the last step before your company's license and registration are officially revoked. It is critical not to overlook this part.

You should also be aware that JAFZA requires you to announce your intention to deregister in a local daily newspaper for 15 days. This notice allows any potential objections to be raised. Be certain to follow this requirement to avoid complications.

Finally, a liquidation report must be submitted by a local auditor to the JAFZA Finance Department. This report provides a clear overview of your company's financial status and confirms that you have met all necessary obligations.

Here's a summary of the final steps:

• Obtain clearance letters from DEWA and Dubai Customs.
• Cancel all employee and shareholder visas.
• Advertise your intention to deregister in a local newspaper.
• Submit a liquidation report to the JAFZA Finance Department.

Following these steps will help guarantee that the deregistration process goes as smoothly as possible.

Required Documentation

When closing your company in JAFZA, you'll need to gather specific documentation to guarantee a smooth process. This includes a liquidator trade license, lease termination form, and various clearance letters. Each document plays an essential role in confirming your company's compliance with local regulations.

Essential Liquidation Documents

To successfully navigate the liquidation process in JAFZA, it's important to gather essential documentation that guarantees compliance with local regulations. The primary document you'll need is the Liquidator Trade License, held by an authorized liquidator. This guarantees that the liquidation process is overseen properly.

You'll also need to complete the Lease Termination Form to inform JAFZA of your exit from your office space, making certain you follow lease agreements. Additionally, obtaining a Clearance from the Finance Department is essential, confirming that all financial obligations have been cleared.

It's important to secure clearances from other authorities as well, such as:

• Dubai Customs
• DEWA (Dubai Electricity and Water Authority)
• Etisalat

These clearances will confirm that no outstanding obligations remain. Finally, you must submit a Liquidation Report, prepared by your appointed auditors, which details the settlement of assets and liabilities.

Gathering these essential liquidation documents is key to guaranteeing a smooth and compliant closure of your company in JAFZA.

Clearance Letters Requirements

Completing the necessary liquidation documents won't be enough; you also need to secure various clearance letters to confirm compliance with JAFZA regulations. These clearance letters confirm that you've settled all obligations before closing your company.

Here are the key clearance letters you'll need:

Make sure to gather all relevant documents as you request these clearance letters. Each letter plays an essential role in the liquidation process and helps guarantee you meet all legal requirements. Obtaining these clearance letters will facilitate a smoother closure for your business in JAFZA. After collecting all necessary letters, you'll be ready to submit your liquidation report for JAFZA's final approval.

Types of Liquidation in JAFZA

Liquidation in JAFZA can take different forms, each suited to specific circumstances that companies might face. Understanding these types is crucial as they affect the liquidation process and your company's future.

1. Partial Liquidation: This allows you to sell specific assets while keeping some business functions operational. It can help you recover from financial difficulties without entirely closing down.
2. Complete Liquidation: This involves shutting down the entire company and selling all assets. It signifies a total cessation of operations and is often a last resort.
3. Compulsory Liquidation: This occurs when a court orders the closure of your company due to its inability to pay debts. It's a legal route that can be stressful and complex.
4. Voluntary Liquidation: Initiated by the company's directors or shareholders, this type is typically due to financial difficulties or changes in the market. It allows you to take control of the process.

To begin any type of liquidation, you must appoint a court-certified liquidator. This individual will oversee the legal requirements and asset distribution throughout the liquidation process. Each type of liquidation serves different circumstances, so it's important to evaluate which option is best for your situation. By understanding these types, you can guarantee compliance with JAFZA regulations and protect your interests effectively.

How to Liquidate a Company

When you're ready to liquidate your company in JAFZA, there are specific steps you need to follow. First, you'll need a board resolution signed at the JAFZA head office. Then, appoint a court-certified liquidator and guarantee you gather all necessary documents to complete the process efficiently.

Liquidation Types Overview

Understanding the different types of liquidation is fundamental for any business operating in JAFZA, especially if you're considering closing down. There are four main types of liquidation you need to know about:

• Partial Liquidation: This allows you to sell specific assets while keeping some operational activities going.
• Complete Liquidation: This involves shutting down the entire company and selling all assets.
• Compulsory Liquidation: A court orders this process because your company can't pay its debts.
• Voluntary Liquidation: This is initiated by directors or shareholders when facing financial issues or market changes.

Each type serves different circumstances and outcomes. It's essential to choose the right one based on your situation. The liquidation process in JAFZA requires appointing a court-certified liquidator. You'll also need to submit necessary documents, including a deregistration form and clearance letters from relevant authorities. Always remember that compliance with JAFZA regulations is critical to meet all legal obligations and guarantee a smooth changeover. By understanding these liquidation types, you can make an informed decision for your company's future.

Step-by-Step Liquidation Process

Closing a company in JAFZA can be a straightforward process if you follow the right steps. First, you'll need to sign a board resolution at the JAFZA head office, confirming your decision to liquidate. Next, appoint an authorized liquidator. This person must be familiar with legal requirements to guarantee the liquidation process complies with regulations.

After that, complete the de-registration form and submit it along with the necessary documentation. Don't forget to pay the deregistration fee of AED 6,500 to JAFZA. You'll also need to obtain clearance letters from relevant authorities like Dubai Customs, DEWA, and RTA. These letters confirm that all financial obligations have been settled.

Before you can receive the Certificate of Dissolution from JAFZA, make sure to cancel all active employee and shareholder visas. This step is essential in completing the liquidation process. Following these steps carefully will help you navigate the liquidation process smoothly and efficiently, allowing you to close your company in JAFZA without unnecessary complications.

Deregistration Steps in JAFZA

To initiate the deregistration process in JAFZA, shareholders must first pass a board resolution and schedule an exit interview with Customer Relations. This step is essential in formally notifying JAFZA of your intent to deregister. After the exit interview, you need to complete the deregistration form to begin the next stages of the process.

Next, it's important to guarantee that your premises are restored to their original condition. You'll also need to return the keys after notifying the leasing department for lease termination. This step is critical to avoid any potential disputes.

Additionally, you must obtain clearance letters from the following entities:

• Dubai Customs
• DEWA
• Etisalat
• RTA

These letters confirm that you've settled any outstanding dues and are compliant with regulations.

Once you have these clearances, JAFZA will advertise your deregistration for 15 days in a local daily newspaper. This advertisement serves to identify any objections or claims from third parties regarding your business. After the advertisement period, if there are no objections and you have all clearances, JAFZA will proceed to revoke your company license and registration. Finally, the General Manager's visa will be canceled, completing the deregistration process.

Clearance Requirements Overview

When closing your company in JAFZA, you'll need to gather several clearance letters. This includes settling all financial dues, utility bills, and obtaining necessary clearances from relevant authorities like DEWA and the RTA. It's crucial to verify all requirements are met to facilitate a smooth closure process. Additionally, understanding the business setup costs involved can help ensure that all financial obligations are addressed before closure.

Necessary Clearance Letters

Obtaining the necessary clearance letters is vital for a smooth company closure in JAFZA, as it assures all obligations are met. You'll need to gather clearance letters from various authorities, including:

• Dubai Electricity and Water Authority (DEWA)
• Roads and Transport Authority (RTA)
• JAFZA Finance Department
• Dubai Customs

These clearance letters confirm that all dues have been settled before you can proceed with deregistration. For instance, a liquidator's report is required for clearance from the JAFZA Finance Department. This report guarantees that all financial obligations are fulfilled. If your company has goods or outstanding duties, customs clearance from Dubai Customs is also necessary. Additionally, if you have telecom accounts with Etisalat, you must secure clearance from them to make sure that all services are canceled and there are no outstanding payments. Finally, a local auditor must file a liquidation report for review and approval, which is vital in obtaining the required clearance letters. Taking these steps carefully will help you close your company in JAFZA without any unnecessary complications. Moreover, understanding the importance of liquidation reports is crucial as they ensure compliance with UAE Commercial Companies Law.

Financial Dues Settlement

Settling financial dues is essential before you can close your company in JAFZA, as it guarantees that all obligations are cleared and prevents complications during the deregistration process. You'll need to verify that all outstanding debts and dues are paid. A clearance letter from the JAFZA Finance Department is mandatory. This letter confirms that you've settled all financial obligations.

Additionally, you must obtain clearance letters from the Dubai Electricity and Water Authority (DEWA) and the Roads and Transport Authority (RTA) to verify there are no unpaid utility bills or vehicle-related dues. A local auditor is also required to file a liquidation report. This report provides a detailed assessment of your company's assets and liabilities for review and approval.

Here's a quick overview of the clearance requirements:

Utility and Telecom Clearances

Before you can finalize the closure of your company in JAFZA, securing utility and telecom clearances is crucial. You'll need to obtain clearance from utility providers like DEWA to confirm all utility bills are settled. Additionally, clearance from telecommunications provider Etisalat is mandatory to guarantee all outstanding dues related to telecom services are cleared before deregistration.

You should also remember these key points:

• Clearance from the Roads and Transport Authority (RTA) is necessary if you have registered vehicles.
• A clearance letter from the JAFZA Finance Department is required, including a liquidator's report.
• Failing to secure these clearances can lead to delays in your deregistration process.
• You may incur additional penalties if financial obligations remain.

Advertisement and Objection Period

When a company in JAFZA intends to deregister, it must first go through an advertisement and objection period that lasts 15 days. During this time, JAFZA advertises the intention to close the company in a local daily newspaper, specifically Al Bayan. This advertisement serves an important purpose. It informs the public about the company's planned closure and allows anyone with objections or claims to come forward.

The advertisement period is vital as it provides a chance for third parties to voice any concerns they might have regarding the company's closure. If no objections arise during these 15 days, the process can continue smoothly without delays caused by external claims. This means that the company can move forward with the next steps of deregistration without any hindrances.

However, if objections are raised, you'll need to address those claims before proceeding. It is critical to resolve any issues promptly to avoid further complications.

Once the objection period successfully concludes, the final steps of deregistration can be taken. This includes canceling the General Manager's visa, which is part of the overall process. It's also important to note that if your company has an expired license during this period, you'll incur a penalty of AED 500 for each month until the deregistration process is fully completed. This penalty emphasizes the necessity to handle the deregistration process efficiently and in a timely manner.

Mandatory Requirements for Shutdown

Completing the advertisement and objection period successfully paves the way for the next steps in shutting down your company in JAFZA. To guarantee a smooth changeover, you'll need to meet several mandatory requirements for shutdown. These steps are essential and must be followed carefully.

First, settle all your financial obligations. This means paying off any debts or dues before applying for the cancellation of your trade license. Second, prepare a liquidation analysis document. This should outline your company's assets, liabilities, and your plans for asset distribution.

Additionally, the board of directors must pass a resolution to initiate the shutdown process. This resolution needs to be notarized and included in your termination application. You'll also require clearance letters from relevant authorities such as Dubai Customs, DEWA, and RTA. These letters confirm that all dues have been settled.

Here's a quick checklist to remember these requirements:

• Settle all financial obligations.
• Prepare a liquidation analysis document.
• Get a notarized resolution from the board of directors.
• Obtain clearance letters from relevant authorities.

Following these steps guarantees that you comply with JAFZA's guidelines and any additional criteria for your specific company type. By carefully managing these mandatory requirements for shutdown, you can make the process as efficient as possible.

Specific Requirements for FZCO and FZE

To successfully close an FZCO or FZE company in JAFZA, you'll need to follow specific requirements that differ from other company types. First, the Board of Directors must decide on the company's dissolution and notarize this resolution. This step is significant as it marks the official beginning of the closure process. Next, you'll need shareholder or partner approval for terminating the license. This approval must be documented in the termination application.

In addition to these steps, JAFZA requires a formal exit strategy for FZCO and FZE companies. This strategy should detail the steps you plan to take for the license cancellation process. It's imperative that the termination application includes written consent from all relevant stakeholders. This guarantees compliance with JAFZA regulations and helps avoid any potential issues during the closure.

Furthermore, adherence to additional criteria specific to FZCO and FZE companies is essential for a smooth license cancellation process. This means you'll need to be aware of any unique legal requirements that apply to your company type. Keeping communication open with all parties involved will help facilitate the process and guarantee all necessary documentation is prepared correctly.

Partial Termination Process

After maneuvering through the specific requirements for closing an FZCO or FZE, you might find that a full dissolution isn't necessary for your business. The partial termination process in JAFZA allows you to retain some operations while scaling back on specific license or lease portions. This flexibility can be essential for businesses looking to adapt without completely shutting down.

To initiate this process, you'll need to submit an application to JAFZA. This application should detail the specific license or lease portion you wish to terminate and must comply with regulatory guidelines. Proper documentation is important for JAFZA's assessment and approval.

Here are some key points to remember about the partial termination process:

• You can continue operating other aspects of your business.
• It allows modification of lease agreements to better suit your needs.
• Timely communication with JAFZA is critical for a smooth process.
• Compliance with guidelines guarantees your request is processed efficiently.

Assistance With Liquidation

When you're ready to liquidate your company in JAFZA, seeking assistance can make the process smoother and more compliant with local regulations. Engaging a court-certified liquidator is mandatory for legal compliance during the liquidation process in JAFZA. This guarantees that all requirements are met and that you're following the necessary guidelines set by the Ali Free Zone Authority.

The liquidation process involves several steps. First, you'll need to complete a deregistration form and submit the necessary documentation. There's also a fee typically set at AED 6,500 that must be paid. You'll need to obtain clearance letters from relevant authorities, such as Dubai Customs and utility providers like DEWA and Etisalat. These letters confirm your compliance and that any outstanding dues are settled.

It's important to remember that all active employee and shareholder visas must be canceled as part of the liquidation. This is crucial to adhere to UAE regulations regarding visa management. Consulting with a specialized business setup expert can greatly streamline your liquidation process. They can provide guidance on the documentation required and guarantee that you comply with JAFZA regulations.

How Can Commitbiz Help?

If you're maneuvering the complexities of closing your company in JAFZA, Commitbiz can be your invaluable partner in this process. Their expertise can guide you through each step, ensuring you comply with local regulations while minimizing challenges. With their assistance, you can focus on what truly matters—your future ventures.

Here's how Commitbiz can help you during this critical time:

• Expert Guidance: Their team offers knowledge on the JAFZA company closure process, ensuring you follow all legal requirements.
• Document Preparation: They help in organizing all necessary documentation for liquidation, making the process smoother for you.
• Strategic Advice: Commitbiz provides insights that aid stakeholders in making informed decisions, protecting your interests and assets.
• Legal Management: They handle the legalities involved in the deregistration process, allowing you to avoid added stress.

With extensive experience in handling JAFZA closures, Commitbiz tailors its support to meet your specific needs effectively. Their focus is to simplify the process, ensuring that all aspects of closing your company are managed professionally. By choosing Commitbiz, you're not just getting a service; you're gaining a dedicated partner committed to helping you navigate this challenging phase. This way, you can navigate smoothly and concentrate on your next steps without the burden of managing closure details alone.

Frequently Asked Questions

How Do I Close a Free Zone Company in Dubai?

To close a free zone company in Dubai, you'll need to initiate company liquidation. This includes notifying authorities, obtaining clearance letters, canceling visas, and publishing a deregistration notice before finalizing the closure.

What Are the Rules for Termination in Jafza?

In JAFZA, the termination process involves notifying authorities three to six months in advance, passing a board resolution, obtaining clearance letters, and allowing a 15-day objection period before finalizing closure.

How Much Does It Cost to Close a Company in UAE?

When considering closure expenses in the UAE, you should expect costs ranging from AED 5,000 to AED 20,000. In JAFZA specifically, the deregistration fee is AED 6,500, but additional charges may apply.

What Happens to Employees' Visa When a Company Closes in the UAE?

When a company closes in the UAE, employee visas must be canceled. You'll need to guarantee employees receive their two-month notice period, and coordinate with authorities to handle visa cancellations properly.

Conclusion

Closing a company in JAFZA may seem challenging, but it doesn't have to be overwhelming. Following the outlined steps can make the process straightforward. You need to assess your business type, handle employee matters, and meet specific requirements. With careful planning, you can navigate through liquidation smoothly. If you need assistance, working with experts like Commitbiz can simplify your journey. Remember, closing a company is just a step, not the end of your entrepreneurial path.