Company liquidation represents the pivotal point where a company's journey reaches the crossroads of
dissolution. It marks the conclusion of operations for various reasons, often as a last resort when
business continuation is no longer possible. In essence, company liquidation encompasses the
intricate process of winding down operations, addressing legal obligations, and ensuring the fair
distribution of assets among stakeholders, after paying all the liabilities.
Typically, a liquidation sale precedes the closure of a business. Once all assets are disposed
of/transferred and debts settled, the initial liquidation phase concludes. Understanding the
intricacies of company liquidations is vital for businesses to navigate potential penalties and
liabilities. While liquidation commonly accompanies bankruptcy filings, it is not exclusive to such
cases.
There exist three primary types of company liquidation.
Creditors' Voluntary Liquidation: This type indicates an insolvent condition where a company
cannot meet its financial obligations.
Members' Voluntary Liquidation: In contrast, this form denotes solvency, where a company can
settle its debts entirely. It is often pursued when business objectives are achieved,
shareholders opt to exit or divest their investments, or when the company becomes redundant.
Compulsory Liquidation: Finally, a court can issue a winding-up order upon the petition of an
unpaid creditor or by the company itself, its director, or shareholders. This legal process,
known as compulsory liquidation, involves court intervention. While Liquidations Online cannot
initiate compulsory liquidation, we can offer assistance if you've received a petition threat or
petition itself, especially if contacted early on.
IMPORTANCE OF COMPANY LIQUIDATION SERVICES IN DUBAI
Company liquidation is significant as it allows proper distribution of the company's assets in
compensation, selling, and distribution among shareholders while managing liabilities.
A business owner must understand the company liquidation process and choose the right company to
liquidate their business. They need to pick an expert who can be trusted to oversee the process and
prepare the statements and requirements required for company liquidation.
At Excellence, we understand the intricate process of company liquidation. We guide and provide
streamlined company liquidation processes with integrity and expertise, paving the path for closure
and new beginnings.
ROLE OF LIQUIDATOR
A liquidator bears the crucial responsibility of overseeing the complete dissolution of a company.
Selecting a competent liquidator is paramount, as any missteps during the process can expose the
company to future penalties and complications. Serving as the primary decision-maker, the liquidator
shoulders various duties integral to the liquidation proceedings.
To start company liquidation, the Liquidator meticulously assesses the company's assets and
liabilities, ensuring accurate evaluation and fair distribution of remaining profits post-asset
liquidation. Following the resolution for liquidation by the Board of Directors or shareholders, the
Liquidator initiates the winding-up process, issuing an acceptance letter outlining procedural
details.
The Liquidator oversees asset collection, liability settlement, and distribution and meticulously
manages the allocation process as outlined in the acceptance letter. Finally, the Liquidator
compiles the statement of affairs and the Liquidator's report, offering comprehensive details on the
liquidation journey while ensuring creditors are consistently informed about business developments.
In Dubai, UAE, the company liquidation process for companies, whether in free zones or the mainland,
mandates the submission of specific documents outlined by the Dubai government. The essential
documents required are a copy of the company's license and the Memorandum of
Association (MOA), including any amendments. Additionally, the submission should include any
relevant Power of Attorney documents, if applicable, along with copies of all shareholders'
passports and Emirates IDs. A shareholder's resolution and the application form for de-registration
are also fundamental components of the documentation needed for the liquidation process. Ensuring
the submission of complete and accurate documentation is essential for a smooth and efficient
company liquidation process, enabling companies to fulfill their legal obligations and conclude
their operations according to the laws and regulations of the UAE.
HOW EXCELLENCE CAN HELP?
Excellence Business Services is one of the entities of Excellence Group duly licensed from Dubai
Multi Commodities Centre (DMCC) with license number DMCC-674390. Our company specializes in
providing various services, including Flexi-Desk Services, Call Center Services, and Document
Clearing Services, catering to diverse business needs.
Benefitting from extensive expertise in compliance, corporate laws, and governmental regulations
within the UAE, Excellence stands poised to offer comprehensive guidance across various aspects of
company establishment and operational functions. With a dedicated team of consultants and advisors,
Excellence is committed to delivering transparent, pragmatic business advisory services and
facilitating company liquidation processes throughout Dubai and the UAE. Our services promise
significant cost savings compared to hiring full-time employees while ensuring higher
professionalism and expertise to accomplish desired tasks efficiently.
FAQ
Company liquidation marks the conclusion of business operations, allowing for the proper
distribution of assets and liabilities among stakeholders. It ensures a fair compensation process
and paves the way for new beginnings.
Selecting a trustworthy and competent company for liquidation is crucial to oversee the process and
fulfill legal requirements accurately, safeguarding against future penalties and complications.
A liquidator oversees the complete dissolution of a company, conducting assessments of assets and
liabilities, initiating the winding-up process, and ensuring fair distribution of assets among
stakeholders.
Essential documents include a copy of the company's license, Memorandum of Association (MOA),
passports and Emirates IDs of shareholders, Power of Attorney documents if applicable, shareholder's
resolution, and the de-registration application form.
The primary types include Creditors' Voluntary Liquidation, Members' Voluntary Liquidation, and
Compulsory Liquidation, each addressing different financial situations of the company.
Excellence Business Services, licensed by the Dubai Multi Commodities Centre (DMCC), offers
comprehensive guidance and streamlined liquidation processes in Dubai and the UAE, leveraging
expertise in compliance and corporate laws.
Excellence promises significant cost savings compared to hiring full-time employees, offering
professional expertise and efficiency in completing desired tasks throughout the liquidation
process.
The process usually commences with the evaluation of assets and liabilities, which is then followed
by the initiation of the liquidation procedure through resolutions ratified by either the Board of
Directors or shareholders.
Liquidators compile detailed reports, including statements of affairs, ensuring transparency and
keeping creditors informed about business developments throughout the liquidation journey.
Excellence provides assistance and guidance in preparing documents, submitting them, and ensuring
compliance with legal obligations throughout the liquidation process. This facilitates a seamless
and effective transition for businesses operating in Dubai and the UAE.
A very professional and efficient service from start
to finish. Brilliant job!
Alex Petridis
Executive Financial Coordinator
Very reasonably priced and excellent staff support.
Would definitely recommend.
Hozaifa Lokawala
Project Manager
Time bounded people with a group of professionals to
cater clients’ needs in a most professional manner. Thanks to the whole team.
Riniclair Mathew
Accountant
The name of the company matches the services they
provide for their customers.Their willingness to extend assistance as much as they could
is very valuable. Exceptionally Professional, Accommodating, and Friendly in approach.
Their work is very efficient.
Pamela Jose
Admin Executive
Very professional and dedicated team with excellent
service, great communication skills and approach. Always very responsive with no delay
in work. It's a pleasure working with.
Nayla Richa
Business Owner
The best Auditing Company in UAE. We are so happy to
deal with them.
Narssis Deir Sarkisyan
Business Owner
Been working with them since 2015. Amazing company to
work with, very kind, efficient and effective team there!
Lamloum Maatouk
Business Owner
Recommended. Working fast and efficient.
Asya Aba
Shareholder
Quick and easy to deal with "Excellence"!! We
definitely recommend this company if you're looking for excellence and quality work.
Thank you and looking forward to work with you again. :) :) :)
Zen Santiago
Admin Executive
Excellent service with reasonable charges &staff
coordination is brilliant. Recommend to contact them for any kind of audit or finance
services.
Yaseen Aswani
Accounts Manager
Best PRO services
Manale Mukaddam
Project Manager
Talent means nothing, while experience with hard
work, means everything” good saying by Patrick Suskind. By hard work, excellent service,
fast responses Excellence Business Consultants DMCC have won the hearts of many clients.
I would describe them as following: skillfully and wisely manages even the most
difficult clients, dedicated and empathetic team who constantly helps meet their client
requests.
Aizada Akmatalieva
Administrative Manager
Excellence Auditing truly reflects excellence in the
quality of service they provide to their clients. Their dedicated customer service team
are very accommodating and initiative. They always make sure to remind and update us
about new protocols and are quick to address any of our concerns. In short, they
simplify everything for us so we could focus more on daily jobs.
Beatrice Jabonero
Brand Services & Office Admin Executive
It is always a pleasure to work with Excellence
Auditing & Business Consultants. They foster an atmosphere of openness and a high level
of professionalism. With them, our organization is assured that our goals remain in
focus and never undermined by all the technicalities that every company in the region
faces. Truly, they set a high standard for firms in the same field.
Andrew GALINDO
Accountant
Excellence Auditing &Business Consultants are
providing their services from last 5 years to our business and I can highly recommend
their work. They are great assets for any start-up and fast-growing company, as they
also help you to identify areas of improvement. Very professional and available for any
question you may have.
Saqib Raja
Office Manager
Working with this accounting firm a very reliable,
trustworthy & staff are very friendly mostly accommodating. In terms of work for the
last 3 years they are good in book keeping, auditing & mostly in our private
information. They handle our VAT filing which is faster and detailed oriented, including
our management accounting. Also, working with them is my pleasure and will continue our
good relation & work with Excellence Auditing.
J.A Balandra
Admin Coordinator
I have been going to Excellence for my Company Audit
since 5 years now... They are friendly, professional, and very transparent something
that you expect from your auditing firm. I would totally recommend them
Sahil C Kirpalani
Business Owner
Have the required expertise.Have the ability to
understand the needs of the business. Effective communication skills.
Ella Gansena
Accountant
I appreciate all the team members for their
professionalism, accuracy in the work &promptness
Rajil Mathradan
Operations Manager
Team Excellence is living up to their name. Hands
down to its leaders and the whole team. We have been working with them from day one and
they are simply genuine and professional people.
Kristine Joy Orozco
Finance and HR Manager
I have been working with Excellence for years
now;they always deliver on time what they promised. The best thing about Excellence is
the charges, as compared to others they offered the best. Highly recommended for a
start-up business, as they can work with you closely to identify the areas that you
should improve.
Hasaranga Anuradha
Accountant
A committed and professional team focused on getting
the job done.
Neil DSylva
Public Relations Manager
Professional, efficient and with a smile. Best in
Dubai. Highly recommended.
A foreign company wanting to start a business in the UAE can choose to set up
operations as a branch, representative office or registered company, or it can appoint a commercial
agent to sell its products in the UAE market or export them. New companies can also choose to conduct
their activities from a Free Zone, which is a designated, self-regulated area set up to catalyse
economic activity within an emirate and is governed by its own set of rules and regulations. There are
around 40 Free Zones in the UAE, with more under development.
Foreign ownership
restrictions are contained in the Commercial Companies Law (CCL), which requires that UAE nationals or
their wholly owned companies hold a minimum of 51% of the shares of all companies established in the
UAE. The CCL provides for the establishment of the following business entities for foreign investors:
joint stock companies (JSC), limited liability companies (LLC), unincorporated joint ventures and branch
offices of foreign companies. The CCL does not apply to companies that are established in the free
zones.
Liquidation generally refers to the process of winding up company’s operations. In most
cases, a liquidation sale is a precursor to a business closing. Once all the assets have been liquidated
and debts are paid off, the first stage of liquidation has been completed.
Liquidation
often occur as part of a bankruptcy filing, but not necessarily. There are three different types of
Liquidation.
A Creditors' Voluntary Liquidation is an insolvent Liquidation, meaning a
company is unable to pay its debts i.e. is considered insolvent.
A Members' Voluntary
Liquidation is a solvent Liquidation, meaning a company is able to pay its debts in full, together with
interest. This procedure is usually used when the objectives of the company were achieved or
shareholders of a company wish to retire, realise their investment or where the company is surplus to
requirements.
Compulsory Liquidation Finally, a court can make a
winding-up order on the petition of an unpaid creditor or the company itself, its director or
shareholders. This is known as compulsory Liquidation. As this is a court process, you will not be able
to use Liquidations Online to commence a compulsory Liquidation. However, if you have received a threat
of a petition or a petition itself, we may be able to help you if contact is made at an early stage.
A business valuation is a general process of determining the economic value of a whole
business or company unit. Business valuation can be used to determine the fair value of a business for a
variety of reasons, including sale value, establishing partner ownership, taxation, goodwill and EBITDA.
The topic of business valuation is frequently discussed in corporate finance. Business valuation is
typically conducted when a company is looking to sell all or a portion of its operations or looking to
merge with or acquire another company.
A business valuation might include an analysis of
the company's management, its capital structure, its future earnings prospects or the market value of
its assets. The tools used for valuation can vary among evaluators, businesses, and industries. Common
approaches to business valuation include a review of financial statements, discounting cash flow models
and similar company comparisons, market research.
Flexi desk is typical to the UAE name of a shared office, which has to be assigned to
any company upon its registration if they don’t opt for physical office or retail space. If you are
doing business setup in Dubai or any other emirate, flexi desk office will be least requirement in
context to legal address for your company registration depending upon the investor’s choice.
Immigration and visa services. When planning a trip to Dubai, you may need a UAE
tourist visa. It depends on your nationality, as the UAE has a list of visa-free countries just like
most countries around the world. There are 44 nations that don’t need a visa to enter the UAE.
Ministry of Economy is the competent authority to register trademarks in the UAE. Who
can register a trademark?
According to Federal Law No. 37 of 1992 on Trademarks as amended
(Arabic), the following persons can register their trademarks:
The UAE citizens and natural and artificial persons practising any commercial, industrial,
professional or service business.
Foreigners and natural and artificial persons practising any commercial, industrial,
professional or service business.
Foreigners and natural and artificial persons practising any commercial, industrial,
professional or service business in any country on basis of reciprocity.
As per the guidelines specified by the government of United Arab Emirates (UAE), the
educational, personal, or commercial documents and certificates should be duly attested by the UAE
Consulate office or Embassy in the home country for attestation purposes.
Certificate
attestation is undertaken to prove the genuineness of a document for the purpose of attaining a work
permit in your target country and more. Depending on the document, the country, the procedures, service
like Urgent attestation and normal attestation can differ.
If you are looking to move to
UAE either for higher studies, employment opportunities or for setting up a business, certificate
attestation is mandatory and inescapable. Certificate attestation is the process of getting your
documents and credentials authenticated to prove its legitimacy. Certificate attestation is compulsory
in any UAE government office or department, without which the document is not considered valid.
Companies, who want to establish a franchise, appoint distributors or enter into agreements with
foreign corporations or individuals abroad need their legal documents to be created or retrieved from
the state and federal authorities with the appropriate seals.
Excellence can help with
this process by providing guidance on retrieving these documents, helping client’s obtain document
certification at the state or federal level. These steps have to be done in the right manner with the
applicable seals prior to initiating the embassy legalization process on these documents. By making use
of our education and other certificate attestation services, our clients reduce time and hassle of the
complex process, and eliminate the risk of setting themselves back by doing it incorrectly.
Customer service is the major element to increase the profitability of a business. The
importance of staying in touch with your clientele can make all the difference when it comes to your
sales. The act of listening to complaints and taking regular feedbacks has immense influence over the
customer’s experience.
If you’re struggling to maintain a strong bond with your patrons
and clientele, it is best to leave it to the experts.
Excellence can assist in carrying out the postal services on behalf of other
individuals and firms, respond to these contacts or record the same in accordance with the client’s
instructions.
Operational service agreements made between a service provider and a part of the same
organization for supplying a supporting service, as specified in a service definition. They represent a
commitment by an internal service owner to provide a service within the defined service quality levels.
Corporate Compliance Advisory practice helps organizations evaluate their compliance
functions, prevent compliance breaches, and respond quickly and effectively should a breach occur. We
have extensive expertise in all major compliance areas. Excellence’s Compliance Advisory engagements are
customized to address a range of client needs.
Customer service is the major element to increase the profitability of a business. The
importance of staying in touch with your clientele can make all the difference when it comes to your
sales. The act of listening to complaints and taking regular feedbacks has immense influence over the
customer’s experience.
If you’re struggling to maintain a strong bond with your patrons
and clientele, it is best to leave it to the experts.
Excellence can assist in carrying out the postal services on behalf of other
individuals and firms, respond to these contacts or record the same in accordance with the client’s
instructions.
Operational service agreements made between a service provider and a part of the same
organization for supplying a supporting service, as specified in a service definition. They represent a
commitment by an internal service owner to provide a service within the defined service quality levels.
Corporate Compliance Advisory practice helps organizations evaluate their compliance
functions, prevent compliance breaches, and respond quickly and effectively should a breach occur. We
have extensive expertise in all major compliance areas. Excellence’s Compliance Advisory engagements are
customized to address a range of client needs.
