You can start a business in the UAE without much trouble and anybody who wishes to be in the UAE and ready to invest in the trade or service can easily begin his career as a business person. It all depends on the type of business chosen by you, the amount of finance you can arrange for the same and the kind of skill or talent you have. You can continue to do your business hassle-free and earn a good profit for as long as you want. You need to comply with the laws of the land and submit a few inputs in the form of application, return or forms before the authorities. You will be getting all kinds of assistance and cooperation from the people and professionals there. There are organizations and personnel who can assist you professionally to make you run your business in the UAE. But if you are to shut down or liquidate your business, there only a select few who can help you in this regard.
Once you begin a company in the UAE, you have a choice of running it, branching it out or even liquidating it. It all depends on your choice and the circumstance of the moment. A company is liquidated in the UAE either on your own accord voluntarily or compulsorily. Once you decide to shut down your business operation, you must get your license and permit associated with the business cancelled. In this way, you can liquidate your business too. After the liquidation, you may begin another venture in another region where it is permissible to function as a business professional. Cancelling the license is of importance because this way you are informing the government authorities that you have closed. You can avoid getting penalized once you stop renewing your license. If it is a shareholding company, it is to be seen that all liabilities towards creditors are discharged.
Cancellation of the license to do business in the UAE depends on the type of company or business you own. You need to apply for cancellation through the Economic Department to the following authorities:
Ministry of Human Resources and Emiratization, Directorate of Residency and Foreigners Affairs, leasing authorities, Water and Electricity supply departments and so on. For a company with shares, the process is not as simple as that. The process involves liquidating the shares, debt collection and payment to the creditors. All these have to be done before you finalize it with the Economic Department of the government.
Requirement of a liquidator for companies under any of the following legal forms:
General Partnership, Limited Liability company, simple partnership, Joint Stock Company, Private Joint-Stock Company, etc. There are two stages. In stage 1, notarized minutes of the general assembly that permits the liquidation and the liquidator must be present. A letter of acceptance from the registered liquidator must be obtained by you. There must be the form for liquidation duly filled. The concerned department shall issue the liquidation certificate. The liquidation must be published in the local newspaper. Stage 2 involves getting approvals from other government bodies. Upon submission of documents and fees, you will receive the letter of deregistration.
About GCC Filings
GCC Filings is a firm of chartered accountants and tax consultants in the UAE. They provide legal and professional assistance to the clients in the filing of tax-related and VAT returns and also to attend the hearings before the FTA on behalf of the client.