Canceling your business license

Cancellation of license in Dubai is a very simple process a there is a lot of companies that offers consultancy services on liquidation, deregistering the business statutory liquidation, etc. They can provide you with the best suggestions to those who wish for dissolution of their businesses. They provide complete guidance to their clients about the legal and financial complications associated with each option.

Usually, the process of dissolution often involves annoyingly stressful but license canceling service providers in Dubai can help you greatly and make you understand all the different phases of liquidation, such as:

  • Responsibilities of entrepreneur
  • Preparation of Business dissolution
  • Expense of disassociation
  • Bankruptcy and Insolvency
  • A detailed review of all agreements

The process of canceling your business license

In general, a business license is considered as the licenses or consents that every business firm needs in order to operate their business. So, if you have already decided to dissolve your business, then you should probably cancel all business licenses and permits that were create problems to you because there are always issues that can arise if you fail to do so. For example, If you fail to dissolve it, someone else will take it to use it for his own benefit. And if this situation arises, you might be accountable for the taxes and lose that person incurred. Therefore there are certain steps that are crucial to follow before taking any wrong decisions. Let’s look at a few of them ;

1) Identify Government agencies to contact

  • Finding your permits and license
  • Identifying the government agencies with problems
  • Look for the contact information

2) Contact the government agencies

  • Contact DED (Dubai Economy Department)
  • Apply for Cancelling the labor card from ministry of labor
  • Getting external approvals(Depending on the license activities)
  • Getting a letter from MOE(Ministry of Economy, it is applicable only for the foreign branches only)
  • Apply for license cancellation

Necessary Documents for LLC Company Liquidation

  • Appointment of liquidator
  • Certified board resolution for the closure of LLC Company
  • Nominated liquidator’s acceptance letter of his appointment
  • The license of the company and other associated legal documents
  • Release letter of Property owner’s
  • Certificate from the bank for the end of the company’s bank account and its liabilities situation
  • Shareholders verdicts to end the businesses from the Public Secretary
  • Company liquidation letter from the Economic Development Department
  • Readjustment & Licensing Application (Form No. BR/1)
  • Acquire NOC letters from the ministry of labor & immigration and RTA.