The United Arab Emirates (UAE) serves as a regional and international business hub for the Middle East and North Africa (MENA) area. Every month, thousands of new businesses are formed in the United Arab Emirates and its Free Zones, and every month, an equal number of those businesses are dissolved. Companies go bankrupt for a variety of reasons, including group restructuring, inability to pay debts, business losses, and so on.

Cancellation of the company’s business license is required for liquidation in the UAE, however the specific legislation and procedures for doing so vary throughout the various Emirates and Free Zones. Repayment of debt and business obligations is typically made out of the revenues from the sale of assets and collections of receivables during liquidation. Once the company’s debts and obligations have been settled, any remaining funds will be divided among the shareholders.

Whether your company or entity is registered in a mainland emirate or a free zone in the United Arab Emirates, ElucidationAcc is here to help you through the entire liquidation process, including the audit.