Questions & Answers
Formalities for closing a company and cancellation of license
We formed a company in Umm Al Quwain Free Zone in 2018 and the license expired in August. One of the investors in on the company visa (his visa is valid).
We want advice on the following:
1. We want to close the current company.
2. Are all the partners/shareholders required to personally visit to complete the closure formalities?
3. Since its formation, the company has not conducted any activities. What will be its liabilities?
4. What's the process for cancellation?
Dear Questioner,
A POA of all the shareholders is enough for the cancellation, their presence is not necessary.
The cost for cancellation is around AED 2000.
For more clarification, if needed to our law firm to do all the legal procedures on behalf of you, don't hesitate to contact us by email.
Hi there,
You can liquidate if there are any assets and thereby close the company.
With a POA, the formalities can be concluded.
In the case of no business and activities, you will have to bear the compliance/government fees.
Do you need our legal representation in the closure of the same?
Thanks,
Sudhanshu Singh
