Q: Dear Sir/ Madam, I am a 33% shareholder in an Ajman Free Zone company. I would like to cancel the licence and close the company as its contract expires in 1st week of Jan 19. When should I cancel my investor residency visa & close my current a/c, as I only have on my passport stamped visa (and no other partners has the same)? Also, I'm having a POA for opening and closing the bank a/c for the said company. I have a car to sell & also rented an apartment to be submitted by the end of Dec. Can you please explain how should I move ahead (as we all 3 partners are going for cancellation for the said company in 1st week of Dec 2018 )? If u can, give us guidance step by step for the same. Thanks

Q: Good morning, I am a partner in a free zone (RAKEZ). My visa is expired since few months. My issue is that since the licence and office fees have not been paid due to a lack of finance, I cannot cancel my visa. Either I have to renew my licence or to deregister the company, but both cases require a certain amount that I do not have. Only by doing so I will be allowed to leave the country. I heard about amnesty granting people to cancel their visa and see their fines waived. In view of my situation, am I eligible for this measure? I thank you in advance for your response. Regards.

Q: Hi. Kindly advise regarding: (1) Closing a professional civil company (management consultancy) in Dubai with 4 partners + 1 local agent. There are 4 partners (all family members) who are out of the UAE. 2 partners have investor visas & 2 have partner visas. 3 visas have expired during July-Sept 18 and 1 Investor visa expiring 17/11 as being out of the country for 6 months+. Online at www.gdrfa.ae on logging in, the 3 expired visas are showing 'Inactive'. Does it mean visas are automatically cancelled & they can come on visit OR visas have to be physically cancelled at the immigration dept? The company has no assets/liability. We want to close the company. The company's labour est card is already cancelled. (2) Effect of a partner's personal credit cards' liability on the company as a he is a partner. In the above company, 2 partners have credit card dues. Is there an impact on 2 aged partners coming back to the UAE if the banks file cases & secure order on attaching the defaulting partners share in above company? (There is no business/assets). Can the 2 partners be harassed in UAE?

Q: Good afternoon. Do I need to have a valid visa in the UAE if I wish to invest or buy shares in a company?

Over the years the UAE has become a centre of trade and commerce for the Middle East, thanks to its strategic location, excellent connectivity and extensive services to assist with all aspects of business. According to the World Bank's 2016 report, the UAE has ranked 31st in the global index of ease of doing business. This encourages more entrepreneurs to set up different kinds of business entities in the country.

Companies can be wound up by Voluntary Liquidation. This shall proceed as initiated by shareholders or creditors of a company by passing a valid shareholder’s resolution. When a company’s financial mechanism fails, and the company is in financial distress and/ or becomes insolvent whereby it is unable to pay off its debts, the company may file a petition for winding up to the court.

Dealing with financial difficulties can be overwhelming, but the UAE provides a comprehensive legal framework to manage bankruptcy and insolvency in a way that benefits both debtors and creditors. Understanding these laws and how they work can make a huge difference in navigating the process successfully.

The provisions of this Law apply to the commercial companies established in the UAE and the foreign companies that have established in the UAE a base to conduct any activity therein or established a branch or representative office. The Law abrogates Federal Law No. (8) of 1984 Concerning Commercial Companies.