The UAE’s thriving business landscape fosters growth and innovation. However, there may come a time when a company needs to close its doors. Whether due to dissolution, change in direction, or financial difficulties, navigating company liquidation or de-registration in the UAE can be a complex process.
The complete winding down of a company's operations, involving settling debts, selling assets, and distributing remaining funds to shareholders.
The formal cancellation of a company's trade license and deregistration from relevant authorities.
Both liquidation and de-registration involve intricate legalities and procedures that can be daunting
Adhering to specific regulations and timelines set by various government entities.
Settling outstanding dues with creditors, employees, and government bodies.
Distributing remaining company assets amongst shareholders in accordance with legal and tax requirements.
Peace of Mind
Gain confidence knowing your company closure is handled by experienced professionals.
Reduced Risk of Penalties
TFAB’s proactive approach minimizes the risk of non-compliance issues.
Cost-Effective Solutions
We offer competitive fees and work efficiently to minimize your overall closure costs.
Streamlined Process
TFAB takes the burden off your shoulders, allowing you to focus on other priorities.
Maintaining the books of accounts and relevant supporting records of transactions are essential requirements for efficient management and control of the business operations. This will help us in computing the gross receipts and payments and other transactions for filing the VAT and other compliance procedures. Hence accounts maintenance in UAE is compulsory. It is mandatory for the businesses to maintain books of accounts for a minimum of 5 years in accordance with the Federal Law No 2 of 2015 on Commercial Companies, UAE VAT law and relevant free port laws. Additionally, the authority invites documents like annual accounts, ledger, purchase day book, invoices issued, invoices received, credit notes, debit notes, VAT Ledger etc. Businesses in UAE have to have qualified accountants to take care of their books of accountants in compliance with local laws & regulations and as per International Financial Reporting Standards (IFRS). Another good option for the businesses is to outsource accounting & bookkeeping services to accounting companies within the UAE. Hiring services of accounting & bookkeeping firms can enable the business management to focus more on the operations and completion of the business goals. Keeping proper books of accounts as per the UAE regulations would ensure accuracy in receipt and payment of money and other transactions done by the corporate. It might also help companies in addressing income requirements, preventing insolvency & bankruptcy, plan & forecast budgets that help in effective financial management & stability of the business.
The various legs of Accounting & Bookkeeping services are
Our experienced consultants provide clear explanations of legal requirements and timelines specific to your situation.
We develop a customized plan tailored to your company's needs, ensuring a compliant and efficient closure process.
TFAB handles communication and documentation requirements with relevant government entities in the UAE.
We assist in settling outstanding debts and liaising with creditors.
TFAB ensures legal and tax-compliant distribution of remaining assets.
Failing to properly liquidate or de-register a company can lead to severe consequences
At TFAB, we understand the complexities involved in company closure. We offer comprehensive support to guide you through the process smoothly and efficiently, regardless of whether it’s mainland or a free zone company.
Don’t navigate the complexities of company closure alone. Contact TFAB today and let our team guide you through a smooth and compliant exit from the UAE market.
