5. Liquidation advertisement in two local Arabic newspapers for one
day and wait for 45 days to check whether any client has financial
claim against the company.
1. Present original newspaper Ad and final audit report of the company
to the Department of Economic Development.
2. Confirmation of the Liquidator and Partners that there is no any
objection/claim from the third party during the Ad period.
3. Cancel visa of partners, if any, and get clearance letter from
Ministry of Labour and Immigration.
4. Copy of Director Board resolution and copy of liquidation
5. Pay Dh3000 at Department of Economic Development.
License sale: You can sell your
license by share transfer to another investor and avoid license
your queries to:firstname.lastname@example.org
------------------------------------------------------------------------------------ Q: My son is an investor in a company registered in Dubai and
holding a partner visa from the firm. The business is not doing well
and is in a bad shape. My son wants to exit Dubai. If he stays in his
home country for more than six months, will his visa get cancelled
automatically? His name appears on the licence of the company, too.
Will that also get cancelled? He is also an authorised signatory to
the company's bank account. What will be the best thing to do here to
avoid any legal consequences? Can he enter UAE again without any
A: Your son may liquidate the company and close the bank account and
cancel his visa, before travelling to his home country. Alternatively,
if the entity is a limited liability company, he could transfer and
sell his shares to other partner(s) or to a third party, if such other
partner(s) or a third party are willing to purchase his shares.
Upon transfer of his shares, the company could change the signatory of
the bank account of the firm.
Further, if your son does not liquidate the company before his
departure, he could give power of attorney to any person to liquidate
the company in his absence. If he leaves the country without
liquidating the company and continuously stays outside the UAE for
more than 6 months, his visa should automatically be cancelled.
In the event he leaves the UAE without cancelling his visa and it is
not automatically cancelled, he will have to get it done at the office
of General Directorate of Residency and Foreigners Affairs, upon his
return to the UAE.
First Gate Business
Office No.2, Al
Shamsi Building, Near
Opp. Al Madeena Supermarket, AL NAHDA-2, Qusais, Dubai,
United Arab Emirates
Tel.+9714-239 1302, 04-252 22 22, 04-265 8373, 04-258 6727