When the company’s business is liquidated, complete control of the property is transferred to the liquidation officer and is forced to close immediately. Upon complete completion of the closure, the company owner will be removed from the VAT registration list. However, this process can take a long time, as the UAE imposes some complex steps to begin the company cancellation process to:
Therefore, Farahat & Co supports its clients in all stages of liquidation. It is considered one of the most prominent tax consulting offices specializing in registering VAT and canceling its registration in the case of the closure of companies in UAE. It employs the best-certified tax advisors and agents.
Upon closing the business and ceasing activity, the commercial license must be officially canceled, to avoid any fines and violations accumulating on the license if:
If the service applicant is a partner in a joint-stock company, it is necessary to release him financially from any obligations towards creditors and partners, as well as to protect his interests and rights in the company when its activity is dissolved.
The main consequences of liquidating the company are the following points:
Yes, canceling VAT registration is a separate process from liquidating the company, as the registrant’s tax registration is only canceled if:
The UAE tax system is based on voluntary self-compliance by taxable persons in registering, submitting returns, paying due taxes, or canceling registration.
Many types of companies can be closed in UAE, including:
A large part of the procedures for closing companies in Dubai concerns the final compensation of employees. The company owner or owners must cancel their employees’ visas and work permits. As well as coordination with the General Administration of Residency and Foreigners Affairs in Dubai and the Ministry of Human Resources and Emiratization, as according to the UAE Labor Law, employers are required to give employees two months’ paid notice before terminating contracts. In many cases, employees can retain residency visas until the company’s business license expires.
Farahat & CO, provides VAT registration and de-registration services, as well as tax declaration services and VAT recovery services. We also provide high-quality services related to:
Farahat & CO employs experienced VAT specialists who are capable of representing their clients with the Federal Tax Authority in the UAE and defending their interests before the Tax Disputes Committee.
They also attend tax audit sessions that the Federal Tax Authority in UAE may impose on companies. They prepare defense documents and appeal the decisions of the Federal Tax Authority in the case that it issues unfair rulings against companies.
Farahat & CO provides auditing services related to the company’s transactions with the Federal Tax Authority and certified tax agent services in Abu Dhabi, Dubai, Sharjah, Ajman, Umm Al Quwain, Ras Al Khaimah, Fujairah, and the rest of UAE.