• Board Resolution: The first step in the liquidation of a company process is obtaining a board resolution approving the decision to liquidate the company. The resolution should be duly signed by the authorized signatories of the company.
• Visa cancellation: In mainland companies, all employees and business partners holding visas under company sponsorship must be present in the UAE to cancel their visas. The original passport must be provided during the cancelation process.

Additional Information:

• For employees who have been outside the UAE for more than six (6) months, an original passport is not required during the cancelation process.
• For business partners who have been outside the UAE for more than one (1) year, the original passport is not required during the cancelation.
• In freezone companies, the original passport is not required for visa cancellation, and the process can be completed even if the employee or partner is outside the country.
• All employees and partners must also cancel their sponsored dependent visa (ei. Housewife, Children, Housemaid) at the same time as their visa cancellation process.

• Trade License Cancellation: The company must apply to the relevant authorities to cancel its trade license. This involves applying along with supporting documents, including the board resolution and appointment of the liquidator.

• Clearance of Debts: The company must settle all outstanding debts, including payments to creditors, employees, and government authorities. This may involve negotiating settlement terms and obtaining clearance certificates from relevant entities.
• Asset Liquidation: The company’s assets, including properties, equipment, and inventory, may need to be liquidated to generate funds for debt repayment and distribution to shareholders.

• Financial Statements: The company must prepare final financial statements up to the date of liquidation, detailing its assets, liabilities, and equity. These statements should be audited by a licensed auditor and presented to the relevant authorities.
• Tax Clearance: The company must obtain a tax clearance certificate confirming the settlement of all tax liabilities.

The application should include all required documents and certificates, along with a statement of assets and liabilities.

• Distribution Plan: The liquidator is responsible for preparing a distribution plan outlining the sequence and priority of payments to creditors and shareholders. This plan must be approved by the relevant authorities.