Business License Cancellation
In the United Arab Emirates, canceling a commercial license is a lengthy and complicated process.
It is required to cancel your business license and all connected licenses before closing down a business in the UAE. It is critical that relevant government bodies are aware that you are no longer in business in order to prevent any fines and penalties that may accrue if your license is not renewed when it expires. If you own a shareholding firm, it’s critical to discharge your debts to creditors and partners while also safeguarding your own interests and shares.
The process of canceling a license for establishments and sole proprietorships is relatively simple, as you only need to apply for cancellation through DED and obtain all necessary clearances from the Ministry of Human Resources and Emiratisation, the Directorate of Residency and Foreigners Affairs, the relevant water and electricity authority, and finally, the leasing entity, among others. However, the process takes longer for companies with shares because it involves liquidating the shares, collecting debts, and paying creditors before concluding with DED.
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