The Dubai Economic Department trade license cancellation process involves numerous factors and procedures for trade license cancellation in Dubai. Understanding Dubai trade license cancellation fees and the steps to cancel a trade license in Ajman or Dubai is crucial for businesses.
Steps and Requirements for Cancellation:
- Essential Requirements for Trade License Revocation:
For cancelling a trade license in Dubai or Sharjah, certain steps need attention:
- Formal Billing Cancellation: Ceasing engagements with governmental services like DU, Etisalat, and SEWA is imperative.
- Visa and License Revocation: Abiding by UAE labour laws, cancelling working licenses and personnel visas is mandatory.
- Financial Account Closure: Shutting down all business-associated accounts, including bank accounts, is necessary.
- Lease Termination: Ending office or depot leases within the Sharjah business zone is part of the process.
Detailed Procedure for Trade License Cancellation:
Stage 1:
- Employee Termination: Halting human resource labour and active license holders.
- Legal Compliance: Obtaining Notary Public’s attestation on the Board of Directors’ resolution for business closure.
- Document Submission: Furnishing required documents to the chosen liquidator and the Department of Economic Development (DED).
- Lawsuit Check: Publicly announcing to check for any filed lawsuits against the firm after 45 days.
Stage 2:
- Verification Process: Review the initial advertisements and the audit report by the DED.
- Claims Verification: Ensuring no outstanding claims or reservations with the liquidator and partners during the advertising period.
- Visa Termination: Cancelling partners’ permits connected to legitimate visas based on firm approval.
- Documentation and Fees: Submitting cancellation documents and paying the necessary DED fees.
Conclusion Stage:
The relevant authority will issue a trade license termination certificate upon fulfilling these stages and meeting all requisites.
Engaging Accredited Liquidators and Considering Additional Scenarios:
Engaging accredited liquidators in Dubai, Abu Dhabi, or Sharjah for a seamless termination process becomes essential. They ensure adherence to regulations and standards throughout the liquidation process, including scenarios like cancelling trade licenses in Ras Al Khaimah or Saif Free Zone.
Bottom Line
Considering the factors involved, seeking guidance on steps like cancelling residence and trade license visas in the UAE, sample letters for cancellation of trade licenses, and the intricacies of partner cancellation in trade licenses becomes crucial.Effective Desk provides expertise aligned with regulatory requirements and standards for businesses navigating the complexities of trade license cancellation, ensuring a compliant and seamless process.