Al Fakhar Accounting Approved Auditors & Tax Agents in UAE

Al Fakhar Accounting, led by Fakhar Hayat (FCCA UAECA) – Providing Expert Audit, Tax & Accounting Solutions Across Dubai & UAE Free Zones including DMCC, DAFZA, JAFZA, DIFC, Meydan & More, in Collaboration with MOE-Registered Auditors & FTA-Registered Tax Agents | Call/WhatsApp: ‪+971 50 116 9031
Al Fakhar Accounting, led by Fakhar Hayat (FCCA UAECA) – Providing Expert Audit, Tax & Accounting Solutions Across Dubai & UAE Free Zones including DMCC, DAFZA, JAFZA, DIFC, Meydan & More, in Collaboration with MOE-Registered Auditors & FTA-Registered Tax Agents | Call/WhatsApp: ‪+971 50 116 9031
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ADGM Liquidators

ADGM Approved Liquidators

Voluntary company liquidation in the UAE is a formal procedure by which the operations of a company are brought to an end. The Abu Dhabi Global Market (ADGM) is a premium financial free zone in Abu Dhabi that allows companies to exit operations through voluntary liquidation.

However, you can wind up a company in ADGM only by appointing ADGM-approved liquidators.

Closing down a company in the UAE is not an easy decision for business owners. However, one has to diligently follow all the ADGM liquidation requirements and navigate its complexities in order to avoid additional penalties.

This is where hiring the best company liquidation services in the UAE becomes significant for businesses.

Al Fakher Accounting, an audit firm based in Dubai, UAE, has been offering its exceptional services since 2001. We can help you wind up a company in ADGM as per the free zone authority’s rules and regulations.

Reasons for Company Liquidation in ADGM

A company registered with ADGM may opt for voluntary liquidation for a multitude of reasons. Some of the common reasons for closing down a company in ADGM include debt, financial crisis, adverse market situation, low demand for products or services, recession etc. However, a company may also exit operations when it stops being viable; the founder dies without any successor or upon achieving its desired objective.

Who can Act as a Liquidator in ADGM?

ADGM keeps a registry of company liquidators in the UAE that are approved by the free zone authority. A company operating in ADGM is required to hire liquidators in the UAE that are registered with and approved by the ADGM authority. Al Fakher Accounting, being listed with ADGM, can help business owners shut down their companies as per the free zone’s rules and regulations.

What is the Process of Company Liquidation in ADGM?

The ADGM Authority has put in place a clearly delineated process for winding up the companies operating under its license. Business owners need to abide by the procedure to wind up their ADGM companies without any delay or headache. The following are the key steps in the process of closing down a company in ADGM:

  1. Make a Declaration of Solvency; get it signed by all shareholders; submit it to ADGM authority

  2. Pass a resolution to wind up the company; submit it to the ADGM authority

  3. Appoint an ADGM-approved liquidator

  4. Submit the liquidator’s acceptance letter to the ADGM authority

  5. Terminate the lease

  6. Cancel all the visas issued under the company’s sponsorship

  7. Cancel the company’s establishment card

  8. Return original documents such as the company’s trade license, Memorandum of Association (MoA), Certificate of Registration, Share Certificates, etc.

  9. Submit a bank account closure letter

  10. Submit NOCs/clearance letters from Abu Dhabi Customs, Abu Dhabi Distribution Co (ADDC), and Etisalat/Du

  11. The company must publish an advertisement in an English newspaper for three consecutive days with wide circulation. There will be a notice period of 21 days after the advertisement, during which the creditors or any interested parties can raise any claim

  12. Submit the final liquidation audit report to the ADGM authority

  13. ADGM registrar strikes off the company’s name from the register

  14. ADGM authority cancels the company’s trade license

Compliance Requirements to Meet in an ADGM Liquidation

The process of voluntary company liquidation in ADGM can become more complex if you ignore the following compliance requirements:

  • Apply for VAT Deregistration if the company is a VAT registrant

  • Hand over the Real Beneficiary Register and Partners and Shareholders Register within thirty days from the date of the liquidator’s appointment

  • Ensure the liquidator or administrator is maintaining those Registers for a period of at least five years from the date of liquidation

  • If the company is within the scope of Economic Substance Regulation (ESR), make sure all ESR-related obligations are met

Hire ADGM-Approved Company Liquidators

The process of voluntary company liquidation in ADGM involves complex steps and requirements. However, hiring the best ADGM-listed liquidators can make the process simple. When it comes to company liquidation services in the UAE, look no further than Al Fakher Accounting. We are listed with ADGM and can execute the liquidation process seamlessly and in compliance with the existing regulations. We have liquidated both mainland and free zone companies across the UAE. Al Fakher Accounting’s experience and learning curve will allow you to complete the process fairly quickly.