JAFZA Offshore Liquidation
Jebel Ali Free Zone Authority (JAFZA) is the only option for investors seeking to open an offshore company in Dubai. Directors or shareholders of a Dubai-based JAFZA offshore company can wind up its operations by opting for the voluntary liquidation process.
Al Fakher Accounting is a company liquidator approved by the JAFZA Authority in Dubai. We have years of experience in liquidating offshore companies incorporated in JAFZA.
JAFZA Approved Liquidators
The appointment of a liquidator is a mandatory requirement for winding up an offshore company in JAFZA. An audit firm licensed to carry out company liquidations in the UAE can be appointed as a liquidator for your JAFZA offshore entity. Al Fakher Accounting is an audit firm and company liquidator, approved by all the offshore authorities including JAFZA.
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Process of JAFZA Offshore Liquidation
Resolution for Liquidation & Appointment of Liquidator
A board resolution must be passed by the shareholders or directors to wind up the company and appoint a liquidator. The resolution must be signed by all the directors and must be submitted to the Registrar through your registered Tax Agent.
Liquidator’s Letter of Confirmation
The appointed liquidator must send a letter to the Registrar confirming their willingness to function as the liquidator for the client.
Maintenance of Real Beneficiary Register
Before liquidation, the JAFZA offshore companies must hand over their Real Beneficiary Register (RBR), Partners and Shareholders Register (PSR) to the Registrar within 30 days from the date of the liquidator’s appointment.
The liquidators must also maintain these Registers for at least five years from the date of liquidation. Violations of these requirements are subject to hefty penalties.
Economic Substance Filing Requirements
A JAFZA offshore company under liquidation must fulfil its Economic Substance Regulation (ESR) obligations such as:
Filing ESR Notification
Filing ESR Report
Meeting the ESR Test
Corporate Tax Obligations
A final corporate tax return must be filed and a deregistration application must be submitted.
Transfer of Business Assets / Intellectual Property
If the company has any business assets or intellectual property assets including real estate property, they must be transferred to relevant persons before applying for the liquidation process.
Closing of Bank Account
Companies holding any bank account must close it and submit the account closure letter while liquidating the company.
Newspaper Advertisement
An advertisement for the company’s liquidation will be done by the JAFZA after the submission of the liquidator’s report.
Completion of Voluntary Liquidation
When the liquidation is completed, your liquidator will submit the final liquidation report to the Registrar.
Removal of Name
Upon receiving the final liquidation report of the JAFZA offshore company, the Registrar will remove its name from the Register.
Our Role in JAFZA Offshore Company Winding Up
Al Fakher Accounting’s offshore company liquidation services include:
Drafting of documents
Preparation of board resolution
Drafting the liquidator’s letter of acceptance
Assistance for obtaining necessary clearances
Audit of financial statements for liquidation
Maintenance of RBR and PSR
Preparation of the final liquidation report
Documents Required for Offshore Company Liquidation
Bank account closure letter
Clearance letter from the JAFZA Authority
NIL Assets and NIL Liabilities confirmation
RBR & PSR handover confirmation
Why Hire Al Fakher Accounting’s Offshore Company Liquidation Services?
Experience in UAE company liquidation
Expertise in liquidation rules and regulations
Knowledge of JAFZA rules and regulations
Independence and impartiality
Approved by all the free zones and mainland authorities in the UAE
More than two decades of practice in the UAE