Advisory & Consulting

Liquidation inSAIF

Learn how you can wind up operations in the Sharjah Airport International Free Zone.

Termination / winding up / closing down procedure of saif zone company

Termination of company in SAIF zone is initiated by submitting Board Resolution to liquidate company. Along with this resolution, all the original company documents like Trade License, Incorporation Certificates, Memorandum of Association, Tenancy Certificate, Invest Agreement etc shall be given back to the authorities. If any of these original documents are lost or misplaced, client or his PRO can obtain a lost record certificate from Police Station and submit in Freezone. Upon submission of all these documents, freezone will initiate facility clearance process. In the meantime, NOC from Port and Customs, Etisalat etc shall be collected. 

Auditor Certificate for Liquidation showing no liability for company has to be submitted. All the visas under the company have to be cancelled. Now, the company is ready to be liquidated. It takes around 15 to 20 days for the whole company liquidation process. After the liquidation process, the client will get back refund if there is any balance in company account.

DESCRIPTIONS FEE
Late Liquidation Fee (If 3 months notice is not given) AED 5,000
Publication notice fee AED 500
Immigration Card Cancellation Fee (if applicable) AED 510
Visa cancellation – inside country (if applicable) AED 510
Visa cancellation – outside country (if applicable) AED 1,295

Board Resolution for liquidation signed by all the directors of the company including the name of the person or bank account details or transferee of all refunds & company dues (to be attested in case of a foreign document).

Any outstanding payments shall be cleared with SAIF-Zone’s Finance & Accounts Department, including the overstay charges till the date of cancellation of all the visas and handing over the premises key’s whichever is later. In case of any refund, it shall be in the company’s name (unless stated in Board Resolution as per Clause No. 1) subject to submission of the original receipt.

All visas, ID Cards, Immigration card to be cancelled and expatriates to be repatriated as per the procedure of our Investors Services Dept.

Premises & Post Box keys must be handed-over to SAIF-Zone authority in order to go for inventory / maintenance check.

Original documents such as License, Tenancy Contract, Memorandum & Articles of Association, Investment Service Agreement, Share Certificate, Certificate of Incorporation etc. (if collected) shall be returned to Lease & License Dept.

Arrange to cancel your SAIF-Zone telephone lines from ETISALAT and provide with Clearance Certificate.

Clearance Certificate from the SAIF-Zone CUSTOMS.

The Investor shall submit his/her passport to SAIF-Zone Client & Investor Services Department during the period of clearance.

Liquidation Certificate to be obtained from your Auditor (only incase of FZE or FZC).

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