Closing company in SAIF Zone / Liquidation of SAIF Zone Company
Closing Company in SAIF Zone is initiated by submitting the Company’s shareholders resolution to the SAIF Zone authorities. The board resolution will have the shareholders consent to liquidate the company.
Along with the board resolution, the original company documents (Trade License, Incorporation Certificates, Memorandum of Association, Tenancy Contract, Memorandum of Association, Investor Agreement, etc.) has to be submitted to the SAIF Zone for issuing the Trade License cancellation certificate.
A Lost Record Certificate (to be obtained from Police Station by Company PRO) has to be submitted to the authorities in the event of missing original documents required to complete the company liquidation process. Also, the required clearances are to be obtained from the Port and Customs Department, Etisalat, Banks, etc.
Aurion will make arrangements for preparing the Auditor Certificate for Closing Company in SAIF Zone. The Auditor Certificate is a mandatory requirement for issuing Trade License Cancellation Certificate in the SAIF Zone. It takes around 15 to 20 days to complete all the processes of closing company in SAIF Zone. Once the Company is officially closed, all outstanding funds, security deposits, guarantee deposits will be refunded to the company account.
Aurion can complete the whole process of the company closing in SAIF Zone without the physical presence of the investor/company shareholder. The documents can be digitally signed by the investors and do not have to come to UAE for proceeding with the company liquidation procedures in SAIF Zone.
Closing Company in SAIF Zone - How do I close my SAIF Zone company?
Closing Company in SAIF Zone involves a few steps that the investor has to follow. The company Closing procedure must be conducted the right way for the smooth company closing and obtaining the company cancellation certificate. For the investor to open a new company and get a new UAE residence Visa, etc., in the future without any hassle, the company closing process must be initiated and completed by the investor as per the stipulated steps by the SAIF Zone.
AURION being the Registered Agent of SAIF Zone will assist you with the end-to-end process of winding up the company. Investor needs to be aware of the company liquidation process details, fees to be paid and required steps to be followed in SAIF Zone for the closing of the company.
To close a Company in SAIF Zone the following procedures are required.
STEP-1: Company Closure Request Letter & Shareholders Resolution
For Company closing in SAIF Zone, the first step is to prepare the Company Closure Request Letter and the Board/Shareholder resolution. Aurion will assist in the preparation of the company closing request letter and the company shareholder resolution. Shareholder resolution must be signed by all the directors of the company. If the owner/shareholder is a foreign company, the Shareholder Resolution must be attested by the UAE Consulate from the Country of Origin.
STEP -2: Company Closing Fee Payment
For Company closing in SAIF Zone (Company Termination in Sharjah Airport Free Zone), the company closing down fee has to be paid to the authorities along with the required supporting documents. The Company Closing Fees in SAIF Zone is very minimal, however, if the 3 months notice is not given then AED 5000 has to be paid. Also, there is a publication notice fee of AED 500. If the company holds an Immigration card, the employee visas cancellation fees are AED 510 for each visa.
Company Termination or Closing Fee / Winding Up / Closing Down cost of SAIF Zone Company
| Descriptions | Fee in AED |
|---|---|
| Fee for Late Liquidation (without 3 months notice) | 5,000 |
| Cost of Publication notice | 500 |
| Immigration Card Cancellation* | 510 |
| Visa Cancellation fee (Inside country)* | 510 |
| Visa cancellation (Outside country)* | 1,295 |
Note: * Immigration Card and Visa Cancellation Fee is applicable only to those companies that have an active immigration card and active visas.
STEP-3: Requirement of Clearance Letter for SAIF ZONE Company Closing
For the Company Closing in SAIF Zone, there are certain clearances to be obtained from the SAIF Zone (Sharjah Airport Free Zone), customs, port, and other entities like Etisalat and Banks. Following the obtaining of required clearances, the auditor liquidation certificate needs to be prepared and all outstanding payments have to be settled. Also, cancel existing employee visas and salaries too.
Clearances Required for closing company in saif zone
- 1. Clearance letter from the SAIF ZONE FACILITIES MANAGEMENT
- 2. Clearances from the Visa department
- 3. Clearance certificate from the SAIF ZONE CUSTOMS
- 4. Clearance certificate from Post Office
STEP-4: Auditor Liquidation certificate
The Sharjah Airport Free Zone requires the investor to submit the Auditor Liquidation Certificate for approving the company closing request. The Auditor Liquidation Certificate is obtained from the registered Auditor after conducting the audit. All the transactions, credits, outstanding payments will be detailed out by the auditor for the company director/owner /investor to do the settlement accordingly before closing down the company.
STEP-5: Original Company Documents
Along with the liquidation certificate, company documents such as trade license, Memorandum of Association, board resolution, Certificate of Incorporation, Investment Service agreement, Share Certificate, etc are to be submitted to the SAIF Zone authorities. Upon receiving the original company documents, board resolution, liquidation certificate, and the company closing fee, the company termination process will be initiated. The further steps involved will be notified to the investor too at this stage.
STEP-6: Premises Keys
After submission of the company closing application, office keys must be handed over to the SAIF Zone Authorities.The application is analyzed by the authorities and required refunds are processed. Finally, the Trade License cancellation certificate is issued.
STEP-7: Settlement of all outstanding payments
Once we submit the closing request to the SAIF Zone. The invoices for all outstanding payments will be provided by the Free Zone. The company has to pay-off all the liabilities to obtain the final settlement approval from the finance & Account departments of the Free Zone.
STEP-8: Refund Request Letter
Refund Request Letter is to be submitted to the SAIF Zone after the company liquidation Certificate is obtained. It is to avail all the outstanding payments from the Free Zone. Aurion will prepare and submit the Refund Request letter to SAIF Zone and the Refund will be initiated through check or bank transfer.
How Aurion Will Assist You?
Aurion is a Top Branded Registered Agent for Sharjah Airport International Free Zone with a track record of 15 years. Our team of expert Business Consultants specialized in termination of SAIF Zone Companies will assist you throughout the Company Closing process. We will also support you with all the required documentation, application form submission, obtaining clearances from SAIF Zone and other entities.
Our dedicated PROs will also assist you in bank account closures, VAT De-registration, audit your financial statements, and coordinate all the required company closing procedures so that you have a hassle-free company closing in SAIF Zone. Reach out for expert assistance in SAIF Zone Company Closing right away!
