There is free zone, offshore and mainland companies available. We recommend to wind up the company if which is not in use for avoiding complications in the future.
Canecellation of the Company
The companies need to pay the government fee even if the companies are to be liquidated. The company is required to cancel all the visa under it in order to complete the process of cancellation or liquidation of the company. We recommend to cancel or renew the company on its expiry if the company has visas linked in it, to avoid legal proceedings by the government. This is purely part of social security measures.
Who can cancel the company
Preferably an experienced business consultant can liquidate or wind up the company. A consultant will normally appoint a registered liquidator to finalize the formalities followed by the newspaper advertisement.
Fee of a liquidator
A free zone company will have minimum requirements of an auditor but a company in the mainland has got vast requirements and additional fee to be charged. The fee of the liquidators is upon the volume of works to be executed.
Duration of a company liquidation
The maximum it takes 45 to 50 days if other requirements and formalities are executed on time. A free zone will have one window solution to close the company whereas the mainland company have its clearances from multiple departments which are in various locations.
Offshore Company Liquidation
The offshore company automatically gets strike off from the system if it is inactive over a period of time. Since the visas are not linked with the company it is not important to bother about this solution.
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