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Liquidation of SAIF Zone Companies
SAIF ZONE Approved Liquidators
The process of liquidation of a company in the SAIF (Sharjah Airport International Free) Zone is as follows:
A board Resolution needs to be passed and signed by all the Board of Directors for FZC and Branch of foreign/local company. It is imperative that the clause for the closure and authorization is included in the Board Resolution passed. The name and the bank account details of the person to whom all the deposits are to be made after the closing down should also be mentioned.
• The Immigration Card should be cancelled and the details of the immigration should be obtained and kept as it would later be treated as the invoice by the Visa Department.
• At the time of liquidation and after the passing of the Board Resolution, the below clearances need to be obtained for the liquidation procedure to process further
• The keys of the PO Box should be submitted to the SAIF ZONE Post Office and the clearance should be obtained
• Clearance certificate from the SAIF ZONE Customs
• Visa Status report needs to be received from the Visa Department after all the visas, IDs and immigration card have been applied for cancellation
• In case of FZE and FZC, the liquidation certificate needs to be obtained from the auditor
• Clearance certificate from the SAIF Zone Facilities Management
After all the above clearances have been obtained, the premises keys should be handed over to the Leasing, Licensing and Legal Affairs of the SAIF Zone.
All the outstanding dues with SAIF Zone’s finance & accounts department should be paid and settled including overstay charges until the date of cancellation of all the visas or the handing over of the premises keys, whichever is later.
All the original documents such as the License, the Tenancy Contract, Memorandum of Association, Articles of Association, Investment Service Agreement, Share Certificate, and Certificate of Incorporation should be handed over to the Leasing, Licensing and Legal Affairs of SAIF Zone.
The accounts are finalized by the finance and accounts department and the customer needs to avail the final visa status report along with the NOC from visa department, from Leasing, Licensing and Legal affair and submit all the original deposit receipts.
In case you have any questions or require further clarification, reach out to our experienced team of professionals.