ADGM Approved Liquidators
Winding up a company can feel overwhelming. The paperwork, legal steps, and regulatory rules in Abu Dhabi Global Market (ADGM) aren’t easy to navigate. ADGM doesn’t allow just anyone to manage company closures. It only permits liquidators officially listed and approved by its authority.
That’s where ADGM-approved liquidators come in. These professionals make the process smooth, safe, and legal. Their role is vital for anyone planning to shut down a business in this significant UAE financial freezone.
Jitendra Chartered Accountants, JCA, is one of the top approved liquidators in UAE, helping companies liquidate without jerking.
Who Are ADGM-Approved Liquidators?
ADGM-approved liquidators such as JCA are professionals or firms registered with the ADGM authority to carry out company liquidation services within the free zone. We have the legal authority and experience to manage everything related to closing a business in ADGM.
JCA liquidators follow strict standards. They know the exact steps required by ADGM, including compliance with tax, licensing, and employment regulations. Businesses are not allowed to proceed with liquidation unless they appoint an approved liquidator in the UAE from ADGM’s approved list.
Why Might a Business Close in ADGM?
There are many reasons a company might shut down in ADGM. Common ones include:
- Financial trouble or heavy debts
- Market decline or low demand
- Completion of a business goal
- The founder passed away
- Lack of growth opportunities
No matter the reason, the process needs to be done the right way. That starts with hiring the right approved liquidators in Abu Dhabi.
Main Steps to Liquidate a Company in ADGM
Closing a company in ADGM involves many legal steps. Here’s how the process usually works:
- Declaration of Solvency
All shareholders must sign a document confirming the company can pay its debts. This goes to ADGM.
- Pass a Resolution
The company must formally decide to wind up. This decision is recorded in a shareholders’ resolution.
- Appoint an ADGM-Approved Liquidator in the UAE
Without this step, the process cannot move forward. The liquidator must also submit an acceptance letter to ADGM.
- Announce the Liquidation
A public notice must run for three consecutive days in a widely circulated English newspaper. A 21-day period follows, allowing anyone to submit a claim.
- Close Operations
All business activities must stop. The company must cancel visas, terminate the lease, close the bank account, and return original documents like the trade license and registration certificates.
- Submit Clearance Documents
The business must get no-objection certificates (NOCs) from entities like:
- Abu Dhabi Customs
- Abu Dhabi Distribution Company (ADDC)
- Etisalat or Du
- Final Liquidation Report
The liquidator prepares and files this report. Once accepted, ADGM will officially remove the company from its register and cancel its trade license.
Extra Compliance Matters
Some crucial details can’t be ignored during the process. These include:
- VAT Deregistration if the business was registered for VAT
- Real Beneficiary Register & Shareholder Details must be submitted within 30 days of the liquidator’s appointment
- Records must be kept for at least five years after liquidation
- Economic Substance Reporting (ESR) must be complete if the company falls under ESR rules
Missing any of these steps could lead to delays, extra fees, or legal trouble.
Services Offered by Approved Liquidators in Abu Dhabi
Hiring the right liquidator is more than a legal requirement. Here’s what ADGM-approved liquidators typically handle:
- Drafting and submitting the shareholder or board resolution
- Auditing financial statements
- Preparing the final liquidation report
- Publishing the liquidation notice in newspapers
- Cancelling establishment cards and visas
- Handling legal documents and NOCs
- Closing bank accounts
- Securing the final liquidation certificate
However, the services are not limited to this. Registered liquidators in the UAE guide you from start to finish and take care of everything needed to wind up a company properly.
Choosing the Right Liquidator in ADGM
Not all liquidators are the same. Here’s what to look for:
- ADGM Approval: Only hire from the official ADGM list.
- Experience: Seasoned liquidators like JCA can spot problems early and handle them quickly.
- Professionalism: Search for prompt responses, concise advice, and consistent help.
Employing someone who understands what they’re doing saves you money, stress, and time.
Jitendra Chartered Accountants (JCA): Your Best Approved Liquidators in UAE
JCA is the right liquidation service provider that conducts the process smoothly and lets your business close without potential damages and losses. Our professionals have accurate knowledge and expertise in the process of liquidation. They know how to interact properly with authorities, get different approvals and end the process beautifully.