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hello everyone today in this video I'm going  to cover company Liquidation in UAE. closing   down of a company is also called as a Liquidation,  Dissolution or Cancellation of business so there   are number of terminology we can say when we  have to cancel the company license. further   today in this video, we are going to cover what  is the process? what is the required document?   how much time it takes? and how much it cost? so  first of all we have to understand cancellation   of company license or liquidation of company  is same we can say as a dissolution of company   winding up of a company or de registration of a  company. so there are two types of liquidation   first one is voluntary liquidation and the second  one is compulsory liquidation so the first one is   voluntary Liquidation, in this case when the  investor or the shareholder of the company,   seems there is no profit in his company and  he don't want to continue the operations of   business in that case you choose the voluntary  Liquidation on the other hand the compulsory   liquidation where the company is not able to meet  the financial obligation and not able to pay the   debts of the company then in this case the court  make the order or the Creditor or the shareholders   can file a petition for the liquidation of a  company. The next one is, what are the steps,   which we have to taken care while starting the  process of liquidation so first of all we have   to prepare or file a board resolution, when we  are drafting a board resolution we must present   what is the reason of closing the company and  in the same board resolution we have to appoint   the Liquidator the second one is audit we have to  prepare the financial Audits and in this financial   audit report we can verify and reconcile the  assets & liabilities of the company. the third one   is settlement of debts we have to clear all the  outstanding Debts. it can be either the companies   creditors employees or the government authorities  now the Next Step will be what is the process   of company liquidation so the process of company  liquidation is quite lengthy and complex so I will   be telling in the steps, this first of all we have  to appoint a liquidator. a liquidator must be a   registered local Liquidator who will take care of  the complete process of the uh company liquidation   the second one is publication in local newspaper,  once the company decided to go for a liquidation   it has to appoint the company Liquidator  afterwards uh we have to do the publication in the   local newspaper it can be uh two local newspaper  and further the company has to put on their   website also that they are willing to close their  company the third one is, cancellation of license   and permits so company have to cancel their  all the Visas and the permits and the license   so they will not have any final penalties from the  government authorities. so the next one is assets   liquidation afterwards the company has to sold off  their all the assets it can be a real estate or   the equipment's or the any kind of assets to pay  of all the Creditor. next point, will be employee   settlement uh once the company decided to go for a  liquidation it has to pay all the employees their   salaries due salaries and end of service benefits  further the gratuities. once the company paid   off all the employees Services all the employee  salaries. The Next Step would be getting the tax   clearance certificate or closing the bank account,  in this case the applicant or the investor has to   approach the bank Bank itself to close down  all the bank accounts and at the same time we   have to arrange the NOC, no due letter from the  custom authorities if it's applicable from the   other government authorities which can be like  immigration, Ministry of Labor that everything   all has been settled and duly paid. now the next  question what are the required documents when we   have to liquidate or to shut down our company.  so first of first of all we have to provide the   company's documents like Trade license copy,  Memorandum of Association, Share certificate   if it's applicable for the FREE ZONE company  as well as we need the manager's passport copy,   his resident visa and Emirates ID plus we need  the audit report for the last year and the bank   account closer letter and there are some might  be additional documents which a liquidator or a   law firm ask you during the course of liquidation  process. The next question comes how much it cost   when we are closing down a company? OR liquidating  our company? so the cost of company liquidation   may vary from 8,000 till 12,000 further depends  number of factors that if the there are number of   employees then each employee Visa cancellation  cost around 500 to 700 AED. so this is overall   about the company liquidation process, if  you have any question related to business   ad up company formation or company liquidation  we are here to help you so please stay with us   and contact us at below given details. thank you  so much for watching this video have a good day.