Do you want to cease your business operations in the Ras Al Khaimah Free Zone? The Trade license cancellation in RAK, FZ is a crucial process and you must be aware of the whole process before you decide to apply for that to avoid paying fines or further complications. Below is step-by-step guidance for the liquidation of an LLC in RAK, Free Zone.
The process of Trade License Cancellation in RAK, FZ
Stage 1
Submitting necessary documents
You need to submit a completed application form to the Ras Al Khaimah Free Trade Office Zone. Before that, you need to gather clearance documentation from different authorities before terminating or deregistering your license. Check out the required clearance documentation.
- Chamber of commerce in RAK(in case this is applicable)
- Dubai post office(you need to cancel your corporate postal ID)
- RAK custom( If you have a warehouse or parcel of land)
- DU or Etisalat( If this is applicable)
- Traffic Division( If you have any car registered under the business name, then you need to have a document of clearance)
Stage 2
Make Payment of the required fees
When you are done submitting the application for your company's de-registration and necessary paperwork, you will get an invoice. your next step will be making that required payment.
Stage 3
Visa Cancellation Form Submission
Now, the next step will be to drag a formal closure to the business file with the RAK Immigration Authority. You will need to revoke all visas under the firm. Later on, you need to request a cancelled visa.
Stage 4
Company Deregistration Letter
When you are done making payment as well as submitting the visa cancellation request, RAK FTZ will publish a 14-day legal notification in a local Arabic newspaper. If no further complication or problem arises within the publishing time, RAK FTZ will help you get a deregistration letter.
** There are a few prerequisites
- If you own and run an individual business, you are subject to publish a notice for one week in a renowned publication. If you are running a business with several partners, you should be obliged to issue the Declaration of Partnership Dissolution for 14 days.
- You will also need to make sure the licence holder is present during this procedure.
Documents required for the Liquidation of an LLC in RAK Free Zone- at a quick glance
- Application for cancellation and appointment of a liquidator
- Original paperwork of your company incorporation
- Original Memorandum & Article of Association.
- Original Addendum to MOAA(if any)
- Original document related to Shareholder’s resolution passed at the time of incorporation
- The statement of Solvency of the directors.
- Board resolution for closing the company.
- Appointment letter from the Auditor that should be addressed to RAK Free Zone Authority.
- The statement from the auditor related to the solvency of the subject company.
- A Letter that should be addressed to the RAK Free Zone Authority about the closure of the company.
- A closure letter for all the bank accounts
- And, a final Notice of Liquidation of the company in a popular and locally published newspaper.
Wrapping up
Cancelling a company can be a challenging and time-consuming matter. You need to make sure that all the legal paper works submitted properly on time to get the liquidation done within time. That's why it's beneficial to hire an expert consultant for company liquidation services.
We are a registered company, dedicated to helping businesses or entrepreneurs with business set-up and company liquidation in both Mainland and free zones. We will make sure everything is arranged properly to avoid penalties or future restrictions.
If you want to dissolve your RAK Free Zone business, contact us today! Click here to discover more about our liquidation service in the UAE.
Or, schedule a consultation today!
