Liquidation of Company in QATAR | What are the 7 Steps to liquidate a company in Qatari Development Authority (QDA)?
Below are the 7 steps involved in the process of liquidation of Companies in Qatari Development Authority(QDA), previously known as Doha Creative Clusters Authority (DCCA)
The Company should submit a notice to the QDA free zone authority mentioning, the reason behind the closure of the entity, and one month prior to the liquidation. Otherwise, there will be some charges for canceling the lease agreement. A board resolution (or Shareholder’s resolution in case of FZE/FZCO) for De-registration must be attested in front of free zone executives. If the shareholders are outside the country/the owner of the company is a foreign company then the resolution has to be notarized and attested from the QATAR embassy of that country and the same has to be legalized from Ministry of Foreign Affairs, QATAR.
Company must return all office keys and transponders (It is not applicable for the companies in Leasehold or Freehold).
The Company have to provide the copy of the New paper advertisement ie; in one in English and other one in Arabic.
Company Original license, Certificate of formation & Share certificates, Lease agreement and the Original Department of Economic Development License (if it is issued through QDA).
Qatari Development Authority (QDA) was previously known as Doha Creative Clusters Authority (DCCA) following law 10 of 2018.
The Authority’s Center of Interest and its main aim is as mentioned below:
Qatari Development Authority (QDA) entitles a very comfortable business industry for the excellence of its stakeholders, which includes real estate developers and their strategic partners for contributing to bring an economical evolution to Doha. They emphasize in providing the best services, strategies & values to transform in excelling globally.
What is Company Liquidation?
Company Liquidation is a process where a company takes a decision to wind up their business operations as it can no longer continue the business operations. When a company undergoes liquidation, they sell their assets so that they can pay back their debts/liabilities/obligations. The amount that is collected after selling the assets is shared by the shareholders of the company.
There are different kinds of companies in the QATAR, such as LLC, Sole Establishment or a Free Zone. When a company is being liquidated in the QATAR the assets and properties are distributed to the creditors, shareholders of the company. In other terms Company Liquidation is also termed as winding- up of the business.
Checklist before liquidating your company in the QATAR
Settling down all utility bills
Paying off Telecommunication Bills
Closure of Bank Accounts
Preparing the Final Audit Report
Cancellation of all the visa under the license
How can Emirates Chartered Accountants Group Help you with Company Liquidation in QATAR?
Liquidating a company in the QATAR can encounter lots of challenges during the entire process and it is also a step wise process where time is consumed gradually.
We can guide and support you to complete all the legal formalities and procedures to liquidate your company in the QATAR. Support and Guidance will be provided to Deregister for VAT in QATAR.
As we are approved Auditor of all the Free Zones in the QATAR, we will extend our support to prepare the final audit report. Plan a cost-effective Company Liquation by avoiding unnecessary expenses.
Company Liquidation in Free Zones
There are different free zones in the QATAR and each of them has their own set of procedures to follow while liquidating a company in QATAR Free Zone but almost all the free zones has the same set of procedures for Company Liquidation.
Basic requirement for Free zone Company Liquidation are as mentioned below:
The Board’s Resolution is required to liquidate the Company in free zones.
Only registered and approved liquidators in the QATAR must be appointment to liquidate a company in free zone.
All the visas of employees should be canceled and cleared while liquidating a company in free zone.
Liquidation letter has to be submitted only to registered and approved auditor for free zones in the QATAR.
Clearance Certificate from free zone authority.
No Objection Certificate from Business Unit.
Clearance Certificate from CLD Government section.
All fees/charges/expenses are to be settled within that particular free zone in QATAR.
Qatar Chartered Accountants Group ensures clients apt procedures for Liquidation of Company in the QATAR and Bahrain. We house dedicated professional team for Company Liquidation Services where you can get in touch with our team for an initial consultation on how to proceed within the most appropriate proceedings.
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