Covid-19 induced economic uncertainties are a reality in the current business landscape.
The UAE governments proactive stimulus packages have been successful in limiting its impact, but some companies have fallen prey to the pandemic. Companies such as Sprii and Gulf Greetings Trading closed their operations in the UAE due to cashflow problems. Firms that decide to wind up their operations usually file for voluntary liquidation in the UAE, which allows them to exit gracefully by settling their debts and other liabilities.
However, regulatory compliance requirements such as VAT, Ultimate Beneficial Ownership (UBO), and Economic Substance Regulations (ESR) have made it critical for companies to plan their liquidation well-ahead.
Here are…
Read the full article at: https://gulfbusiness.com/revealed-8-factors-key-for-company-liquidation-in-the-uae/