Company liquidation and dissolution
If you need to close the company and need help in various processes but want to avoid many steps and high costs. We are happy to help you through any legal steps that should be followed. And ready to suggest ways to reduce the debt burden of companies and partners.
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How long does it take to dissolve a limited company and liquidate?

Period of settlement and liquidation It depends mainly on the status of the company account. Because all assets and liabilities should be offset from the balance sheet.

The last step is an important step in getting certified by the Revenue Department. It must be verified that there are no further contingent liabilities.

This process may take at least 60 – 90 days or may take several years.

What are the procedures for canceling a limited company?

1.

Step 1: Company Dissolution Registration

  • Publishing in the local newspaper. and send invitations to shareholders to attend the Extraordinary General Meeting of Shareholders (EGMoS), which will be held at least 14 days after the date of publication.
  • Extra General Meeting of Shareholders There will be a resolution to approve the dissolution of the company. with a minimum quorum of 75% of shareholders
  • Company Cancellation Registration and make an appointment for liquidation with the Department of Business Development (DBD) within 14 days after the Extraordinary General Meeting of Shareholders
  • Published in the local newspaper after the dissolution of the company. And must notify creditors within 14 days after the extraordinary general meeting of shareholders
  • Submit a tax registration certificate. to cancel with the Revenue Department which must notify the Director-General within 15 days after registration of dissolution with the Department of Business Development
  • Notify social security of company dissolution by the 15th day of the month after registering company dissolution with the Department of Business Development
  • The liquidator reports the progress of the liquidation to the Department of Business Development within 3 months after registering the dissolution with the Department of Business Development. and after another 3 months in a row If financial statements cannot be completed

2.

Step 2: Company Liquidation Registration

  • Publishing in the local newspaper. and send invitations to shareholders to attend the Extraordinary General Meeting of Shareholders to attend the shareholders’ meeting which must be held at least 7 days after the date of publication.
  • meeting with shareholders to approve financial statements
  • Registration of liquidation with the Department of Business Development within 14 days after the shareholders’ meeting
  • File the final corporate income tax return within 150 days after registering company dissolution with the Department of Business Development