COMPANY
LIQUIDATION

EXPERT SERVICES FOR WINDING-UP
& DE-REGISTRATING A COMPANY

QUICK,
STREAMLINED
& COMPLETE
COMPANY
DE-REGISTRATION

SAUDI ARABIA COMPANY LIQUIDATION & DE-REGISTRATION SERVICES

Are you a business owner, company shareholder or a director of a company and considering winding up a Saudi business? Changes to the business environment and market conditions can result in your decision to wind up and close your Saudi company. This will require expert assistance to complete the process.

Our company liquidation experts will complete the entire liquidation, winding up and de-registration formalities. We ensure a hassle free, quick, straightforward and cost-effective process that will formally bring the company to an end and provide the official closure documentation to the affairs of the company.

We have a proven track record as the region’s leading consultants providing liquidation services. We work with companies of all sizes, in all sectors and all entity types throughout Riyadh, Jeddah, Madina, Khubbara, and we can assist to complete the liquidation process for a Saudi company.

OUR LIQUIDATION SERVICES

APPOINTMENT OF LIQUIDATOR

Providing suitable liquidator options.
Prepare liquidator appointment letter.
Liaise and oversee the on-going accounting requirements.

COMPANY DOCUMENTS

Analyse and prepare shareholder resolution and Power of Attorney (POA).
File and complete de-registration applications.
Publish newspaper advert to close company.

AUTHORITY CLEARANCE

Draft No Objection Certificate (NOC) and all authority clearance letters.
Cancel company labour, Immigration and residency visas.
Represent the company and liaise with third parties and attend meetings.

FINAL SUBMISSION

Provide completed liquidation documentation.
Administer completed de-registration letters.
Receive and issue certificate of deregistration.

WHEN IS THE RIGHT
TIME TO CONSIDER
COMPANY LIQUIDATION
SERVICES IN
SAUDI ARABIA?

Closing and liquidating your business can be a difficult decision and knowing the right time to decide to start the liquidation process important. Here are some key indicators that it might be time to consider professional company liquidation services in Saudi Arabia:

FINANCIAL STRAIN:

Mounting Debts: If your company is struggling to meet its debt obligations and creditors are becoming increasingly persistent, liquidation might be necessary to avoid further financial complications.
Sustained Losses: Experiencing consistent financial losses with no clear path to profitability can signal the need to wind down operations before further resources are depleted.
Insolvency: If your company’s liabilities outweigh its assets, insolvency may trigger mandatory liquidation as per Saudi regulations.

OPERATIONAL CHALLENGES:

Market Changes: Significant shifts in your industry or market that render your business model unsustainable may necessitate closure.
Loss of Key Personnel: The departure of critical personnel, especially those with unique expertise, can leave a void difficult to fill and potentially hinder operations.
Internal Disputes: Unresolvable conflicts among partners or shareholders can create a dysfunctional environment, making business continuation impractical.

STRATEGIC OBJECTIVES:

Business Completion: If your company has achieved its intended purpose or fulfilled a specific project, liquidation might be the logical next step.
Merger or Acquisition: In the event of a merger or acquisition, one of the entities involved may need to undergo liquidation.
Retirement or Restructuring: The owner’s retirement or a desire for significant restructuring within the company could necessitate closure and re-establishment.

REMEMBER: Early recognition of these signs and seeking professional guidance can help you complete the liquidation process efficiently and minimize potential legal or financial repercussions.

EXPERTISE: Our team of experienced professionals understands the complexities of company liquidation in Saudi Arabia. We provide:

Comprehensive Guidance: We guide you through and complete the entire process, ensuring compliance with all regulations and minimizing delays.
Expert Liquidator Selection: We assist in guiding you towards appointing a qualified and experienced liquidator to handle the asset sales, debt settlements, and legal matters involved.
Streamlined Process: Our established network and experience allow us to expedite the liquidation, saving you valuable time and resources.

We can help you make informed decisions and ensure a smooth and compliant company liquidation in Saudi Arabia.

KSA COMPANY LIQUIDATION FAQS

WHAT IS THE TIMELINE FOR COMPANY LIQUIDATION IN SAUDI ARABIA?

Closing your business in Saudi Arabia involves a specific process overseen by the Ministry of Commerce and Investment (MCI). Here is a breakdown of the timeline for company liquidation in Saudi Arabia:

INITIAL STEPS (APPROX. 1-2 MONTHS)

Board of Directors Meeting: The company’s board of directors must decide to dissolve the company.
Application for Liquidation: An application for liquidation is submitted to the Ministry of Commerce and Investment (MCI).
Publication of Dissolution Decision: The company must publish a notice of its dissolution in the Official Gazette.
Liquidator Appointment:
- The partners/shareholders appoint a liquidator within 60 days.
- If no appointment is made, the judicial authority can appoint one upon request.

LIQUIDATION PROCESS (VARIABLE TIMELINE)

Notice Period: Creditors are notified of the liquidation with a set timeframe to file claims.

Bank Account Closure: The company’s bank accounts are closed.
Tax Matters: Final tax submissions are made, and the company deregisters for tax purposes.
Visa Cancellation & Dues Settlement: Employee visas are cancelled, and outstanding dues are settled.
Liquidator’s Duties:
- The liquidator gathers assets, sells them, and uses the proceeds to pay off debts.
- They may need to handle legal or tax issues arising during the process.
Liquidator’s Audit Report: The liquidator prepares a final report on the liquidation process.

FINALIZATION (POTENTIALLY SEVERAL MONTHS)

Liquidation Certificate: Once all debts are settled and claims are addressed, the MCI issues a liquidation certificate, officially dissolving the company.

ADDITIONAL NOTES:

The overall timeline can vary depending on the complexity of the company’s financial situation and potential legal challenges.
New regulations regarding company dissolution are reportedly under consideration, which could impact the process in the future.

STREAMLINE THE PROCESS WITH EXPERT HELP:

Liquidation can be a complex process. Contact our team of Saudi experts who can handle the entire process, freeing you to focus on other matters. Our strong government connections can expedite the process, saving you time and minimizing complications. For a free consultation contact [email protected] today.

What is company liquidation or de-registration?

Company liquidation is also referred to as winding up of a company. This is the process where the operation or the existence of a company is no longer required. Liquidation is to complete the company closure and the cancelation of the Saudi company.

Reach out to our team for more details on Saudi company liquidation, by email [email protected] or call KSA +966 54 995 2676 UAE +971 4 878 6240.

Must I formally liquidate my Saudi company?

Should you decide not to renew your company commercial registration and want to close the company, you must follow the formal company closure process regulated by your licensing authority. Failure to renew your Saudi company commercial registration and not formally liquidate the company will result in the owner(s), General Manager and shareholders generating fines, breaching the rules and regulations of the governing body and potential Immigration issues.

Our team of experts are available to answer any questions you may have about Saudi company liquidation. Contact us by email [email protected] or call KSA +966 54 995 2676 UAE +971 4 878 6240.

Who can help with Saudi Arabia company liquidation?

It is recommended to seek professional expert services. This will greatly reduce time, costs and streamline the liquidation process. Creation Business Consultants experts will guide you towards the right solution and provide a quick affordable liquidation plan to handle and complete all the company closure formalities suited towards you, your partners and shareholder needs.

What is the initial list of documents required to close a company?

To begin with the following list of documents are required:

Company commercial registration copy (most recent).
Memorandum & Articles of Association (include copies of any amendments/changes).
Power of Attorney.
Shareholders Resolution (detailing the meeting to dissolve the company).
Shareholders passport (some authorities will require a most recent certified copy).
Saudi ID copy (if applicable).
De-registration application (Creation will complete this process with the clearance documents).

To learn more about our services and how we can assist with setting up a company in Saudi Arabia, email [email protected] or call KSA +966 54 995 2676 UAE +971 4 878 6240.

What is the role of a company liquidator?

Company liquidators have several tasks and are responsible to service and oversee any third-party processes from start to completion upon engagement. Main duties include but are not limited to:

Allocation of resources obtained and the surplus of funds to the related parties;
Decide if there are any outstanding claims against the company and resolve claims and;
Provide a report declaring assets of the business and settlement of liabilities

For more information contact [email protected] or call KSA +966 54 995 2676 UAE +971 4 878 6240 to discuss your Saudi company liquidation plans.

HOW MUCH DOES IT COST TO LIQUIDATE A SAUDI ARABIAN COMPANY?

The fees associated to complete the company closure will vary depending on the company and its structure. Contact a member of our team for your free consultation, contact [email protected] or call KSA +966 54 995 2676 UAE +971 4 878 6240 to discuss your Saudi company formation plans.

HOW LONG DOES IT TAKE TO LIQUIDATE AND CLOSE A SAUDI COMPANY?

To complete and liquidate a company in Saudi Arabia this will vary according to where the company is incorporated, the type of structure and business activities. For more information contact [email protected] or call KSA +966 54 995 2676 UAE +971 4 878 6240 to discuss your Saudi company liquidation plans.