When it's time to close — we handle the tax and regulatory exit process.
Pass a resolution to dissolve; appoint a liquidator. Notarize through Ministry of Justice.
Calculate and pay all EOS benefits, leave encashment, and pending salaries. Cancel work permits and visas through LMRA.
File final VAT return, settle outstanding VAT liability, apply for VAT deregistration with NBR. Clear all GOSI dues.
Publish dissolution notice, settle creditor claims, collect receivables, and liquidate assets. Distribute surplus to shareholders.
Submit final audited accounts, obtain clearance certificates from all authorities. Cancel CR through Sijilat. Close bank accounts.
Must account for VAT on all remaining stock and assets. Self-supply VAT may apply on capital goods still on hand at closure.
Tax records must be retained for 5 years after VAT deregistration. NBR can audit even after closure for prior periods.
End-of-service payments are a cost for the business but not taxable to employees. Proper accrual is critical for final accounts.
Full liquidation typically takes 3-12 months. Rushing can lead to missed obligations, outstanding fines, or personal director liability.
We manage the entire exit process to ensure clean closure with no surprises.
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