Wings 9 Management & Consultancies
About License Cancellation:
Canceling your trade license or liquidating your company is a major decision that requires expert guidance. The process involves several steps, some simple and others more complicated, such as securing NOCs from various government entities. Mistakes or omissions can result in substantial fines, making it crucial to handle the closure carefully.
Requirements:
- Obtain clearance from government authorities to avoid fines or penalties for your license if it is not renewed upon its expiry.
- Notify relevant authorities that you are no longer in business to prevent fines or penalties for your license if it is not renewed upon its expiry.
- Settle any liabilities with creditors and partners if you are part of a shareholding company to protect your interests and shares.
- Consider your goodwill and business reputation if you decide to start a new business venture.
