Wings 9 Management & Consultancies
About License Cancellation:
Cancelling your trade license or liquidating your company is a serious decision to take and one that requires expert support throughout the process. There are several steps – some straightforward, others complicated such as obtaining NOCs from various governmental entities. An error or omission could result in significant fines – something you don’t need when shutting down your company.
Requirements:
Get clearance from the government authorities to avoid incurring any fines or penalties on your license when it is not renewed upon its expiry.
Inform relevant authorities that you are no longer in the business to avoid incurring any fines or penalties on your license when it is not renewed upon its expiry.
Discharge your liabilities towards creditors and partners if you are in a shareholding company and protect your interests and shares.
Put your goodwill and business reputation in perspective if you decide to start a business again
