IFZA FZCO Liquidation Costs: Fair Price or Ripped Off??

[Leo Vanguard]

Good Day Gents.

I'm in the process of liquidating my IFZA Freezone company in Dubai and wanted to get some advice on whether the quote I've received seems reasonable.

For context, my company has been dormant for all of 2024 (the entire tax year), with no transactions or activity. It should be a pretty straightforward case, but here's the breakdown of costs they're quoting me:

• License Cancellation: AED 2,000
• Establishment Card Cancellation: AED 500
• Visa Cancellations (outside UAE): AED 1,500 per visa
• Corporate Tax Filing: AED 2,500 (even though it's a zero return)
• Liquidation Report: AED 2,000
• Assistance/Service Fees: AED 2,000

Total: AED 12,500 (around $3400)

I'm curious if this is in line with what others have paid for similar cases, especially since the company is inactive and shouldn't require too much work.

Also, if you've gone through this process before, are there any hidden fees or surprises I should watch out for?

Would love to hear your thoughts or advice, or if I am being ripped off!

TIA

 

[JackAlabama]

Leo Vanguard said:
Good Day Gents.

I'm in the process of liquidating my IFZA Freezone company in Dubai and wanted to get some advice on whether the quote I've received seems reasonable.

For context, my company has been dormant for all of 2024 (the entire tax year), with no transactions or activity. It should be a pretty straightforward case, but here's the breakdown of costs they're quoting me:

• License Cancellation: AED 2,000
• Establishment Card Cancellation: AED 500
• Visa Cancellations (outside UAE): AED 1,500 per visa
• Corporate Tax Filing: AED 2,500 (even though it's a zero return)
• Liquidation Report: AED 2,000
• Assistance/Service Fees: AED 2,000

Total: AED 12,500 (around $3400)

I'm curious if this is in line with what others have paid for similar cases, especially since the company is inactive and shouldn't require too much work.

Also, if you've gone through this process before, are there any hidden fees or surprises I should watch out for?

Would love to hear your thoughts or advice, or if I am being ripped off!

TIA
Click to expand...

yeh its about allright, price wise. afaik i paid 8000 aed for the whole thing but it was a 2 years ago, without income tax things and generally prices were lower back then.
Even with 0 return, it doesnt mean 0 work as you still need to do paperwork, prepare statements etc.

But you can shop around and negotiate.

 

[Leo Vanguard]

JackAlabama said:
yeh its about allright, price wise. afaik i paid 8000 aed for the whole thing but it was a 2 years ago, without income tax things and generally prices were lower back then.
Even with 0 return, it doesnt mean 0 work as you still need to do paperwork, prepare statements etc.

But you can shop around and negotiate.
Click to expand...

Thanks for the intel.

Yeah, this is the negotiated price - only managed to get 750AED off.

I have emailed another 19 service providers that where on the recommended list from IFZA, so lets see what their prices are.

 

[yoyodubai]

Leo Vanguard said:
Thanks for the intel.

Yeah, this is the negotiated price - only managed to get 750AED off.

I have emailed another 19 service providers that where on the recommended list from IFZA, so lets see what their prices are.
Click to expand...

Can you share this list?

 

[Houdini]

Interesting if they all charge the same the costs may be agreed with all of them to avoid competition.

 

[blessed98]

What kind of business case do you have? I would be interested in purchasing your company. Do you have Telegram?

 

[Leo Vanguard]

yoyodubai said:
Can you share this list?
Click to expand...

Here you go.

IFZA Approved auditors.

Just to be clear, I used auditors that aren't on the list and it wasn't a problem.

 

[Leo Vanguard]

blessed98 said:
What kind of business case do you have? I would be interested in purchasing your company. Do you have Telegram?
Click to expand...

FZCO with 3 trade licences, Marketing Management, Management Consulatancy and Internet Content Provider.

Whats the process like?

I'm looking for something that has as little hassle as possible.

 

[sknomad]

I paid approx. 13500 AED.

 

[JackAlabama]

Leo Vanguard said:
Here you go.

IFZA Approved auditors.

Just to be clear, I used auditors that aren't on the list and it wasn't a problem.
Click to expand...

yeah you can have any auditor, but they have to be registered in Dubai (important).