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