A large part of closing business in Dubai deals with final compensation for employees. The owner or owners of the company will have to cancel their employees’ visas as well as their work permits. This requires coordination with both the Department of Naturalisation and Residency and the Ministry of Labour. As per UAE labour law, employers are required to give their employees a two month, paid notice period before terminating their contracts. In many cases, employees can keep their residency visas until the company’s trade licence runs out.
Apart from finalising labour contracts, it is also necessary to formally cancel any subscribed utilities, including cancelling your account with DEWA and Etisalat or du and retrieving your deposits. Office or warehouse leases will also have to be honoured.