Bank account timing at closure
When should I close the company bank account?
The situation
Keep the account open until all refunds are received and final payments are made, including any FTA refund.
The law
- Art 74, Federal Decree-Law 8 of 2017: Refunds paid to the registrant's account
What it means for you
Example: closing the account before a AED 6,000 VAT refund arrives can delay or lose the refund. The bank usually needs the licence cancellation certificate to close.
What to do
- Keep the account open.
- Receive refunds.
- Pay final dues.
- Close with the cancellation certificate.
We can do this for youCompany liquidation and deregistration: VAT and Corporate Tax deregistration, visa cancellation and licence cancellation: AED 4,000