There are three types of closure as per the website of DMCC they are as
follows:
Winding up summary can be done where a company has either no liabilities or
is able to discharge its liabilities within 6 months and also commences with a
statement of solvency
Winding up for creditors can be done when the resolution is passed by the
company for winding up and it’s also followed by a meeting with the
company’s creditors.
Bankruptcy can be done by the court under UAE Commercial Transactions Law
No. 18 of 1993.
It takes more efforts for closing a business than just ceasing of operations. For
closing the business, you need to apply for the member portal in DMCC.  The
authorities, duties and responsibilities of the Directors of the company will be
terminated as an effect of the submission of the company termination
application. The application will be reviewed and processed followed by the
announcement in local Arabic newspaper. The final termination is filed by the
company after all the above procedures are completed and then the
termination letter is issued by the DMCC authorities.
In JAFZA, you must notify the authorities three months prior for the office and
warehouse facility and 6 months prior for plot facility.
In all the cases, employees visa and work permits should be cancelled. Dubai
portal explains that this requires coordination with both Department of
Naturalisation and Residency and Ministry of Human Resources and
Emiratisation.
According to the UAE labour law, before terminating the contract employers
are required to give their employees a two-month, paid notice period.
Probably in many of the cases employees have the option to keep their
residency visas until the company’s trade licence runs out. Later on, the
company can cancel utilities and telecommunication services. For processing
the closure of the utility services, Utility service providers have to collect the
NOC.