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Company Liquidation in DMCC calls for termination or winding up the operations of businesses. To proceed with DMCC Company Liquidation there are a few considerations to be taken. Considerations that should be taken are settling the businesses property, assets and its liabilities.
DMCC is the dedicated global centre for more than 17,500 businesses from a wide range of industries and sectors, as diverse as agro, energy and financial services to diamonds, gold and base metals. As a DMCC member, you can access all the advantages of unparalleled trade connections direct to Dubai, the UAE and world’s key commodities markets.
The nominated auditor must be a regulated auditor.
The board of the company has to issue a resolution that the company is under liquidation, appoint a liquidator, and mention the name and address of the appointed liquidator.
The appointed liquidator must announce a brief of the board resolution and the liquidation in two local newspapers.
The creditors (if any) must submit their claim or/and their objections (if any) within the time limit mentioned in the announcement. Other interested parties have the right to object the liquidation during the time limit.
Make sure that the clearance letter is received from all the creditors,banks,government etc.
After making sure that the task is fully completed, the liquidation report must be issued by the appointed liquidator
an application for the company deregistration along with a copy of the liquidation report must be submitted to the company’s registrar. Once the application is approved, the company’s registrar office will issue a certificate of deregistration.
Complete all the necessary sections in the DMCC portal and proceed with uploading the requirements for company termination.
You will have to cancel all the active visas, PIC and TAC through the DMCC portal. If you have already cancelled all the active visas, PIC and TAC you can skip this step.
Once you complete uploading the 1st set of requirements in the 3rd Step upload the 2nd set of requirements for company termination.
You should submit all the original document requirement to DMCC.
A copy of the liquidator’s report should be uploaded on the SR and submit the original to the DMCC.
The termination of license will be published by DMCC for a period of 14 days.
You will be receiving de-registration and license termination letters. The original of these copies has to be collected from the DMCC.
Alya Almarzooqi Auditors ensures clients with the apt procedures for Liquidation of Company in DMCC. Get in touch with our team for an initial consultation on how to proceed with in the most appropriate proceedings for Company Liquidation in DMCC.