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DMCC was established in 2002 by the Government of Dubai to provide the physical, market and financial infrastructure required to establish a hub for global commodities trade.
The winding up of a DMCC company should be done in accordance with DMCC Company Regulations No. (1/03). According to these regulations, there are certain procedures to be done in order to close the company.
Alya Auditors in UAE provides DMCC company liquidation and trade license cancellation services. We are the approved liquidator for DMCC and currently working as liquidator for many companies in DMCC to close their company expeditiously and cost effectively.
Being an approved liquidator and an approved audit firm, we can prepare both liquidators report and audit report to submit to DMCC Authority for liquidation purposes.
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.
All active UAE bank accounts of the company must be closed. It is important to obtain Statement of Account of the last financial year for the preparation of Liquidators Report. Also, you need to obtain Bank Account Closure Confirmation from the respective UAE banks as a proof.
All running visas under the UAE company sponsorship must be formally canceled. Also, you should cancel or take on hold all active UAE Residence Visas run under any employee sponsorship (Dependent Visa/ Family Visa).
Depending on the activity of the company, it must require to obtain clearances. For example, if the company has a trading business, they must approach the Ministry of Customs and the Chamber of Commerce to obtain clearance
All utilities DU/Etisalat, DEWA, Air Conditioning and any office facility of the UAE company must be cleared. If you are renting the office, you should pay all the dues from the landlord and obtain clearance
Depending on which jurisdiction the UAE company is registered, it is mandatory for any legal entity to run a 15 days newspaper publication mentioning that the company is on the process of liquidation (winding up). You can also do it through online publication
All property, vehicles, shares in other companies, etc. under the name of the UAE company must be sold out or transferred. Your auditing firm which will perform the Liquidators report will require the Proof of transfer or Proof of selling the actives
The UAE company must hire a licensed and approved auditing firm, that is authorized to prepare the Liquidators Report for the company
The Authority, where the company is registered will release the final approval after complying all the steps mentioned above and then release the Certificate