Company Liquidation in DMCC
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.
When can you apply for Company Liquidation in DMCC?
As per the Implementing regulations, memorandum and Articles of Association, a company can apply for Company Liquidation in DMCC after termination of its licenses.
How can you proceed with Company Liquidation in DMCC?
For Company Liquidation in DMCC there is a company termination application that has to be submitted to DMCC through e-services, DMCC Member Portal. You can go to “Company Services” – “Company Amendment Services” – “Company Termination”.
What you should note before you procced with Company Liquidation in DMCC?
- You should appoint a liquidator in order to liquidate your company.
- The liquidator should be appointed from any chartered accountant or auditors listed in DMCC, UAE with good repute. They should be registered and licensed in DMCC, UAE.
- Upon submission of company termination application, the Director of the company will be terminated from his / her duties and responsibilities.
- There will be no services rendered to a business who in in the process of Company Liquidation except for some that are related to Company Liquidation.
Steps for DMCC Company Liquation – Request for Company Termination.
Step No. 1: Complete all the necessary sections in the DMCC portal and proceed with uploading the requirements for company termination.
Step No. 2: 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.
Step No. 3: Once you complete uploading the 1st set of requirements in the 3rd Step upload the 2nd set of requirements for company termination.
Step No. 4: You should submit all the original document requirement to DMCC.
Step No. 5: A copy of the liquidator’s report should be uploaded on the SR and submit the original to the DMCC.
Step No. 6: The termination of license will be published by DMCC for a period of 14 days.
Step No. 7: You will be receiving de-registration and license termination letters. The original of these copies has to be collected from the DMCC.
What are the documents required for DMCC Company Liquidation?
- Shareholders’ Resolution with regard to liquidation of the company if it is individually owned businesses.
- Board Resolution from the holding company with regard to winding up of the business. This is applicable to the branch companies only. The board resolution is to be signed by an authorized signatory of the holding company in DMCC or it should be notarized and attested.
- Recent Certificate of Incumbency of the parent company. This is applicable to the branch companies only. Original notarized certificate should be submitted to DMCC’s counters and please note that the certificate of incumbency’s attestation should be within a year.
- A resolution or request letter corresponding to the appointment of a Liquidator. The liquidator should be appointed from any auditing or a law firm in the UAE with a good repute. The resolution is applicable to individuals, subsidiaries and branch companies.
- The liquidator should confirm their appointment. A letter from the liquidation confirming their involvement should be given in the company’s letter head and should be signed by the authorized signatory.
- All the legal documents are to be submitted back to DMCC. Documents like company license, memorandum of association, certificate of registration, share certificates and personal secondment agreement.
- If an establishment card has been issued, it has to be submitted back to DMCC along with the fees to close the file in immigration.
- Clearance letter from the third-party service providers like Etisalat, DU, DEWA and Banks. The clearance letter should mention confirmation on closing of their accounts and services.
- All the trading license holders is required to get NOC from the customs.
- Companies with physical offices should get a clearance letter from the landlord. Clearance letter from the landlord should state that he has no objection for company liquidation and there are no outstanding liabilities.
- Clearance letter from 3rd party authorities like DGCX, KHDA, RERA, DHA, etc for all the license holders whose activity is controlled by 3rd party authorities.
- Businesses owning properties in Almas, Au, Ag and Jewellery & Gemplex Towers should get a no objection certificate from community property and assets management.
- Visas, permanent identity card and temporary access cares under the business should be cancelled through the DMCC member portal.
- The appointed Liquidator should prepare the liquidator and closed audit report for submission.
What happens when all your requirements are submitted for DMCC Company Liquidation?
After the application is ready and submitted all with all the required documents through the DMCC Service portal, the application shall then be substantiated and initiated. They will also issue a publication of notice of the termination in a local Arabic newspaper. The final termination of the business will be filed in the registry of DMCC and termination letters shall be issued.
Why chose Emirates Chartered Accountants Group for Company Liquidation in DMCC?
- Licensed Auditors in the UAE as well in DMCC
- Well experienced professionals in handling Company Liquidation
- Quick approvals from Banks and Authorities
Emirates Chartered Accountants Group 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.
For Company Liquidation in DMCC
+971 – 554028899