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How to Liquidate a Company in the DMCC Free Zone

Written By Fayas Ismail / Reviewed By Fahad Ismail

FAQ

How to Liquidate a Company in the DMCC Free Zone
How to Liquidate a Company in the DMCC Free Zone Liquidating a company within the Dubai Multi Commodities Centre (DMCC) Free Zone requires a formal procedure to legally close the business and deregister it from DMCC authorities. Below is a detailed guide to assist you through this process. Types of Company Liquidation in DMCC 1. **Voluntary Liquidation:** - Initiated by the shareholders when the business no longer fulfills its purpose. 2. **Compulsory Liquidation:** - Enforced by law or court order due to insolvency or regulatory breaches. Steps to Liquidate a Company in the DMCC Free Zone 1. **Board Resolution for Liquidation** - Obtain a board resolution (signed by all shareholders) to authorize the company’s liquidation. - Ensure the resolution is notarized and attested if any shareholders are located outside the UAE. 2. **Appoint a Liquidator** - Designate an approved liquidator registered with the DMCC. - Acquire a **No Objection Certificate (NOC)** from DMCC to proceed with the liquidation. 3. **Notify DMCC Authorities** - File a liquidation application via the DMCC portal. - Pay the necessary liquidation fees. - Announce the liquidation in local newspapers (in both English and Arabic) for a period of 14 days. 4. **Settle Outstanding Obligations** - Close all company bank accounts. - Cancel employee visas and work permits through the General Directorate of Residency and Foreigners Affairs (GDRFA). - Clear all pending utility bills and liabilities. - Resolve any outstanding payments with DMCC, including annual fees or penalties. 5. **Submit Liquidation Report** - The liquidator will compile a final liquidation report once all assets are sold and liabilities are addressed. - Present the report to DMCC for evaluation. 6. **Return Licenses and Certificates** - Return the company’s original trade license and all pertinent certificates (such as MOA and share certificates). 7. **De-Register the Company** - Following the approval of the liquidation report, DMCC will proceed with the company’s de-registration. - Obtain the final closure certificate for the company. Timeline for Liquidation The entire liquidation process usually takes **2 to 3 months**, subject to the complexity of the company and its outstanding obligations.
Muhammed Fayas

Muhammed Fayas

ACCA (Advanced Level) candidate with a Bachelor of Commerce and over 5 years of experience at Young and Right Accounting and Tax Consultancy. Specialized in business consultancy, strategic planning, financial analysis, bookkeeping, auditing, and tax consultation. Proven track record of delivering accurate financial reporting with a meticulous, results-driven approach and a strong foundation in accounting and finance.

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