Company Liquidation in DMCC:
Dubai Multi Commodities Centre (DMCC) is the largest free-trade zone in the UAE. A global hub for business, trade and commerce that is home to 24,000 companies ranging from start-ups to multinational corporations. Situated in the heart of Dubai, one of the world’s most dynamic cities, DMCC presents an unparalleled vision for the future of business that will connect you to the world. Even still, there may be reasons for Company Liquidation in DMCC despite the major advantages this Free Zone provides. This article will discuss about Company Liquidation in DMCC, as well as
| – | The process of Company Liquidation in DMCC (Include the fee and report format): |
| – | How can Mubarak Al Ketbi Chartered Accountants help you in Company Liquidation? |
The process of Company Liquidation in DMCC:
There are four types of company liquidation in DMCC:
| 1. | Solvent Winding Up: A company can be fully liquidated within 12 months upon the director’s order. |
| 2. | Summary Winding Up: A company can be fully liquidated within 6 months of the wind-up process started upon the director’s order. |
| 3. | Insolvent Voluntary Winding-Up: This method involves the participation of creditors in liquidating the company. This happens when the company suffers a loss, or the company decides at a general meeting. |
| 4. | Involuntary winding up by the Competent Court: This method of involuntary winding up is initiated by the court due to serious violations or the company being struck off. |
Once the company has decided what kind of liquidation to attempt, they must:
| 1. | Consultation of shareholders: You communicate with your shareholders regarding the decision to close your company through issuing a formal statement to a shareholder/board resolution. |
| 2. | Appointment of a liquidator: A third party liquidator, like Mubarak Al Ketbi Chartered Accountants, should be appointed to manage the liquidation process |
| 3. | Public Announcement of liquidation: A corporation must run an advertisement in the local newspaper when it starts the liquidation procedure. The company’s intention to liquidate itself is announced in this 45-day advertisement. |
| 4. | Branch and VAT Deregistration: This applies to companies that have branches and/or have registered for VAT. De-registering for VAT is a crucial step for company liquidation. |
| 5. | Proof of Clearance from Customs and Service Providers: All service providers must give clearance documents to your firm. This serves as evidence that the business has settled its outstanding debts with all service providers. |
| 6. | Bank Account Closure and Visa Cancellation: Your business must terminate all visas issued in accordance with your business licence and close its bank account. |
| 7. | Liquidator’s Report: The final step of the process is to submit a liquidator’s report. The DMCC Liquidation report format contains information about the assets of the business and the liquidation procedure. The DMCC Liquidation Fee is based on the size of the company and other factors. |
How can Mubarak Al Ketbi Chartered Accountants help you in Company Liquidation DMCC:
The company liquidation process can be time-consuming and expensive because missing any step or paperwork can result in unnecessary delays and issues. Mubarak Al Ketbi Chartered Accountants can help you navigate the problems and difficulties of liquidating your company in the United Arab Emirates. If you have any questions or want to work with us, Contact us today, and we promise your satisfaction!