Liquidation Services in DCC
Dubai CommerCity (DCC) is the first and leading free zone dedicated exclusively to digital commerce in the Middle East Africa and South Asia (MEASA) region. The free zone is perfectly placed to benefit from the expected digital commerce growth in the region that is outpacing the global growth average. Even with these benefits, there may still be reasons for Company Liquidation in Dubai CommerCity.
| – | The process of Company Liquidation in DCC |
| – | How can Mubarak Al Ketbi Chartered Accountants help you in Company Liquidation in DCC? |
The process of Company liquidation in DCC
The process is similar to liquidation in other free zones:
| 1. | Shareholder resolution: A resolution to wind up the business must be passed by the directors or shareholders as the first stage in Dubai Commercial City’s corporate liquidation process. The rationale behind closing the business in Dubai Commercial City should be included in the liquidation. |
| 2. | Notice to the free zone registrar: The company’s liquidation must thereafter be reported by the shareholders to the free zone government. A liquidator must be chosen by the shareholders, and the authority must be informed of the appointment. The liquidator has to be an audit company with a current licence to operate in the United Arab Emirates. |
| 3. | Liquidator’s acceptance letter: The liquidator ought to acknowledge the appointment in writing to the free time authority. The powers of the directors or shareholders will end and be passed to the liquidation upon the liquidator’s acceptance of the appointment. |
| 4. | Cancellation of visas: It is necessary to cancel every visa that the corporation has given, including staff visas. It is also necessary to revoke the company’s establishment card. |
| 5. | Obtain No Objection certificates: No Objection Certificates (NOCs) and permissions from several government agencies and departments to be obtained by the management. The labour and immigration departments must get NOCs. The head department should get the keys back from the management. Additionally, a clearance certificate from Etisalat / Du, DEWA, and Dubai Customs must be received. Closing the bank account in the name of the firm and obtaining a closure letter are requirements. |
| 6. | Newspaper Advertisement: It is necessary to issue an advertisement in the newspaper informing the public about the company’s liquidation in Dubai Commercial City. One national newspaper in Arabic and one national newspaper in English in the UAE shall publish the notice. Thereafter, there is a 45-day lock-in period during which creditors can make their claim. The free zone authorities will not consider any claims filed after the lock-in period. |
| 7. | Apply for VAT Deregistration: In the UAE, VAT registered firms going through liquidation are required to apply for VAT deregistration with the Federal Tax Authority (FTA). VAT registrants are required by UAE VAT legislation to apply for deregistration within 20 days after meeting the eligibility requirements. Businesses who break this regulation will be fined 10,000 AED. |
| 8. | Follow Economics Substance Regulations and Maintenance of UBO Registers. |
| 9. | Submission of Liquidation report: Once the liquidator presents the final liquidation report to the free zone administration, the company liquidation procedure in Dubai CommerCity would come to a conclusion. The free zone registrar will remove the firm’s name from the register and revoke its licence as soon as the company liquidator submits the report. |
And many more!
How can Mubarak Al Ketbi Chartered Accountants help you in Company Liquidation?
The liquidation in DCC 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, as we are JAFZA Approved company liquidators. If you have any questions or want to work with us, Contact us today, and we promise your satisfaction!