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How to Liquidate a Company in the DMCC Free Zone

How to Liquidate a Company in the DMCC Free Zone

Blog / By Master Consultant

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.

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