Registered Liquidator and Auditor of DMCC

According to the DMCC Company Regulations clause (62), each company needs to appoint an auditor. Clause (64) under the DMCC Company Regulations states that the auditors need to report to the shareholders of the company and to make the audit report of the annual accounts. If a company fails to submit the audited financial statements within 3 months of the year-end it is subject to a fine as per DMCC Company Regulations. Avoid being fined and have ARC professionals help with that.

DMCC is one of the biggest and most advanced free zones in Dubai located in the JLT operated with the vision to provide an ideal base for business in the Middle East by providing a business-friendly environment, world-class infrastructure, tax exemptions, full repatriation of earnings, total ownership, and exceptional facilities.

All the businesses operating in DMCC are required to liquidate their company through the registered auditors of DMCC in accordance with the rules established by the free zone authority and the UAE government.

The liquidation of a company starts with appointing the registered liquidator of DMCC

• The Board of the company has to pass a resolution that the company is under liquidation and appoint a liquidator.
• Newspaper advertisement is published in both Arabic and English languages with 45 days of notice for creditors to submit their proof of claim and obligations.

At the time of liquidation and after the passing of the Board Resolution, the below clearances need to be obtained for the liquidation procedure to process further –

• P.O Box clearance should be obtained
• Clearance certificates from banks, telecommunications, and other government utilities should be obtained
• The accounts are finalized by the finance and accounts department and the customer needs to avail the final visa status report along with the NOC from the visa department, from Leasing, Licensing, and Legal affair and submit all the original deposit receipts

The liquidation process will take effect 30 days after the submission of the required documents and publication of the de-registration notice
After the liquidation task is fully completed, a liquidation report must be issued by the appointed liquidator and submitted to DMCC and on Approval, DMCC will issue a certificate of de-registration.

ARC Associates is the registered liquidator of DMCC. Company liquidation is not indeed an easy task, that is why it is best to be done with specialized experts of ARC Associates