The present invention refers to a process for the preparation of a non-woven microfibrous suede-like synthetic fabric that does not require the use of organic solvents and that makes it possible to obtain a finished product offering a good hand, excellent resistance to yellowing and high durability. It comprises needle-punching a felt of sea/island fibers, (a) impregnation with hot aqueous solution of PVOH having a degree of saponification of at least 94% or (b) impregnation with hot water followed by impregnation with cold PUR, removing the sea component, impregnating with PUR, coagulating the PUR, removing the PVOH, grinding the surface, dyeing and splitting in two sheets.