RAK company for sale - $1k or best offer

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JohnnyDoe

Schrödinger's guy
Mentor Group Gold
I sell my RAK company registered in 2010 with an ADIB account in Dubai. The company is empty, the bank account has $100 on it. 100% clean company. I just no longer need it.
Whoever is interested I ask $1k for taking it over (you pay the registered agent fees, whatever they are). Or make an offer. The company is due for renewal in May, if nobody wants it I will just let it expire.

Ps. I will sign whatever needed for switching over the ADIB account to the new signatory but don’t ask me to deal with the bank. You will need to go in person there or appoint someone to do so.
 

Fred

Dubai Expat
Mentor Group Gold
Elite Member
Commercial Service
Entrepreneur
Just wanna point to attention @JohnnyDoe ADIB is pretty old school so in the unlikely event they will accept the re-KYC of the new owner - you are required to sign off papers in an ADIB branch.

When they do re-KYC and they will do it for sure - they handle it like a 2022 application so if the new owner is not already UAE resident with trackrecord, residence visa and EID they won't accept it and even then the professional background needs to fit to the business activity of the new owner.

However 1k$ is absolutely fair to have at least the chance even when it's a small chance.
 

JohnnyDoe

Schrödinger's guy
Mentor Group Gold
Just wanna point to attention @JohnnyDoe ADIB is pretty old school so in the unlikely event they will accept the re-KYC of the new owner - you are required to sign off papers in an ADIB branch.

When they do re-KYC and they will do it for sure - they handle it like a 2022 application so if the new owner is not already UAE resident with trackrecord, residence visa and EID they won't accept it and even then the professional background needs to fit to the business activity of the new owner.

However 1k$ is absolutely fair to have at least the chance even when it's a small chance.
100% true. The account is with ADIB because it was migrated from Barclays. The good thing of ADIB is that they NEVER asked me any supporting documentation for any transfer (6 digits), only once they asked me something for a 7 digits incoming wire and it was very straightforward.
 

Fred

Dubai Expat
Mentor Group Gold
Elite Member
Commercial Service
Entrepreneur
100% true. The account is with ADIB because it was migrated from Barclays. The good thing of ADIB is that they NEVER asked me any supporting documentation for any transfer (6 digits), only once they asked me something for a 7 digits incoming wire and it was very straightforward.
Yes you have the "good old days" experience.

That's fine the ongoing user experience won't change however the new owner somewhat wakes up a sleeping bear with the re- KYC.

Anyway still a good offer.
 

icecold

Mentor Group Gold
question is now: what has been the business activity of this company, am I able to match the activity with my business profile to avoid troubles?

How to go about it guys ?
 

JohnnyDoe

Schrödinger's guy
Mentor Group Gold
question is now: what has been the business activity of this company, am I able to match the activity with my business profile to avoid troubles?

How to go about it guys ?
The company was in the real estate sector, but its MOAs are very general so you can do whatever business you want with it. You just need to update the KYC with the bank. Of course you can also change its name.
 

icecold

Mentor Group Gold
Do you have any idea what KYC's the bank will ask for beside passport, utility bill and maybe a CV ?
 

JohnnyDoe

Schrödinger's guy
Mentor Group Gold
Do you have any idea what KYC's the bank will ask for beside passport, utility bill and maybe a CV ?
Most banks ask for a Emirati residence card. Better you obtain assistance from one of the UAE experts on this forum for dealing with local banks.
 

JohnnyDoe

Schrödinger's guy
Mentor Group Gold
this is far too cheap, there is some problems there I am sure?
No problems at all. I simply no longer need it and it is due for renewal in May. If someone wants to buy it I am happy to cash in a few bucks, otherwise I will let it die.
 
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