Advice regarding Business opportunity in Dubai

Moniksoni

Member

Member since 09 October 2020

Moniksoni

09 October 2020 14:36:57

Moniksoni

09 October 2020 14:36:57

Hello Myself Monik Soni.. am from India
I am planning to do a partnership agreement with an expat in dubai and that is basically Indian.. Yesterday we met on Whatsapp.
Now he is telling will do legal agreement and everything .. and will give me cheque as a security to my invested money and has also agreed to give me passport untill trust is restored and and i will get my invested money.. ..Now my query.. is legal agreement and cheques is enough for security of my money..What shall i do further or demand him to further secure my investment ..,,? And handing over his passport is legal.. Can somene guide me through crack this deal..

XTang

Bahrain/UAE/Saudi Arabia Expert

Member since 22 April 2014

Riyadh

XTang

11 October 2020 12:31:38

11279

XTang

11 October 2020 12:31:38

11279

Riyadh

There are some basic rules & principles that are followed in business. You are breaking one of the main ones - Don't trust your money to someone that you have just met online .

Having said that, if you have a legal agreement which is prepared by lawyers, is duly witnessed or notarized in Dubai courts, you will have a legal right. But a legal right doesn't mean that you will GET the money back. If the business goes bankrupt and that guy doesn't have any money to pay you.........you can get him put in jail or travel banned but you don't get your money back now do you?

Also, passports are the property of the Government of any country. You are not supposed to hand them over to anyone for such situations. Holding anyone's passport is illegal by law in the UAE. The only circumstance in which it is permitted if the court has ordered it to be turned over after a case where legal proceedings have taken place.

SKUMAR707

New member

Member since 23 July 2020

SKUMAR707

12 October 2020 11:31:05

SKUMAR707

12 October 2020 11:31:05

Firstly ,It's not advisable to invest in a business which you have No idea about.

You have mentioned partnership ,that means your name has to be there in the Memorandum of the company and license, as partner /shareholder.

Memorandum is Notarized in notary public office or signed in front of DED (Department of economical development) in Dubai.

The above does not guarantee ,that your money is safe and you will get it back.

If the company makes profit you will be entitled for a % of profit ,as mentioned in the memorandum of the company and if the company makes lose, you cannot claim the money invested.

For more information, please contact at ***

Moderated by Diksha 3 years ago
Reason : Please do not post your contact details on the forum for security reasons.
We invite you to read the forum code of conduct

Find more topics on the Dubai forum

Articles to help you in your expat project in Dubai