Questions & Answers
The procedures of closing a company loan in the UAE while being away
I posted a question about closing a large business ($400.000) loan for our Florida start-up company to be manufacturing. We were told:
"... partners who reside in countries with travel restrictions or medical conditions will be represented by the UAE central bank legalization officer who shall oversee the entire process in their absence in line with UAE COVID-19 safety measures. Furthermore, you the beneficiary is expected to take full responsibility for the legalization cost of all documentation to be used in this transaction at the Dubai magistrate court with the assistance of the UAE central bank official who shall represent you in the entire process of this transaction."
The quoted fee was $6,800 to be paid in advance or at closing if we attend personally.
Does this sound like a legitimate procedure for using an agent to sign loan documents?
How can we conduct due diligence on this investment firm based in Kuwait to be sure we are dealing with the actual company?
Thanks.
Hi,
Please be advised that the information you have been provided is wholly inaccurate.
Under no circumstances will the central bank of the UAE represent any individual (particularly any parties not directly affiliated with them).
Therefore, we highly recommend that you seek legal assistance from other approved and credible sources.
We suggest discussing your requirements via a direct call to ascertain the manner in which the process needs to be executed, in a safe and secure way.
For further information, please contact us at our email.
