Questions & Answers
Selling the company and handing its bank account without the consent of one partner?
I had a trading company in the UAE with a local sponsor of 51%, myself and my partner 49%. We have a joint signature company account in a bank. I left the UAE and was not able to return back.
1. Can my partner operate that company account without my consent/approval?
2. Now my partner has sold that trading company to another person. Can the bank allow that company account to operate?
Please advise. Can you provide services for the above on my behalf?
Answer-
Hello,
As per your query please note that since the bank had 2 signatures for operations, it was supposed to be canceled when one of the signatories left the UAE.
Now as the business has been sold, the bank may accept the signature cancellation from the local partner and then submit the amended license to the bank with the new signatory or you may provide the bank with the POA to cancel the account if the bank agrees.
However, the new license holder has the option to open another bank account. Please consult with the bank for further understanding.
Please call or email us.
Disclaimer- The above-referred view is not a legal opinion, these opinions cannot be challenged or presented before any court of Law.
