Nov 19, 2007
i agree 100% with the post above - unless you have worked in the region for a few years, you need to have eyes in the back of your head.
i'd start off by asking for audited company records - just to see if they have been audited. if they can provide them, then have them gone over by an auditor who you appoint - there is nothing wrong with this request, even in the west due dilligence is practiced.
ask them for copies of the current company registration certificate, copy of the current the trade license, copy of the current property lease if they lease office space, you can also ask them for a copy of the sponsors passport... if they are up to no good asking for a copy of thier passports normally winds them up a bit - but it is a reasonable business request so they should not deny it!
if the company you are going to join is an existing partnership, also ask for a copy of the incorporation documents - this way you can see who legally owns what, and who is responsible for what.
is this an exisiting company and you are simply investing in it, or is this the establishment of a new venture all together - if so are you aware of the financial implications of starting a new business?
i'd also suggest that if you are serious about the idea, then start looking around for local attorney who can give things the "once over" before you sign anything. get an arabic speaking one, as all legal documentation is in arabic ... including all the documents i mentioned above that you should ask for copies of. you will need someone to translate them for you!
have a look at a post i did on tips for finding work ("professionals" section of this forum), in it is some info you can use to search for existing companies in dubai as well as a link for the department of economic development - you could contact them for assistance as well.
- dbxsoul
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