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Thread: Advice on selling my CC

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    Advice on selling my CC

    Hi have a CC that has been dormant for quite some time. My sister and I registered it a good ten years ago to do some freelance multimedia work and training under. We never ended up really using it, and it is a drain to renew it every year. After many years I am starting to wonder if it is worth it.

    So my question is this: How much can I get for selling a dormant CC, and what channels can I go through to try and do so?

    I'd be ever grateful for any advice anyone might have on this.

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    I cannot think of any reason why someone would want to buy an apparently dormant CC.
    Its pretty cheap and reasonably easy to simply register your own company nowdays, and then you don't have to worry about any unexpected surprises that might come back to haunt the buyer.

    Usually a company is bought because of the assets it owns.

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    I agree 100% with BusFact.

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    I agree as well - no reason to buy an old cc
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    Diamond Member Justloadit's Avatar
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    or it is useful for some one to start business immediately, and can be used to open a bank account immediately and start trading.

    Registering a company still takes some time before you get the CK number, sorry no longer CC but PTY number, before the business account can be opened.
    The last time I heard, and this was early last year (2015) still took about 6 weeks before the bank account was opened and could trade. It may have improved from then.
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    It takes no more than a 5 hours to register a company. If you require a name to be reserved, it takes from 1 to 3 days, depending on how busy the name reservation department is.

    Opening a bank account can happen in 24 hours. The delay is usually to get the card and / or cheque book and seldom exceeds a week.

    Some folk prefer old dormant entities because of the perceived advantage that a registration number that is a few years old holds, especially when applying for normal credit trading terms.

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    Diamond Member Justloadit's Avatar
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    Quote Originally Posted by Andromeda View Post
    It takes no more than a 5 hours to register a company. If you require a name to be reserved, it takes from 1 to 3 days, depending on how busy the name reservation department is.

    Opening a bank account can happen in 24 hours. The delay is usually to get the card and / or cheque book and seldom exceeds a week.
    Seems things have changed a bit then.
    That's good to know.
    Quote Originally Posted by Andromeda View Post
    Some folk prefer old dormant entities because of the perceived advantage that a registration number that is a few years old holds, especially when applying for normal credit trading terms.
    That's the reason I recently used one of my own old registered company to enter into a contract with a public company. They are reluctant to deal with newly formed companies.
    Fortunately I had a bank account already, and due to this there was history there.
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