Why is verification needed?
In the foreign trade activities of the company and activities within the country, it is fundamental to check the counterparty. It includes the identification of information about its legal and financial status.
An audit is required in order to reduce financial risks, accurately resolve the issue of cooperation and save yourself from many problems, since, for example, if the counterparty has debts and penalties that you are not aware of, it can disrupt the timing of the receipt of funds in accordance with the concluded agreement, and the illegal work of an employee of the counterparty threatens to invalidate the concluded contract if this employee did not have the right to conclude a deal.
In addition, the main point is to check the correctness and relevance of the provided registration data of the counterparty, as well as information about the signatories.
Thus, problems with a counterparty can lead to financial losses and other negative consequences, which, among other things, may affect the reputation of your company.
Before entering into an international trade contract, filing a lawsuit or arbitration, it is extremely important to check the foreign counterparty with which you are going to deal.
We have all the tools to check foreign counterparties. Our knowledge is based on experience gained from conducting numerous audits for clients in Europe, the USA, the United Arab Emirates and other countries. We know how to check foreign counterparties using various databases available on the Internet, including:
- Company registers
- Property ownership registers
- Registers of encumbrances on property
- Registers of issued licenses
- Court registers
How do we do it?
What are we checking?
- conscientiousness in fulfilling their obligations;
- experience in a particular area of business;
- accuracy of payment execution and due dates for payment of invoices;
- composition of banks that do business with the company;
- absence of litigation, overdue accounts payable.
- number of employed employees;
- number of enterprises;
- degree of business diversification;
- term of work in the international market;
- regular customers of the company.
Turning to us for this service, you can be absolutely sure of the accuracy and relevance of the information provided by us. Our legal team is always ready to identify your possible risks.
The cost of the service is from 300 Euro and is determined individually, depending on the client’s request.