In today's business, the verification of counterparties is an integral component of safe cooperation. It plays a key role in ensuring risk minimization and protecting the interests of the company. It is especially important to check counterparties in situations where new business cooperations are being considered abroad, international transactions are planned, or entry into new markets with the construction of alternative supply chains.
Unscrupulous counterparties can pose a serious threat to business and entail financial losses and reputational damage. Preliminary verification helps to avoid undesirable consequences and reduce the risks of cooperation with unreliable partners.
New markets and partners
The current geopolitical situation and sanctions pressure from the United States, the European Union, the United Kingdom and their political allies against Russia have had a significant impact on business in the country. Companies have faced restrictions not only at the individual level, but also in entire sectors of the economy. This forced Russian business to rethink its foreign economic strategy, rebuild supply chains and actively develop parallel import mechanisms
Many Russian companies are actively developing their ties with new markets, such as China, India and the UAE. These countries have become attractive partners, offering new opportunities for cooperation and business expansion.
In addition, Russian business is actively strengthening its ties with the markets of the CIS countries, such as Belarus, Kazakhstan, Kyrgyzstan, etc. These countries play an important role in partnership with Russian companies, and strengthening business relations with them is an integral part of establishing strong cross-border trade ties.
The conclusion of an international agreement opens up not only the prospects of obtaining profitable deals, but also involves a number of threats and risks:
- increased attention of tax, customs and regulatory authorities;
- possible delays and violations of the terms of delivery of goods;
- difficulties in bringing an unreliable partner to responsibility for non-fulfillment of obligations;
- a more costly arbitration process, especially in the case of a dispute in a foreign court;
- differences in legislation if the law of another country was chosen;
- differences in business customs and practices;
- additional risks associated with the application of sanctions.
Sanctions undoubtedly create challenges and restrictions for Russian business, but at the same time, they stimulate it to innovate, diversify and search for new opportunities. Business in Russia is actively adapting to the new reality and striving for sustainability, developing links with diverse markets around the world. However, it should be borne in mind that international cooperation, from the point of view of verifying reliability and compliance procedures, poses even greater risks than local cooperation. Therefore, the verification of foreign partners is an integral and extremely important stage in the process of building relationships for future cooperation.
Features of checking foreign partners
When checking foreign partners, the same basic principles of compliance are applied as when checking Russian companies. An important aspect is access to information about the company. In a number of countries, business information is publicly available and can be obtained from government registries or commercial databases. However, in some countries, access to this information may be restricted or requires certain procedures. In addition, when checking foreign counterparties, attention should be paid to the peculiarities of international law and possible sanctions restrictions.
When checking foreign partners, it is necessary to pay attention to the following aspects:
- verify the actual existence of the counterparty, as well as check its legal status and official registration in the relevant foreign registry;
- check executives, shareholders and officials with a sign right;
- conduct a study on the number of employees. This information will help to assess the size of the company and its resources, as well as confirm the possibility of fulfilling obligations under the proposed transactions;
- to study information about the financial condition. This will allow us to assess financial stability and the ability to fulfill obligations, as well as identify potential risks;
- check for fines and participation in legal proceedings;
- to analyze judicial practice and other mechanisms for resolving disputes that may arise in the process of cooperation. This will help to anticipate possible risks and identify effective dispute resolution strategies;
- check the company and its associated persons for entry into the sanctions and negative lists.
The main aspects described above are important components of checking the reliability of foreign partners. They help to minimize financial risks and create a basis for successful cooperation. However, it is worth noting that conducting such a check by yourself may present certain difficulties and require specialized knowledge.Credinform
and the Globas Information and Analytical System
will help you solve these problems.
In Globas, you can get online information about companies from Belarus, Kazakhstan, Kyrgyzstan, Latvia, Moldova, Tajikistan, as well as get online report for 450 million companies from Europe, America, Africa and the Asia-Pacific region. The online report will include financial statements, archival information, shareholders and beneficiaries.
You can also order an offline report as part of a thorough check of a foreign partner. The offline report will be compiled by a team of professional experts with extensive experience and specializing in this field. You will receive comprehensive information, including registration data, financial statements, ownership structure, risk assessment, as well as verification of links and affiliations with Russian companies.
Credit reports for foreign companies
Thanks to a wide network of partners, Credinform provides information about legal entities and entrepreneurs around the world on all continents: from multinational corporations to offshore companies and individual entrepreneurs. To verify the solvency of the company, to identify the owners or to check the fact of registration in an offshore zone – our experts will provide comprehensive information and a competent resume.