Doing A Company Check Why It Is Important And How To Verify A Business

 When you do business with people from overseas, you may not realize the risks you are taking until it is too late. 

This is why it is important to know who you are doing business with. 

The process of verifying that the company you are doing business with is a valid company can be different from country to country, and some places may have similar procedures. 

Today, we will discuss how to verify companies by doing a Singapore company check or an India company check, and why it is so important.

Know your business

It is essential to know who you are doing business with — especially if you are not visiting the brick and mortar location or the company is overseas.

Some financial criminals lurk behind the facade of a business to commit their crimes — including scammers, money laundering, and cartels.

If you run into these people without knowing, you face the risks of financial harm, jail time, or a bad reputation.

Most countries vary in the way that companies are registered and the information you can look up.

Some, like Singapore and India, have similar ways to find information.

Company check in Singapore

To do a check on a company in Singapore, you start by getting the company name and registration number (UEN).

After you get this information, you head to the ACRA (Accounting and Corporate Regulatory Authority)  website and follow the prompts to either the company search tool or business profile function.

Once you have entered your information you should get the company’s name, operational status, address, principal activities, and possibly financial information — including the financial statements.

Company check in India

When the company is in India, you should also collect the company’s name and registration numbers (CIN).

You take this information to the MCA (Ministry of Corporate Affairs) website and navigate to the ‘View company/LLP Master Data’ section in the MCA Services drop-down menu.

Once your information is entered, you should receive the company’s CIN, name, ROC code, category of business, date of incorporation, capital amounts, number of members, email plus physical address, assets, and details of the directors.

With both countries, you can enter the company’s registration number or name on a government website to get all the information you need to verify it is a valid company.

When you do business with companies who are based overseas, there are chances that you are doing business with someone who is not telling you the whole story.

They can take your money and not deliver the goods, use your money to commit crimes, so they can pin it on you, plus many other dangers.

It is vital that you know who you are doing business with.

The process of doing a company check can be different — depending on the country the business is based out of.

Some countries have similar procedures as well.

For instance, to do an India company check or a Singapore company check, you would start by entering the company’s identification number into the government site for the respective country.

Do your part to protect yourself and others by checking the validity of every company you do business with, starting today.