When doing business overseas, it is wise to know exactly who you are dealing with.
Failure to know who you are working with, or even buying stuff from, can result in many terrible results.
It is vital that you perform a business background check.
Read on to learn how to do a background check on a business, why it is important, and how to verify a license with a business license check.
Do Your Research
When we were children we were taught about stranger danger and how a stranger can harm us, so we need to know someone before we trust them.
The concept does not end with childhood.
With the inception of online shopping and social media, we are doing business with strangers all the time.
Stranger danger still exists in the fact that financial criminals and those who want to scam you can be hiding by claiming to be a business from overseas.
This is why it is vital that you do your research before you buy something online or do business with a company from overseas.
One of the first steps, and the absolute minimum, you should do is verify the company’s business license.
Business Licenses
A business license, regardless of the country, typically has the information to tell you the company’s name, address, beneficial owners, industry, and inception date.
You should verify the license you get from the business or their website with the government office that registers licenses in the country the company is headquartered in.
This typically requires you to go to a government website and enter the company name or a number on the business license to match the details on the license.
You should go down the list of information that the site gives you and ensure it coincides with the information on the license.
If the information does not match you should do more research, report the company, and stop doing business with them.
Going in Depth
To go further in-depth with your verification of an overseas company, you can do a business background check.
This works a lot like the background check that an employee would go through when they get a job — but it could take longer to see results.
One of the first steps to creating a background check includes gathering information.
Get as much information as you can from the company and their website.
Then do your research online or with the help of a professional.
Every time you do business with a company overseas you should be well aware of who they are.
Doing a business license check should be the minimum thing you do.
In reality, a business background check will give you the full picture, even though it may take time to investigate the company.
This can easily be done with the help of a professional.
Not doing your research and knowing who you are dealing with can result in loss of your money, bad effects on the economy, and a bad reputation for you.
Always do your part to protect yourself and the economy by researching the company before you buy anything overseas or do business with any other company.