Verification of the Thai trade partners’ business reputation
Business reputation verification of a Thai partner requires knowledge of the registration system of legal entities operating in Thailand, the specifics of corporate relations regulation, etc.
The process of the counterparty business reputation verification can be divided into 2 stages:
1st stage – to check the information about the counterparty that is publicly available;
2nd stage – deeper and more detailed study of the financial and reputation status of the company, which, as a rule, is a legal service provided by the relevant law firms.
Typically, the verification process consists of the following steps:
♦ to verify authenticity and relevance of the company's registration data;
♦ to confirm the presence of the company's office at the legal or other address specified in the statutory documents;
♦ to verify data on the management bodies of the legal entity, in particular, the compliance of the declared persons who are on the board of directors of the company, its sole or collegial executive body, to the actual composition;
♦ to verify the company’s statutory documents, in particular, the scope of its special legal capacity (types of commercial activities that the company is entitled to engage in in accordance with the law and the provisions of the company's charter. Special attention should be paid to the licensed activities);
♦ to identify the warehouses location, additional offices and other real estate of the company;
♦ to audit of the company's financial documents for the last reporting period;
♦ to check if the company has permanent business partners;
♦ to verify the company's leaders business reputation in the market;
♦ to obtain, if possible, information about the company's problems in relations with suppliers or regulatory authorities.
It should be taken into account that a full and comprehensive check of a foreign partner is a service provided, as a rule, by legal companies on a commercial basis. Almost any Thai law firm can check the exporter's business reputation for a fee. Some information may be publicly available on the websites of the relevant government authorities or commercially available from specialized organizations.
Department of International Trade Promotion of the Ministry of Commerce of Thailand annually publishes an updated list of trustworthy exporting companies with a proven business reputation — Thailand Exporters Directory.
In addition, Belarusian foreign trade participants can also obtain information about a specific exporting company from the Thai Chamber of Commerce (TCC).
