Toyota GR86, 86, FR-S and Subaru BRZ Forum & Owners Community - FT86CLUB - View Single Post - Understanding/clarifying vendor qualifications

7thgear · 02-19-2014, 05:21 PM

I sorta work in the business of international business registration.

Eerything has a paper trail and some form of record within the ministry of a host country. Even offshore.

Depending on the country, one could ask for a plathora of documents as proof that a business is legitimate... or at least that it exists in some legal form.

Setting aside the cost/benefit ratio (some documents, such as "certificates of status/good standing" cost money), a legitimate business owner will have a paper trail. This could be business utility bills, annual government payment fee recipets, memberships with other industries, bank letters acknowledging the existance of a business account (this is a universal one), personal refrences, business plans, business cards, websites, telephone-fax-email numbers... that work, advertisement, histrory of development projects, patent applications/licences.

hell, one time we had a client ask us to drive to the physical location of another business and take a picture to prove that something was actually there.

Your willingness to ask for any or all credentials are limitless as you are the contract provider

if my opinion means anything, in the best interest in the longevity of this site i would highly recomend that the administration establish high end "due dilligence" and "know your client (KYC)" protocols for their vendor relationships.

the following is a simple list of things one could ask without hesitation when establishing a business relationship:

1. contact information for at least one of the business principals, a scan copy of a driver's licence and personal utility bill would work.

2. any type of "business" has to have been registered with the local authority at some point. You have full right to request a scanned copy of the initial certificate of incorporation/formation/initially-filed-documents.

3. A bank letter addressed to "FT86 Club" stating that so and so has had a business account in the name of such and such for this long.

if someone doesn't have "2" and "3", then they're small fish working out of their home or backyard... could still be legitamate but i wouldn't go to someone like that for anything other than detailing work or one-of projects.

If they're not willing to provide "1" then then i would def raise flags.

02-19-2014, 05:21 PM	#4
7thgear i'm sorry, what? Join Date: Jan 2012 Drives: Canada Location: I rock a beat harder than you can beat it with rocks Posts: 4,399 Thanks: 357 Thanked 2,508 Times in 1,268 Posts Mentioned: 40 Post(s) Tagged: 3 Thread(s)	I sorta work in the business of international business registration. Eerything has a paper trail and some form of record within the ministry of a host country. Even offshore. Depending on the country, one could ask for a plathora of documents as proof that a business is legitimate... or at least that it exists in some legal form. Setting aside the cost/benefit ratio (some documents, such as "certificates of status/good standing" cost money), a legitimate business owner will have a paper trail. This could be business utility bills, annual government payment fee recipets, memberships with other industries, bank letters acknowledging the existance of a business account (this is a universal one), personal refrences, business plans, business cards, websites, telephone-fax-email numbers... that work, advertisement, histrory of development projects, patent applications/licences. hell, one time we had a client ask us to drive to the physical location of another business and take a picture to prove that something was actually there. Your willingness to ask for any or all credentials are limitless as you are the contract provider if my opinion means anything, in the best interest in the longevity of this site i would highly recomend that the administration establish high end "due dilligence" and "know your client (KYC)" protocols for their vendor relationships. the following is a simple list of things one could ask without hesitation when establishing a business relationship: 1. contact information for at least one of the business principals, a scan copy of a driver's licence and personal utility bill would work. 2. any type of "business" has to have been registered with the local authority at some point. You have full right to request a scanned copy of the initial certificate of incorporation/formation/initially-filed-documents. 3. A bank letter addressed to "FT86 Club" stating that so and so has had a business account in the name of such and such for this long. if someone doesn't have "2" and "3", then they're small fish working out of their home or backyard... could still be legitamate but i wouldn't go to someone like that for anything other than detailing work or one-of projects. If they're not willing to provide "1" then then i would def raise flags. __________________ don't you think if I was wrong, I'd know it? Last edited by 7thgear; 02-19-2014 at 05:31 PM.