So what is Due Diligence?
Due diligence is defined as,
‘The process of investigation carried on usually by an independent third party on behalf of a party contemplating a business transaction for the purpose of providing information with which to evaluate the advantages and risks involved.’
In simpler terms it could be described as…
The actual process is a great deal more complicated than simply researching a company and writing a report. The reality is, that what you need are a whole range of documented checks to confirm the identity and legitimacy of the businesses you intend to deal with and also recognising that this information could be required in court as documentary evidence, if you need to contest sanctions imposed on you by HM Revenue and Customs.
However you dress it up, or down, the fundamental fact remains that properly conducted, effective due diligence can benefit both seller and buyer and may lead to long- term business relationships.
Why do I need it?
Due diligence is increasingly becoming a necessity rather than a luxury. Effective due diligence is now essential as a result of certain matters that are becoming worryingly common in both the business world and everyday life:
You only have to take a look at the financial sanctions that HM Revenue and Customs have brought in, to realise that the focus is on these matters, and that the problem is not going to disappear; see our sanctions information page.
How do I go about it?
The Due Diligence Exchange Ltd prides itself on its expertise and we can assist you with the action you need to take. Please contact us should you wish to discuss this further.
In these difficult times if you trade without carrying out full due diligence it is a fact that you run the risk of severe sanctions being imposed on you.
YOUR BUSINESS IS AT RISK
For further information on our due diligence services please see here, or if you require and further information or assistance then please contact us on 0844 651 6852 or by email and we will be happy to assist.
