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Doing Business in the Philippines: A Guide to Company Verifications

Posted On   date11/01/2022

Doing Business in the Philippines: A Guide to Company Verifications

Everyone doing business in a foreign country should know that one of the basic rules to being successful and safe, and profitable, is to verify the facts.  Getting a return on your investment requires homework upfront, and failing to due proper due diligence leads to failure in most cases.  Don’t put your capital at any more risk than it is!  Even if you think the company, representative or investor you’re dealing with is legit, you never know. You need evidence.  Fraudsters find a way because they are capable of manipulating people with fake websites, forged documents, and misleading information. A safe business deal is always based on evidence, which is why a company verification is a good idea.

Business fraud and investment scams are more complex and sophisticated than ever before. “When you look at the whole picture of all the technology resources available to criminals, the years of experience that most scammers have, and the network that supports them, you realize how easy it can be for a criminal in the Philippines to succeed,” says Kellie Greenwood, director of Due Diligence Investigations at Philippine PI.

Criminals are one step ahead by operating out of developing countries where corruption and jurisdiction problems come into play for those trying to apprehend, identify or prosecute these criminals.  In addition to a favorable context in the country, scammers can also lean on means like cryptocurrency fraud, that protect anonymity and make it even harder for local law enforcement to find the people responsible.

Scams can involve fake stock, documents, or goods or services, purchases, false companies in the Philippines, fake shipment and insurance companies, real estate offers, and more.  The combinations are endless, and the risk is greater than ever.

When to seek a company verification in the Philippines?

Every time you plan to start a business – or better off, every time there is money involved. Whether it is to buy property, buy goods, hire an outsourcing service, or invest in stock. A company verification is a basic due diligence investigation that will help you determine if the business and representative that you have been communicating with are legally registered and in good standing.  Get clear evidence before you decide to invest.

Company verification experts say it’s essential to verify at the beginning of a deal, not after you have provided payment or documentation revealing sensitive information about yourself or your company.  Due diligence and company verification investigations in the Philippines should be considered a type of insurance.  Ignoring the risks can be costly.  Never make a payment to an individual or claimed company that you have not dealt with in person without sufficient evidence that they are real and reputable.

Who should conduct the company verification?

Local and experienced private investigators in Manila should be taking care of this matter if you want reliable information and evidence in the Philippines.  But, of all the investigators in the Philippines, few are professionals with proper experience, resources and training.  Hire a reputable company with a proven track record.  An internet search, or unverified documents are not evidence. Investigators with experience in law enforcement, access to government and public records, knowledge of the law, culture and the language are essential to properly verifying a company. Compare different Philippines private investigation companies, their experience, service offer and references.

Always verify the legitimacy of the parties involved in a business deal in order to make informed decisions.  Contact us today and get a free investigation quote!

C. Wright
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