Glossary | What is a Corporate Search?
The definition of what is a Corporate Search in layman terms is an insight into a company’s make up. The Search provides you with valuable information about a company and produces a corporate report, which is a document that verifies a company’s information. The corporate report lists a company’s true corporate name, registered address, and can sometimes list shareholder and director names. These are vital facts you must know when making a credit decision.
A corporate search should be performed every time you begin working with a new customer. The search report will provide you with valuable information and assist in your decision making process when determining whether or not you will work with a new customer and to verify information they have provided.
It is extremely important to know a company’s true corporate name.
For example, if you decide to place a Builders’ Lien against the company or begin legal action, you will need to know the company’s true corporate name or spelling. If incorrect company details are given, there is the potential that your claim will be invalid. The margin for error is eliminated with a Corporate Search.
It can also be beneficial when you must serve legal documents. Legal documentation can only be served to a registered address.
On a corporate report, a company will have their registered address listed. For companies, their registered address is likely a law firm and not their actual office.
When conducting background information on a company, a corporate search can be a useful tool to check director names. For example, if you have had difficulty working with an individual or company and you believe that they may be associated with a new company that wants to do work with you, perform a search to determine if they are involved. Generally if you know a person to be a poor operator, they will likely conduct another business in the same way. Protect yourself from unnecessary risk.
A company search should be required prior to beginning legal action and should also be performed prior to granting credit. As a risk management tool, a search should be performed on all customers prior to beginning work. Corporate reports may offer company information you might not have been aware of.
Here you will find our search fees for a Corporate Search.