Europe, generally speaking, has a low data friction. It means processes related to collection and updating data related to companies are in general transparent both in term of rules related to registration, public bodies in charge and data availability itself. All countries are structured with public bodies organized both a local and at central level that are connected each other. In this scenario, data related to companies are easily to access, even if local legislations or specificity can show some discrepancies. One of the best example, is related to balance sheet registration. In Switzerland, only companies quoted at Stock Exchange are obliged to file financial data at public sources, in France or Italy for example all corporate companies are obliged to do it. Also in term of negative information, even if the available in all countries, can be registered by different public bodies with different content.
Basically all countries have the same level of data updating in line with companies changes, even if sometimes local legislation isn’t requiring by when a specific company variations must be communicate to proper body.
Legislations are well-structured in defining legal form can be adopted by an economic body, requirements to follow, subject obliged to register and procedures. Each economic body can choose, accordingly to business, dimension and target the proper legal structure. On the other side, legislation determine if an economic body is obliged to be registered or not. In some countries, individual companies or free-lance, are not obliged to be registered in Chamber of Commerce but to TAX register only.
Of course, some countries are showing a most consolidated process in term of company registration, data availability and updating. To simplify, Western-Central Europe is showing a more robust process than Eastern Europe but a big effort has been made in order to cover this gap and currently good results are achieved.
In general, legal form are divided into Corporate and Non Corporate companies. Corporate are obliged to register balance sheet (apart from countries in which only quoted companies at Stock Exchange must do it). Public bodies are also retrieving information related to company structure, like ownership, shareholders or beneficial owner. Negative information can be stored in different public bodies, like Courts or other local organization like Chamber of Commerce.
In this scenario where data available and related updated is good, is more important to have an ecosystem able to connect all data and provide evaluation data very useful when a business partner has to be assessed.
SkyMinder is the CRIF platform positioned as a hub when a company has to be evaluated in every country in the world. In Europe, the combination between CRIF companies and the best local provider is perfectly matching the highest quality standard required by the markets. In Credit Reports, covering all companies registered in public sources, evaluation data like Rating and Credit Limit are giving the right direction when a business decision must be taken. Then, firmographic data, financial information, negative data, company structure and activity details, are composing the Report. On-line availability almost complete for CRIF countries or other partner in Western Europe with the fresh investigation process, has as a result to provide nformation on all companies. Based on Credit Report but with a synthetic content, Slim Reports are including basic official and unofficial data and evaluation information like rating and credit limit. Credit Report and Slim Reports have the same level of updating and data quality.
Business can be affected by changes, like new financial statements, negative events, principals or rating and credit limit, Monitoring Solutions are able to notify is a change occurs providing the right information to modify or confirm decisions previously taken.
Due to legislations’ or business requirements, it’s necessary to understand company structure, ownership and shareholding: thanks to KYC Report, is possible to obtain this information to have an in depth knowledge of the company itself. As a matter of overall evaluation, also financial crimes, bribery, corruption, terrorism can assume a very high relevance when a business partner has to be evaluate, both in term of risk management and reputation. In this case, SkyMinder has a double offering with two products, Compliance Check Report and Extended Report, able to verify if company required or shareholders and principals are connected to financial crimes.