Verifying the contractors we are intending to cooperate with is of utmost relevance in running business, since if it turns out that a given contractor is heavily indebted, his or her credibility, from the point of view of the counterparty, may be found relatively undermined. On top of that, the economic status of our contractor is a determinant of whether we will be entitled to 0% tax rate (or no tax at all) in intra-EU delivery of goods.
The main goal of such verification is ensuring protection from negative consequences of entering into business relations with untrustworthy contractors, such as denial of the legal entitlement to deduct VAT if the contractor we remain in cooperation with e.g. has been involved in tax frauds.
The primary means of verifying a potential contractor is gathering information on his or her economic status from a number of available registers. These include, among others, the National Debt Register (Krajowy Rejestr Długów), Credit Information Bureau (Biuro Informacji Kredytowej), and the records of the National Debt Exchange (Krajowa Giełda Wierzytelności) and collection agencies. On top of that, it is also advisable to obtain more general information on the entrepreneur, such as the details figuring in the National Court Register (Krajowy Rejestr Sądowy), full address, contact details or even venue details.
CGO Legal law firm assists Clients in verifying contractors. The services we render include gathering general information on the entrepreneur and obtaining details from the registers pointed out above, allowing for a thorough assessment of credibility of the potential business partner.
You can obtain further details through contacting us.