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How To Do a Background Check On a Business and Principals

Updated: Jan 25

Businesses, just like individuals, have a legal background based on their activities and transactions over some time. These activities and transactions can establish the creditworthiness and history of any business, whether small or large. But, how do you get access to this information about a particular company?

Other than individuals, background checks can also be done on a business to establish critical information about its credit history and legal background -- with the business principals’ previous records also checked. A business background check requires the help of experienced professionals to deliver essential and meaningful information about a business.

Easily order the services you need on Global Background Screening Amazon-like screening portal or contact one of our specialists through live chat or toll-free 855-561-5890.

Global Background Screening LLC, alias GBS, conducts background checks on businesses and their respective owners/shareholders. GBS helps thousands of companies with their hiring process -- from international corporations to small businesses in 50 states and over 200 countries.

This article breaks down the various services that are crucial to conducting a business background check.

1. Directorship

When looking for an individual for a top position in a business, it is essential to review their previous work records. Ideal for the company is finding out whether the person has previously been a director of any company or not.

Well, GBS’ directorship search involves screening a particular candidate’s past and present directorships. The information obtained after that will be significant, especially in verifying if the candidate in question has been in any leadership positions or any associated incidents before.

Moreover, the directorship search will also identify whether the individual has previously been or currently is a shareholder or officeholder of any business.

2. Business Credit Reports

Credit checking a business can be difficult. But with the help of the best experts in the industry, you can easily have the correct information you need within a short period.

Global Background Screening enables searching of any business credit rating in over 100 countries globally.

The business credit report will vary depending on the size of the business and its respective country. While the length of the information can range from 2 to 15 pages, it will generally contain the following:

● Legal status

● Financial information

● Principal credit references

● Shareholders

● International activity

● Credit opinion

● Banking information

● Line of business

Furthermore, you also get corporate information, related businesses, branch and subsidiary offices, ratios and industry comparisons, and payment history.

3. Global Bankruptcy Records

Identifying a business bankruptcy records is also essential in the background screening process -- just like verifying the shareholders’/Owners’ bankruptcy information.

With Global Background Screening, you get a business bankruptcy report that is detailed and in-depth. Besides, the report also provides all bankruptcies for the applicant’s region in their country.

The bankruptcy report may also include the date filed, case number, and name of the court by checking on principals and business (where available).

4. Social Media Background Check

The digital world has seen many social media platforms that serve both the formal and the informal sector. And, with people creating accounts and sharing information freely, there may be high chances that the information shared on social media is significant in background checks.

GBS offers background checks on up to 5 social media platforms -- Facebook, Google, LinkedIn, Twitter, and Instagram. This search involves screening for different risk factors, including:

● Toxic language

● Hate Speech

● Insults and bullying

● Narcotics

● Threats of Violence

● Violent images or videos

In addition, the screening also checks on self-harm, obscene language, explicit nudity, and custom keyword searches available upon request. Searches can be conducted going back 3 years or up to 7 years.

5. Dark Web Search

Security is one of the most sensitive areas in a business. It is crucial to find out whether the individual or firm you are dealing with has previously been involved in security breaches or not. Especially now that the internet age is here and it’s never been difficult to achieve absolute security for your business.

The Dark Web Search report from Global Background Screening will provide information on data breaches related to individuals’ passwords and personal details that were hacked or visible on the dark web. Moreover, the report offers intel on the company’s breached email addresses and so on.

6. Money Laundering Financial Crimes Enforcement Search

Yet again, you want to hire an individual or business that has nothing to do with tax evasion or money laundering financial crimes. But, how do you go about finding this information?

Be sure to rely on money laundering financial crimes enforcement search at Global Background Screening LLC. The enforcement search report contains a list of particular foreign financial institutions, foreign jurisdictions, classes of international transactions, or types of accounts of primary money laundering concern.

On the higher side, the information provided will be essential in ensuring you get to work with trustworthy individuals as directors or shareholders and a business you can trust.

7. Ascertaining Government Affiliations and Political Positions/Affiliations

Both political and government affiliations can influence the performance of an individual or a business upon hiring. Ideally, you want to establish the previous records on whether a shareholder/owner has been entrusted with a prominent public function in the past or not.

GBS (Politically exposed person PEP status) search will verify if the candidate has a high profile political role. Besides, it will also reveal critical information on risk factors involving money laundering or terrorist financing due to their position in the government or politically.

8. European Union Consolidated Financial Sanctions and World Bank Debarred List

Lastly, Global Background Screening LLC also provides background checks to determine financial sanctions about an individual or business. The report contains the list of persons, groups, and entities subject to European Union economic sanctions. If you want information on the firms and individuals ineligible to be awarded a World Bank-financed contract for periods indicated, you can count on this report.

In the case of a debarred individual, ineligibility extends to any firm which the banned individual controls, whether directly or indirectly. And for a debarred firm, the ineligibility extends to any firm or individual which directly/indirectly runs the excluded firm or any firm which the debarred company controls, directly or indirectly.

The Bottom Line

Business background checks are essential to any firm or individual who is on the hiring end. Besides, screening the business’ shareholders or owners’ background information will also help establish whether you are hiring the proper personnel.

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