The international transactions made through the internet has increased exponentially. The personal meetings seem not to be as necessary as before and the deal could be closed simply by email conversation, even the value of the transaction reach millions of dollars or euros.
Due to such convenience, most business people may take less time and care to check the background of their business partners. During the past few years, H&P lawyers in Bangkok have found that some of the purchasers end up with huge losses because they made transactions without knowing that another party was conducting fraud schemes.
As the perpetrator of fraud cases in Thailand has developed more sophisticated techniques, used a more complicated scheme to increase its credibility. For example, using the real name of an existing company, providing fake documents which are mostly identical to the authentic document issued by the Thai officials or creating a fake professional logistics website where you can even track the delivery of products. In some cases, the perpetrator even conducts the fraud through a company legally incorporated in Thailand but without any significant previous business operation.
Although no investigation can secure all potential risks. However, there is a way to effectively eliminate possible main risks for your transaction, which is to engage a law firm in Thailand such as H&P to conduct a comprehensive legal investigation of the company that you are purchasing the products from. In our professional opinion, company due diligence is an essential tool for protecting your interests in Thailand before making any transaction.
The basic function of company due diligence is to access all possible information of the seller company in Thailand and check whether that transaction is real and not part of a fraud scheme.
WHAT CAN H&P LAWYERS IN THAILAND CHECK IN A DUE DILIGENCE?
- Corporate Documents, Financial Statement
- Public Documents
- License and Permits needed for proposed products
If you think you have been victim of a fraud in Thailand or you need to conduct a legal due diligence on a Thai company before to do payments or enter into business, please contact our lawyers in Bangkok at [email protected]