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8 Steps for Trusting a New Business Partner from Latvia | Cross Border Deals
LEADELL Vītols experts of cross-border deals recommend 8 precautionary steps before trusting a new business partner from Latvia. In the best interests of the foreign company interested in doing business in Latvia, it is essential to acquire thorough insights into potential business partners. Such insights enable the assessment of their reliability and transaction risks, empowering informed decisions on whether to proceed with the deal or respectfully decline.
To assist companies in avoiding fraudulent business partners from Latvia, we have compiled potential sources of information that can be utilized when conducting risk assessments.
When assessing the reliability of a business partner and determining transaction risk, publicly available data can be incredibly helpful. The majority of public information is accessible electronically at no charge through state institutions. Registries and databases established by private commercial entities also exist, however payment may be required to access data from them.
Here are some valuable resources that are publicly available and worth investigating before entering into dealings with a Latvian company:
By obtaining publicly available information in this manner a company can make better-informed decisions and avoid potential risks. Checking registrations, evaluating financial stability, and even doing a quick online search can infuse further confidence in the transaction’s and business partner’s integrity and suitability. Switching to English on websites of state institutions might limit access to the same comprehensive databases available in Latvian, resulting in less information and poorer functionality.
What to do in case of uncertainties?
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