Due Diligence in Ukraine: How to Verify Your Business Counterparties

Verifying Counterparties in Ukraine: A Guide for Businesses Doing business in Ukraine requires careful due diligence, especially when dealing with unfamiliar counterparties. Recent economic shifts and geopolitical factors have highlighted the importance of thorough verification processes. One expert emphasizes the need to examine a counterparty's business activities and history before committing to any agreements. "Before negotiating and signing any agreement," states Oleksandr Legal Counsel, a legal expert based in Ukraine, "you should pay attention to the type of business and the transaction history of your counterparty." This includes reviewing financial records, checking for legal compliance, and verifying the identity and reputation of the individuals involved. While online resources can provide some information, seeking advice from legal professionals specializing in Ukrainian business law is often recommended for a comprehensive assessment. This proactive approach helps businesses mitigate risks, protect their assets, and ensure successful partnerships in the Ukrainian market. The Ukrainian government is also actively working to improve transparency and business regulations to foster a more secure environment for both domestic and foreign investors.