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Be sure to include a compliance health check for all global entities. A global entity health check verifies the compliance status of your entities within each of the jurisdictions they do business. This proactive global entity management practice protects your timelines for implementing new initiatives. It’s a lot easier to bring your entities back into compliance now and pre-empt the negative and costly consequences down the line.
Compliance. A global entity health check is an entity management best practice that eliminates surprises, like unexpected fees and puts time on your side.
A health check is a critical first step for good global entity management and any business changes planned for the new year. You can ensure a clear path to execute transactions for both your US and international entities, including M&As, shareholder structure changes, and selling or dissolving an entity in a timely manner.
A global entity health check will give you an accurate calendar of events with required deadlines, and alert you to any issues that may jeopardize the entity’s ability to do business.
The first step in a global entity health check is to compile information to identify improvement opportunities. It is a best practice that your business regularly conducts health checks to help ensure the continual maintenance of the business’ entity compliance. Following is a sample of a global entity management checklist. Your entities may have more requirements, depending on the countries they operate in or the nature of the business.
1. Confirm That Your Entities Are in Good Standing
2. Get Your Financial Books in Order
3. Be Sure Boards of Directors Are Accurately Represented
4. Check Power of Attorney Contracts
5. Verify All Registered Addresses
6. Make sure all records and licenses are up to date
7. Comply with UBO (Ultimate Beneficial Ownership Requirements)
CT’s global entity health checks give you detailed findings of your entities’ compliance status in the countries where you do business. Our reports typically include, as applicable to the country:
CT has offices and partners around the globe. No matter where your business takes you — from Europe to the Asia Pacific — we’ll make sure your local needs are met. Learn more about our expert global corporate compliance services or call us at 855-444-5358.
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