When it comes to buying businesses in Singapore, you will have to take necessary measures to avoid fraud and comply with local regulations. For instance, all businesses are required to conduct Due Diligence prior to sale. 

Buying a business can be a very lucrative business opportunity. Some have lost their hard-earned money buying businesses that involve scammers or insiders within a business or through their customers. Before you go into the acquisition of any business, you should always know what the business is in the first place and the kind of customers they have. This is why Know-Your-Customer (KYC) due diligence is important. 

By performing preliminary due diligence, you will need to know about their background and make sure that they are bona fide. Preliminary due diligence is the process of collecting sufficient information to build a complete picture of the business. This allows you to confirm the identity of the business owner and to prevent any fraudulent or illegal business transactions. After the KYC services, you are in a better position to make an informed decision about the business and its financial worth. 

In case you are buying a business or a company, you will be required to prove you are tax-paying as well as that you are a bona fide person. The customer side should be thoroughly investigated as well. You will want to make sure the right contacts are added to your database so that when you need them, they will be available for you.

You also have to acknowledge that buying a business that appears to be successful may not necessarily have a better quality of earnings or financial stability. This applies similarly to retired business owners who are selling their companies. You will need to dig deeper into their records before you consider the purchase. 

Buying a business is a business decision, however, it may also include several other matters or factors. So, you need to make sure that you are well-informed before deciding to take on a business venture.

KYC Due Diligence, is the combined strategy specifically intended for dealing with high risk or high value customers and large transactions, as these transactions and clients pose greater risks to the financial sector, they are heavily regulated and monitored in order to adhere to compliance acts set by governing bodies. Many industries are subject to AML/CFT (Anti-Money Laundering/Combating the Financing of Terrorist) compliance, including requirements disseminated by MAS (Monetary Authority of Singapore) applicable to any and all financial institutions in Singapore. Hence, it is imperative that business owners and entrepreneurs of today, to not only be aware of the various risks at hand in the financial sector as well as the overall global economy, but also know the inherent responsibility to conduct regular KYC Due Diligence checks in order to comply to the laws and regulations set to protect businesses. Therefore, we have made an application, Intellinz, for firms owners to search for opportunities, potential partners, buy or sell businesses and investment with our integrated ongoing due diligence screening. This will help to build safe and conducive marketplace for any firms that use our platform.

By closing the gap in KYC due diligence for Small Medium companies, Intellinz solves the pain points of customers who do not have a clue on how to perform Due Diligence and cannot afford full KYC services. Solving the following pain points for many SMEs