Standardized Business Verification Content

As part of our business verification solution, we are standardizing content in fields across several countries with an aim to provide predictable outputs.

As part of our global coverage and multi-source approach, we are sourcing business information from multiple official as well as supplementary sources. There is a lot of variability in how the statuses are stored in the underlying sources which resulted in scenarios where you could receive a range of values for the same fields due to variability in how various datasources or Jurisdictions stored this information.

Standardizing the content in the KYB fields will result in more predictable, consistent and uniform responses to Business Verification requests.

Standardized Business Status

The new standardized statuses consist of the following categories:

ActiveThese are an indicator reflecting a more current view of the business being operationalLive, In Good Standing, VAT Active
RegisteredThese are more fixed status types typically associated with the formation of the businessRegistered, Immatriculée
InactiveStatus indicating that the entity is no longer operationalTerminated, Suspended, Closed
UnknownStatuses which could not be classified into the other categoriesNot Reported, Unknown, Information Not Available

Business Legal Form

Business Legal Form is indicates the type of structure the target business was incorporated with. Ex. Sole Proprietorship, Partnership, Limited Liability Company etc.

Here are some examples:

CountryStandardized ValueNon-Standardized Values
FranceCooperativesa cooperative ouvriere de production (scop) a conseil
sarl nationale
sa nationale a directoire
sa d'economie mixte a conseil d'administration
autre sarl cooperative
sarl cooperative de consommation
sa cooperative artisanale a conseil d'administration
sarl cooperative ouvriere de production (scop)
sa d'interet collectif agricole (sica) a conseil d'administration
sa cooperative de consommation a directoire
sarl d'interet collectif agricole (sica)
United StatesDomestic Corporationdomestic for profit
professional corporation - domestic
business corporation - domestic
domestic professional corporation
domestic business corporation
domestic for profit business corporation
business corporation (domestic)
domestic profit
domestic corp
domestic corporation
domestic for-profit (business) corporation
domestic profit corporation
general business for profit – domestic
domestic for-profit corporation
domestic - profit