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:
Type | Description | Examples |
---|---|---|
Active | These are an indicator reflecting a more current view of the business being operational | Live, In Good Standing, VAT Active |
Registered | These are more fixed status types typically associated with the formation of the business | Registered, Immatriculée |
Inactive | Status indicating that the entity is no longer operational | Terminated, Suspended, Closed |
Unknown | Statuses which could not be classified into the other categories | Not 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:
Country | Standardized Value | Non-Standardized Values |
---|---|---|
France | Cooperative | sa cooperative ouvriere de production (scop) a conseil |
United States | Domestic Corporation | domestic for profit |