Business Verification as a Condition for Participation in Ukraine’s Reconstruction – Expert Advice

As Ukraine prepares for large-scale reconstruction, the demand for international contracts, tenders, and joint projects involving state entities, international financial organizations, donors, and private capital will surge. Ukrainian companies seeking to participate in these projects will need to demonstrate legal and business transparency to international customers.

These customers meticulously scrutinize potential contractors by examining their legal status, owners and beneficiaries, corporate ties, business history, financial condition, and exposure to sanctions.

Maksym Urakin, Director of Development and Marketing at Interfax-Ukraine and Head of D&B-Interfax-Ukraine Business Division, emphasizes the importance of business verification in the reconstruction process. He stresses that Ukrainian companies must proactively prepare for reconstruction projects even before tenders are announced.

International partners first assess a company's ability to be quickly identified, understand its ownership structure, and evaluate associated risks. The more transparent a company's business profile, the faster due diligence can be completed, and the better equipped the company is for international collaboration.

For small and medium-sized businesses, the significance of business verification is particularly pronounced. A company may possess exceptional manufacturing expertise, but if it lacks consistent corporate data, has insufficient information in English, presents outdated management information, or has an opaque ownership structure, it may miss out on valuable opportunities.

To prepare for international verification, a company should first ensure its registration data is up-to-date, update contact details, provide a detailed description of its business activities, confirm its ownership structure, analyze financial statements, and understand what risk signals a foreign customer or bank may identify.

International business data and analytical solutions provider Dun & Bradstreet (D&B) plays a crucial role in identifying legal entities and building corporate profiles. This data is utilized by companies, banks, and procurement organizations in KYC, due diligence, supplier onboarding, and risk management processes. Ukraine can harness the potential of developing a corporate transparency culture as a practical factor for attracting private capital and integrating Ukrainian suppliers into international reconstruction projects.

Dun & Bradstreet, an international business data and analytical solutions provider with origins dating back to 1841, operates in Ukraine through its official representative, Interfax-Ukraine News Agency. D&B's specialized division, D&B-Interfax-Ukraine, offers Ukrainian companies access to international business data, assists in verifying foreign counterparts, and enables the utilization of D&B tools.

Ukrainian companies can access these resources through the D&B resource - dnb.ua, by emailing [email protected], or by calling +38 (044) 270-65-74.