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Why Conduct an Entity Health Check in Panama?

by Legal Team Panama | Sep 14, 2020

Corporate compliance in Panama is constantly changing. Therefore, conducting an entity health check in Panama will ensure that your business or the company you plan to do business with complies with local legislation. Foreign executives doing business in Panama must undertake an entity health check regularly. Hiring a trusted local partner to review the status of your company in terms of corporate compliance will protect your business from penalties and avoid risks. What is an entity health check in Panama? An entity health check is important to mitigate risks when doing business in Panama. An entity health check in Panama is an audit conducted by independent experts to examine accounting and legal compliance. An entity health check reviews if a company doing business in the country complies with tax declarations, labour regulations, monthly reports, and accounting registries. As a result, there is a better understanding of the overall corporate compliance landscape. The main objective of conducting an entity health check is to identify any discrepancies within a company that might affect business operations. Why is it important to conduct regular entity health checks? An entity health check in Panama is important to mitigate risks when doing business in the country. It covers various aspects of a company’s activities, including the legal, accountancy, tax and human resources practices. This examination seeks to understand if a legal entity established in Panama is and has been fully compliant with local corporate regulations....

The Importance of an Entity Health Check in Bolivia

by Accounting Team Bolivia | Jul 22, 2020

Understand the importance of an entity health check in Bolivia to secure your business and manage risk. Bolivia is an attractive country for executives looking to expand in the Andean country. However, local and strict regulations may add a layer of complexity. As such, it is essential to understand the business conditions and corporate compliance requirements to properly develop your company in Bolivia. This includes conducting an entity health check in Bolivia. How does an entity health check work? An entity health check is an audit carried out by a third-party to verify its local corporate compliance. An entity health check in Bolivia involves the verification that company administrators and employees are fulfilling legal and fiscal obligations. What kind of audits are involved in an entity health check in Bolivia? An entity health check verifies legal and fiscal obligations. Legal and fiscal obligations are the most important aspects to check in a company established in Bolivia. These provide essential information about a company's status. Likewise, the audit will conclude if the business obligations are according to local laws. There are multiple kinds of audits involved in an entity health check in Bolivia, these include: Legal auditing The moment a company is constituted in Bolivia, it must fully comply with all legal obligations. Some of these obligations are: Registry of Commerce: Companies must have a trade registry number to operate with legal domicile in Bolivia.Company books: Once a company is constituted, company books must register all the...

Why Get an Entity Health Check in Australia?

by Legal Team Australia | Jun 19, 2020

Getting an entity health check in Australia is a vital step before incorporating a company in the country. As it becomes an exciting destination for foreign investors, Australia offers a favorable business environment, promoted by a dynamic and competitive economy. Thus, an entity health check will allow you to access critical information to understand the risks and opportunities when doing business in Australia. In this article, we will explain what an entity health check is and how beneficial it can be for your company. What is an entity health check in Australia? An entity health check in Australia calculates potential risks and challenges for a business. An entity health check in Australia is the best way to identify and calculate the risks and challenges executives may face when expanding their business in the country. It relies on a due diligence process to determine whether a company is fully compliant with local regulations or not. In the same way, an entity health check refers to a detailed professional investigation that examines a company’s legal and accountancy data, human resources processes, and environmental practices to calculate future contingencies. Evaluating legal, financial and other aspects An entity health check may vary in terms of extension, scope, and depth. It can include legal information but also commercial and financial records. A basic entity health check should cover the following aspects: Basic company details such as the name, commercial address, type of industry, and shareholdersLicense numbers, operational...

Why Conduct an Entity Health Check for your Company in Argentina?

by Legal Team Argentina | May 11, 2020

Learn about the importance of a entity health check in Argentina in order to keep your company structured and compliant against the requirements of government authorities. Entity health checks in Argentina are increasingly important due to the set of local regulations that describe fiscal responsibilities and corporate compliance in the country, which are constantly changing and updated.When you decide to incorporate a company in Argentina, you should bear in mind that at least once a year you must carry out an entity health check for your company or branch in Argentina. This process is also known as “corporate status verification”. Depending on the activity that the company carries out, it is recommended to carry out these reviews regularly. The hiring of external partners to review the status of your company in terms of corporate compliance in Argentina will protect you from sanctions and allow you to manage the risk of default. What is an entity health check in Argentina? An entity health check is an evaluation of the company where the legal, fiscal and corporate status is evaluated. In general terms, an entity health check is an evaluation of the company where the legal, fiscal and corporate status is evaluated. In order to ensure that the corporate due diligence of your company in Argentina complies with the local laws. Sometimes the directors of a company cannot accurately assess the overall status of compliance or do not have the legal or financial knowledge to understand what the corporate compliance requirements are in Argentina. For this reason, they decide to...

5 Reasons to get an Entity Health Check in Chile

by Legal Team Chile | May 7, 2020

Find out why and when it is a good idea to get an entity health check in Chile. Manage your business risks and protect yourself from potential non-compliance issues by understanding your company’s corporate ‘health’ in the eyes of the government. Chile has well-established and solid legal and compliance frameworks designed to encourage and protect business people in the country. To foreign executives, corporate compliance in Chile can be difficult to navigate - especially if there is a language barrier with local institutions. It is a key instrument to ensure your company and the companies you are perhaps interested in acquiring/investing, are fully compliant with local regulations. As with other countries, an entity health check in Chile - also known as a corporate health or corporate compliance check - is one or more audits or due diligence reviews carried out on a legal entity. What is an entity health check in Chile? As with other countries, an entity health check in Chile - also known as a corporate health or corporate compliance check - is one or more audits or due diligence reviews carried out on a legal entity. These reviews aim to understand if that entity is and has been fully compliant with local corporate regulations. These reviews cover various aspects of a company’s activities, including the legal, accountancy, tax, human resources, licenses (administrative or others) operations. What things are covered in an entity health check? Entity health checks in Chile can vary quite a lot in terms of the extension, depth and aspects being audited. In most...

Why Get an Entity Health Check in Colombia?

by Legal Team Colombia | Feb 23, 2020

Explore your options to get an entity health check in Colombia for your own business, or an existing company you may be planning to buy. A complex system of regulations, laws and licenses could be a factor not to buy an existing company without ensuring its status first. Additionally, you may not be aware of the full compliance picture of your company in Colombia. An entity health check can help with this.It is essential to understand any potential corporate non-compliance or concerns for your business operations when acquiring your business in Colombia. In order to take the biggest advantage of these succeeding markets whilst keeping on the correct side of administrative consistency, an entity health check is a key assurance check. Entity health checks in Colombia are reviews done by financial and legal experts. What is an entity health check? Entity health checks, also called corporate due diligence reports, are reviews carried out by financial and legal auditors. Employing an external provider that is specialized in entity health check provides commercial reassurance. Prospective business owners may authorize the provider to examine the legal, financial and accounting records of a company. The reason for checking the legal and fiscal states of an organization is to identify whether there are any non-compliance problems that the investors should take into account before buying an existing company. In a minefield of legal and accountancy regulations, it is simple for organizations to oversee or simply ignore compliance regulations. Why should I get an entity...

Why Get an Entity Health Check in Mexico?

by Legal Team Mexico | Feb 10, 2020

Just as people need a checkup at the doctor’s office at least once a year, companies should also routinely perform an ‘entity health check’ in Mexico for their subsidiary or branch. This review is also known as a corporate health or corporate compliance check. Depending on the business’ activity, it’s recommended to conduct these checks regularly. Hiring external auditors to review the status of your company in terms of its corporate compliance in Mexico protects it from unforeseen penalties and manages the risk of non-compliance. Our Senior legal and accounting professionals give advice on the nature and process of entity health checks in Mexico. What is an entity health check in Mexico? An entity health check in Mexico is an overall assessment of the critical elements of the company. Generally speaking, an entity health check in Mexico is an overall assessment of the critical elements of the company. This health check is often referred to as corporate compliance and fiscal and legal compliance and is part of ensuring commerical due diligence. This health check reflects what, if anything, your company needs to do to stay compliant with local law. Sometimes a company’s Directors cannot accurately assess the overall compliance status, or don’t possess the legal or financial know-how to understand their compliance requirements in Mexico. It pays to get a professional external auditor to conduct this review on the company’s behalf. The checks review all fiscal, legal and other operational activities of a company, and raise any discrepancies or issues to be remedied. This...