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Minimum Due-Diligence checks when buying electronic goods in bulk, by www.more4computers.com

We would like to share with other UK startup
businesses and existing businesses, which are15. Keep a record of all your visits and if
starting up to trade in volume consumerpossible get a photo of the supplier
electronics market. The minimumfacilities  and  goods.
due-diligence check (in our opinion) that
should be carried out on your potential16. Carry out company and the directors
suppliers and in some circumstances yourcredit  check  by  a  credit reference agency
potential customers, hence, going a long way
to prevent fraud against your company and the17. Check each directors details with the
HMRC  Inland  Revenue.electoral  roll
18. Get a signed supplier declaration before
each and every payment is made to a supplier.
1. Mutually sign a confidential agreementThe supplier declaration should at minimum
between yourselves and your suppliersstate:
customers before giving any confidential
information.19. - We have and will continue to comply
with the provisions of the Finance Act 2003
2. Ask all potential customers and suppliersenacted as section 77A of the Value Added Tax
to  forward  a  :Act 1994 (the "Act"). This is entirely
without prejudice to the Federation of
3. - Copy of an official notarized VATTechnological Industries' contention that
Registration Certificate (VAT 4 or EUthere is no authority under European
equivalent),Community Law to enact these provisions. We
have and will continue to comply with the
4. - Companies House Certificate ofdomestic tax requirements of the country
Incorporation  and  a  company  letterhead.countries  in  which  we  operate.
5. - Letter of introduction and a company· We will undertake reasonable
utility bill or bank statement no more thancommercial checks to: (a) consider the
90  days  old.legitimacy of customers and suppliers; (b)
ensure the commercial viability of the
6. - Notarized photocopy of theirtransaction; and (c) ensure the goods will be
representatives (if possible directors)as described by our supplier (d) carry out
passport/driver  license.extensive  due  diligence on their suppliers.
7. Get your customers to open a trade account· That we are not aware of and
with yourselves, providing at least twohave no reasonable grounds to suspect that
commercial references and one third partysome or all of the VAT payable in respect of
reference  (Accountant/Bank  Manager)the supply to us, or by us, of telephones
(and related parts and accessories) or
8. Send your customer Terms and Conditions ofcomputers (and related parts, accessories and
tradesoftware),  has  or  will  go  unpaid.
9. Get Terms and Conditions from your· That we have paid fair market
suppliersvalue for all such goods purchased by us and
have re-sold all such goods at fair market
10. Ask supplier and customers for copies ofvalue  in  the  open  market.
current  invoices  of  similar  orders
· We visit our supplier's premises
11. Verify all company details with HMRCto confirm that the business exists and has
Inland  Revenue.the ability to support the level of business
offered.
12. Get references from all specified
referees.15. Make sure that all invoices and
purchase orders clearly show your and your
13. Visit suppliers site and verify itsbusiness  customers  VAT  number.
existence and if possible the goods existence
16. Most of all remember to stay on top of
14. If goods are held by a freight forwarder,all your paper work especially import/export
then visit them to verify the goods existenceand business correspondent documents.



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