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Emcredit launches corporate background solution

November 08, 2008

Enterprise Information Report offers verification of commercial entities
Available to financial institutions and companies
New report to aid business and partnership decisions
Enhances confidence of doing business in UAE

Emcredit, the UAE’s first private credit information services company, today announced the launch of a new information reporting tool that provides comprehensive business information for the verification of commercial entities registered in the UAE. The online solution, Enterprise Information Report (EIR), serves as a vital reference tool for assessing and validating the general, legal and background information of businesses. The new report aims to support business partnerships, promote transparency and boost confidence in day-to-day commercial decisions.

The EIR is available to financial institutions, small and medium-sized enterprises (SMEs), trade associations and other commercial entities that register with Emcredit. Banks and other financial institutions can check the authenticity of information provided by a prospective corporate customer before offering products, services or credit to them.

In addition, EIR will provide information on potential UAE trade partners available to companies outside the UAE. The report enables other companies to gain insight into potential business partners and check their background before conducting any business transaction.

A wide range of information is provided in the EIR, including trade and licence data, legal constitution, penalties, company relationships with stakeholders, and other relevant historical and relevant information. The official launch of EIR coincides with the Business in Dubai conference, scheduled for November 10-11, 2008.

“Choosing potential partners, extending credit to companies, identifying vendors, proposing business deals – for all these decisions, it is important to verify the background of companies and their soundness. The EIR provides a convenient one-stop point for verifying such information,” said Zaid Kamhawi, Chief Business Officer, Emcredit. “Cross-border trade is the engine of the UAE economy, and EIR will support such trade by empowering companies outside the UAE when selecting trade partners here. By helping companies make more informed decisions, EIR is crucial for doing business with greater confidence and ease.”

Kamhawi added that EIR sources its information from government ministries, commercial registries and economic departments. This ensures the authenticity and timely updates of the report details.

Since its inception in 2006, Emcredit has signed several agreements with leading financial and non-financial institutions to enrich its database. Some of these include Citibank, Dubai Islamic Bank, Dubai Bank, Noor Islamic Bank, Amlak Finance, Better Homes as well as government departments such as Dubai e-Government, Dubai Police, Dubai Public Prosecution and an exclusive agreement with Dubai Land Department’s Real Estate Regulatory Authority and UAE Ministry of Interior.

Emcredit is based in the Dubai International Financial Centre and operates in line with the DIFC’s Data Protection Law, ensuring the confidentiality and security of collection and usage of its credit information database.