SME checklist

Due diligence checklist for SMEs.

A simple framework for checking the identity, history and context of a prospective commercial counterparty.

Identity and status

  • Confirm legal name and company number
  • Check current company status
  • Verify the registered address
  • Compare public details with invoices, contracts and websites

People and control

  • Review current directors and officers
  • Check appointment dates and recent changes
  • Review persons with significant control
  • Explore other companies connected to key people

History and filings

  • Review filing history and overdue submissions
  • Look at accounts and company charges where relevant
  • Note frequent name, address or officer changes
  • Understand strike-off, insolvency or restoration events

Commercial sense-check

  • Check references and trading history
  • Confirm bank and payment details independently
  • Use proportionate credit and fraud checks
  • Record findings and approval decisions
The level of due diligence should be proportionate to the value, risk and importance of the relationship.