Presentation on theme: "Developing Credit Insurance in Africa and the Mediterranean"— Presentation transcript:
1Developing Credit Insurance in Africa and the Mediterranean United Nations Conference on Trade And Development (UNCTAD) and International Trade Centre - UNCTAD/WTO (ITC) First International Conference onDeveloping Credit Insurance inAfrica and the Mediterranean
2PUBLIC INFORMATION SOURCES IN THE MIDDLE EAST Presented By Mrs. Katerina Miltiadou Malek
3CREDIT INFORMATION In Developed Countries: Connected with the Development of Risk Management andCredit Insurance
4CREDIT INSURANCE IN THE MIDDLE EAST Recently developedPeople not yet very familiar with the “Concept”.
5CREDIT INFORMATION AGENCIES IN THE MIDDLE EAST Appeared 30 years agoNOT widely Accepted by the Business PeopleConsidered to be serving the competitionBusiness people were Conservative, Secretive, and Uncooperative.
6CREDIT REPORTS Enable Credit Insurers and Credit Managers to: Assess the level of risk involved in dealing with certain Business EntityDecide whether to trade with a particular business and on what termsSet the credit limitAvoid potential bad debts.
7CREDIT INFORMATION REPORTS Should:Contain accurate and reliable informationBe comprehensiveUp to dateOn Time
8Sources of Information A. PUBLIC SOURCES- Company Registries (Governmental)- Chamber of Commerce-CourtB. OFFICIAL PUBLICATIONS- Gassettes, etc.C. PRIMARY DATA- Personal Interviews with the Business Key Management, and ObservationsD. REFERENCES- Newspaper / Magazine CuttingsE. The Market Itself
9COMPANY REGISTRIES Governmental Authorities Responsible for the registration of all companies/Business Entities Operating in a country.
10“COMPANY LAW”Regulates the registration procedure of the various Business Entities.Companies should FILE CERTAIN DOCUMENTS Identifying their status.REGISTERED Companies become Juridical Persons.
11JURIDICAL PERSONUpon Registration Each Company Obtains Its Commercial Registration Number and Becomes a Juridical Person
12Contract, BUY/SELL, SUE and be SUED, Take Decisions, etc. JURIDICAL PERSONSBehave as Physical persons in business life.Contract, BUY/SELL, SUE and be SUED, Take Decisions, etc.
13BEFORE DEALING WITH A REGISTERED COMPANY BE INFORMED ON ITS:1. Legal Status 2. Owners3. Management 4. Capital5. Finance 6. Nature of Activities
14TRANSPARENCY OF COMPANY LAWS AND REGULATIONS The Public HAS THE RIGHT TO Access Official Authorities’ Records on Business Entities.
15TIMEIn the Middle East the search with Public Sources is allowed only on written request and at the payment of a substantial fee.Information might be obtained LATE.Business deal might be CANCELED.LATE information will be of No Use.
16USE OF ACCURATE CREDIT INFORMATION ResultsStrengthening of Trust and Confidence in the Business EnvironmentElimination of Fraud, Payment Delays, Bad Debts.
17CONCLUSION FAST DECISION MAKING IS IMPORTANT TIME IS CRUCIAL PROVISION OF INFORMATION ON LINE IS ESSENTIAL TODAY.