A transaction report establishes what official sources show about a counterparty, a target entity, and the ownership chain behind it. The question is not whether the deal is advisable. The question is what the record shows — and where the record stops.
Governance is the operative frame. Who controls the entity at the point of signing, what the filed documents confirm about that control, and where the chain of authority becomes opaque: these are the questions a transaction report answers from official sources across the relevant jurisdictions.
What the report coversRegistered entity data, filed ownership and directorship records, publicly available financial statements, and insolvency register status — drawn from official sources in each jurisdiction covered by the engagement. PriceFixed at the tier selected before the engagement opens: Signal €1,350 · Standard €2,850 · Extended €6,300. Access conditionScope, sources, and the ceiling of what those sources allow are stated in writing before payment is arranged. What the report does not provideLegal qualification of the facts established. No legal advice, no recommendation on whether to proceed.Source: official corporate, insolvency, and financial registers in each jurisdiction covered · scope confirmed at engagement opening · verified 2026-09-15
What a transaction report establishes
A transaction report is a structured extraction from official registers. It does not produce intelligence. It produces a documented record of what the registers show at the date of extraction.
The standard scope covers four layers.
Entity layer. Registered name, legal form, registration number, registered address, date of incorporation, and current status. These come from the commercial or companies register of the jurisdiction of incorporation.
Governance layer. Named directors, their appointment dates, and any recorded changes in the directorship. Where the register publishes a current list of shareholders or members with their holdings, that list is extracted and reproduced.
Financial layer. Filed annual accounts or financial statements, where the register makes them available. The report notes the most recent filing date and the period covered. Where accounts are not filed publicly, the report records that absence.
Insolvency layer. A search of the relevant insolvency or bankruptcy register for any recorded proceedings, moratoriums, or winding-up orders. A negative result is recorded as such, with the caveat that a negative result does not confirm the absence of a filed application not yet processed.
Each layer is sourced separately. Each source is identified by name and extraction date. No layer is inferred from another.
The governance question in a cross-border transaction
Control of an entity is not always visible at the registered level. A transaction report establishes what the registered level shows. That is a defined and bounded result.
In jurisdictions where a shareholder list is a filed document, the report extracts the current version. Where the register records only the number of shares issued without naming holders, the report records that structure and identifies the ceiling.
Director authority is established from the register. Where the register records a power of attorney or a proxy arrangement, that is noted. Where it does not, the report states what the register confirms and what it does not address.
Beneficial ownership registers exist in a number of jurisdictions. Access conditions vary. In several EU member states, public access to beneficial ownership data was restricted following the 2022 CJEU ruling in joined cases C-37/20 and C-601/21. The report identifies, for each jurisdiction covered, whether a beneficial ownership register exists, what the current access condition is, and what was extractable at the date of the search.
Where the governance chain passes through a holding entity in a second jurisdiction, the report extends to that entity if the engagement scope includes it. The Standard and Extended tiers cover multi-entity structures. The Signal tier covers a single registered entity.
Where the sources disagree
Where two official sources return conflicting data on the same point — for example, a directorship shown as current in the companies register but recorded as resigned in a filed document — the report presents both records without resolving the conflict. The conflict itself is the finding.
This occurs most often in three situations.
First, where a register update lags behind a filed notification. The filing date and the register update date are both recorded.
Second, where a financial statement filed in one jurisdiction references a parent entity whose own accounts are filed in a second jurisdiction under a different reporting standard. The report extracts both sets of accounts and notes the discrepancy in the reported figures.
Third, where an insolvency register search returns a negative result but the entity's filed accounts show indicators that the register does not capture. The report records both without drawing a legal conclusion from the combination.
Disagreement between sources is not a defect in the report. It is information.
The limit of what the sources allow
The ceiling of what official sources allow is stated before payment is arranged. This is not a disclaimer appended after delivery. It is part of the scope definition.
Several limits apply across the majority of jurisdictions covered.
Beneficial ownership. In jurisdictions where the beneficial ownership register is restricted or closed to non-resident applicants, the report establishes the registered shareholder layer and identifies the point at which the chain becomes unverifiable from public sources. The report does not speculate beyond that point.
Nominee arrangements. Where a director or shareholder is a professional nominee, the register typically shows the nominee's name without flagging the arrangement. The report records what the register shows. It does not identify nominee relationships that are not disclosed in a filed document.
Shelf and dormant entities. A company with no filed accounts and no recorded trading activity appears in the register as a live entity. The report records its status as registered and active, notes the absence of filed financials, and does not characterise the entity beyond what the register confirms.
Jurisdiction gaps. In jurisdictions where the commercial register is not digitised or where remote access is not available to non-resident applicants, the report records the access condition and the resulting gap. The gap is named, not papered over.
Timing. All extractions carry a date. A register that was accurate on the extraction date may not reflect a change filed the following day. The report is a point-in-time record.
Scope and fixed price
| Tier | Price | What is included | What is NOT included |
|---|---|---|---|
| Signal | €1,350 | Single registered entity: entity layer, governance layer (directors and filed shareholder list where available), insolvency register search, one jurisdiction | Multi-entity structures; financial statement extraction; beneficial ownership register search; second jurisdiction |
| Standard | €2,850 | Up to three entities across up to three jurisdictions: all four layers (entity, governance, financial, insolvency); beneficial ownership register search where access is available; source conflict notation | Entities beyond three; jurisdictions beyond three; legal qualification of findings; translation of source documents |
| Extended | €6,300 | Up to eight entities across up to eight jurisdictions: all four layers; beneficial ownership register search in each jurisdiction; full source conflict analysis; structured summary of governance chain; gap map identifying where the chain becomes unverifiable | Legal advice; legal qualification of findings; representation; translation of source documents beyond summary notation |
The price is fixed at the tier selected. No variable fees are added after the engagement opens. If the scope requires adjustment — for example, if a search reveals an additional holding entity not identified at the outset — the adjustment is agreed in writing before any additional work proceeds.
What the report does not do
A transaction report is a factual compilation. It does not constitute legal advice. It does not qualify the facts it establishes. It does not recommend whether to proceed with a transaction.
The report does not produce a legal opinion on the validity of any corporate act, the enforceability of any agreement, or the legal effect of any registered fact. Those questions belong to legal counsel advising on the transaction.
The report does not investigate individuals. It extracts what official corporate registers, financial filing systems, and insolvency registers show about entities. Where an individual appears in those registers as a director or shareholder, their name and the registered details are recorded. No further inquiry into individuals is conducted.
The report does not access non-public sources. Every fact in the report carries a source reference to an official register or filing system. If a fact cannot be sourced to an official record, it does not appear in the report.
FAQ
What jurisdictions does the report cover? The report covers any jurisdiction where official corporate, financial, or insolvency registers are accessible to non-resident applicants. The Signal tier covers one jurisdiction. The Standard tier covers up to three. The Extended tier covers up to eight. The scope is confirmed at engagement opening, before payment is arranged.
How long does the report take? Turnaround depends on the number of jurisdictions and entities in scope. For a single-entity Signal engagement, the standard turnaround is five to seven business days from scope confirmation. Multi-jurisdiction Standard and Extended engagements are scoped individually; the estimated delivery date is confirmed in writing before the engagement opens.
What if a register is not accessible remotely? Where a register requires in-person access, a national identifier not available to non-residents, or a declaration of legitimate interest that the applicant cannot satisfy, the report records the access condition and the resulting gap. The gap is identified by jurisdiction and layer. It is not papered over.
Is the report confidential? The report is prepared for the named client and is not shared with third parties. The sources used are official public registers; the fact that a search was conducted is not disclosed to the entity being searched.
Can the report be updated after delivery? A point-in-time update — re-running the same searches at a later date — can be commissioned as a separate engagement. The original report is not amended retroactively.
What is the difference between this report and legal due diligence? This report establishes what official sources show. Legal due diligence qualifies those findings, advises on their legal effect, and informs a legal recommendation. The two are complementary. This report does not substitute for legal due diligence; it provides the factual layer on which legal due diligence operates.
Sources
Official corporate registers, financial filing systems, and insolvency registers in each jurisdiction covered by the engagement. Source names, registry URLs, and extraction dates are listed in the delivered report for each fact recorded.
No registry-specific source is cited here because the jurisdictions covered are determined by the scope of each individual engagement. The Sources section of the delivered report carries the full citation for every extracted record, including registry name, official URL, and extraction date.
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Disclaimer: This report is a factual compilation from official registers and public sources. It is provided for informational purposes only, does not constitute legal advice, and contains no legal qualification of the facts established. VLO Law Firm assumes no liability for actions taken or not taken based on this material. For advice regarding your particular situation, please contact info@vlolawfirm.com.
Author: James Whitfield — Partner, UK & Common Law, VLO Law Firm
