To onboard corporates, we will ask for some company details (including its owners and directors) and information about the intended use of the account. We may ask for documents to confirm the details provided, details of acceptable documents are given below.
Proof of Source of Funds
We will request this when the applicant indicates that they intend to make high value transactions or is otherwise assessed to be a high risk.
This can be any documentation that proves where the money paid into the account will come from, for example:
- proof of investment
- bank statement
- balance sheet / P&L
- tax return
- annual financial statement
- proof of shareholder/partners/settlors funds
Proof of Owners
We need to be able to identify all people owning large stakes in the corporate whether directly or through other entities. We also need to get an understanding of the ownership structure of the corporate.
If we aren’t able to source this information ourselves, we may ask the corporate to provide proof of who owns them, and their ownership structure.
We accept the following documents as proof of owners:
- confirmation statement
- shareholder register
- annual financial statement
- partnership registration confirmation
- partnership agreement
- charities register extract
- trust deed / document
- operating agreement
- articles of incorporation
- stock certificate
- assumed name certificate of partnership
On our onboarding forms, we ask for the user to identify all people owning more than x% of the corporate either directly or indirectly.
In the example below, we’d need to know about the two individuals highlighted in blue, who own 40% and 50% of Company A respectively.
We would not need to know about the grey individual who only owns 2.5% of Company A, as they own too little.
We also wouldn’t need to dig down to find out the people owning Company B, since the maximum indirect share of Company A they might own would be 7.5%, which is also too little.
Proof of Controllers
We need to understand who controls the corporate, and may ask for evidence to support this.
If we aren’t able to source this information ourselves, we may ask the corporate to provide proof of who owns them, and their ownership structure.
We accept the following documents as proof of a company’s ‘controllers’ (i.e. directors, trustees, partners, grantors, managing members):
- confirmation statement
- register of directors
- annual financial statement
- partnership registration confirmation
- partnership agreement
- charities register extract
- trust deed
- operating agreement
- corporate resolution
- register of directors
- account authorization form
- copy of by-laws
Proof of Corporate Identity
Our form will ask for documentary evidence for companies registered outside of the UK. This will be an optional document upload in our form, however if not provided there is a chance we may request this document later if we are unable to source it ourselves.
We accept the following documents as proof of company incorporation / registration:
- assumed name business certificate
- articles of organization
- certificate/articles of incorporation
- certificate of registration
- assumed name partnership certificate
- IRS tax exempt status s. 501(c)(3)
- trust deed
- partnership registration confirmation
- charities register extract
Proof of Business Activity
We will only request this in our form for companies who do not have a website.
For such companies, we will require further proof that they are genuine.
The following documents can be provided to evidence business activity:
- marketing materials
- product list
- invoices
NB: Clients without a fully operational website or online presence may be required to provide proof of business activity before we can open an account for them.