At VelaFi, we aim to make the Know Your Business (KYB) verification process seamless. There are three essential components to completing the verification:
- Business Verification
- Beneficiaries Verification
- Transaction Profile Questionnaire
Below is a breakdown of what each step entails.
Business Verification
In the business verification step, you will need to provide several key documents that demonstrate your company’s legitimacy and compliance with local regulations. Before diving into the country-specific details, ensure you have the following:
- Certificate of Incorporation: Proof that your company is legally registered in the country where it operates (applicable to Mexico, Argentina, Brazil, Peru, or Colombia).
- Articles of Association: Documents outlining the structure and functioning of the company, including the shareholders' register.
- Business License: Permission to operate within the corresponding jurisdiction.
- Identity Documents of Directors and Beneficial Owners: Official IDs of the key individuals in your company. The identification document must be a photograph, not a scan, as any document with filters or modifications will be automatically rejected by the system.
- Proof of Company Address: Utility bills such as electricity, water, or internet bills (the document must be dated within the last 3 months).
- Proof of Address for Directors, Legal Representatives, and Beneficial Owners: Similar utility bills to verify residential addresses (the document must be dated within the last 3 months).
- Tax Information: Documentation showing the company’s compliance with tax obligations.
- Banking Information: Details of the company’s bank accounts, ensuring solvency and the legitimate origin of funds.
- Power of Attorney: If applicable, a document authorizing a specific individual to act on behalf of the company.
- Shareholder Registry and Beneficial Ownership: If your country does not provide an official document that outlines the shareholder structure and ultimate beneficial owners (UBOs), we require a document signed and dated by the legal representative, which includes all shareholders and UBOs.
Example of Shareholder Registry Document