For businesses in Canada planning to join Bancoli to streamline their financial operations and global payments, the verification process is an essential step. It requires business documents that play a key role in complying with U.S. banking regulations.
The list below is tailored to help you understand the required documents and the type of information each document should contain in order to be accurately identified.
Important Note: We strongly recommend that you consult with legal counsel in your jurisdiction to ensure that you obtain the exact documents required for your specific business structure and location.
Legal Formation and Identification Documents
Initially, you will encounter a field requesting a "Certificate of Registration, Certificate of Incorporation, Certificate of Formation, Certificate of Organization, or a similar official document." Below are details for this fields options tailored to your jurisdiction:
- Certificate of Incorporation (Federal or Provincial level): This document serves as the birth certificate of the corporation, indicating its legal existence and its compliance with statutory requirements.
- Certificate of Registration (Depending on the province): It signifies the company's registration within a specific province, allowing it to operate legally within that jurisdiction.
- Articles of Incorporation (Older term, but still applicable): These documents outline the corporation's structure, purpose, and regulatory compliance details at the time of incorporation.
Operational and Governance Documents
Second, you will find a field that requests "Operating Agreement, Corporate Bylaws, Partnership Agreement, Articles of Incorporation or Organization." Below are details tailored to your jurisdiction:
- Unanimous Shareholder Agreement: Similar to an Operating Agreement for corporations, it outlines the rights, responsibilities, and obligations of the shareholders, potentially overriding certain default provisions in the corporate bylaws.
- Corporate Bylaws: These are the rules governing the internal management of the corporation, detailing the roles and responsibilities of directors and officers, the conduct of meetings, and other operational guidelines.
Proof of Physical Business Address
Third, you will find a field that requests "Physical business address (e.g., utility bill, credit card bill, bank statement dated within the last 3 months)." Below you will find more detail:
- Utility bill, Credit card bill, Bank statement: Documents such as a utility bill, credit card bill, or bank statement from the last three months can serve as proof of the company's operational address, ensuring that the business has a physical location or a financial operation tied to its name in Canada.
Ensuring that these documents are in order and readily available will facilitate a quicker and more efficient process to complete your business verification process.