For businesses in the Bahamas 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 (Certificate of Incorporation): This fundamental document for businesses in the Bahamas serves as the official recognition of the company's legal existence by the government. It includes the company's name, incorporation date, and legal structure.
- Certificate of Formation (Certificate of Formation): Mainly used for LLCs in the Bahamas, this document formally establishes the LLC as a legal business structure under Bahamian law.
- Certificate of Organization (Certificate of Organization): Also for LLCs, similar to the Certificate of Formation, this document is recognized in the Bahamas for establishing LLCs.
- Articles of Incorporation (Articles of Incorporation): An older term still relevant in the Bahamas, outlining the corporation's purpose and structure.
- Articles of Organization (Articles of Organization): Used by LLCs in the Bahamas, it establishes the company's framework, including its name, purpose, and management structure.
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:
- Operating Agreement: Essential for LLCs in the Bahamas, outlining the operational procedures and financial decisions of the business.
- Corporate Bylaws: For corporations in the Bahamas, detailing the internal governing rules.
- Partnership Agreement: Specifies the terms of partnerships in the Bahamas, including profit sharing and management responsibilities.
- Memorandum and Articles of Association: These documents detail the company's structure and governance, pivotal for companies in the Bahamas.
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: To verify the physical presence of the business in the Bahamas, a recent document showing the business's address is required. It should reflect the business's location and can be in the name of the company or one of its legal representatives.
Ensuring that these documents are in order and readily available will facilitate a quicker and more efficient process to complete your business verification process.