For businesses in Barbados 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: This foundational document is crucial for businesses incorporated in Barbados. It officially certifies the legal establishment of your company under Barbadian law, including vital details such as the company name, purpose, shareholders, and share capital.
- Certificate of Continuance: For businesses originally formed outside of Barbados but seeking to operate within, the Certificate of Continuance recognizes the continuation of the company's legal existence in Barbados.
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:
- Articles of Incorporation or Articles of Continuance: These documents detail the structural and operational framework of your company, including governance rules, shareholder rights, and the company's objectives.
- Operating Agreement: Specifically for LLCs, this document outlines the operational procedures and financial arrangements between members.
- Corporate Bylaws: For corporations, bylaws govern internal management, including the organization of the board of directors, officer roles, and meeting regulations.
- Partnership Agreement: Essential for partnerships, this agreement details the business relationship between partners, including profit sharing and operational control.
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: A current (dated within the last 3 months) document verifying the physical business address is required. Acceptable documents include a utility bill, such as water, electricity, or phone bills, which must list the company's name or a legal representative's name; a credit card bill, which must also be in the company's name or that of a legal representative; and a bank statement, reflecting recent transactions and balance, providing evidence of the business's financial activity and location.
Ensuring that these documents are in order and readily available will facilitate a quicker and more efficient process to complete your business verification process.