For businesses in India 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 (CIN): This is the official legal document that registers a corporation with the state in India. It signifies that the business is a separate legal entity, distinct from its owners. It includes essential details such as the company name, date of incorporation, and corporate identity number.
- Permanent Account Number (PAN) Card: Every entity operating a business in India must have a PAN card. It's a unique ten-digit alphanumeric identifier issued by the Indian Income Tax Department and is vital for tax and financial transactions.
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:
- Memorandum of Association (MoA): The MoA outlines the constitution of the company, including its objectives, scope of activities, and the relationship with the outside world. It lays the foundation on which the company operates.
- Articles of Association (AoA): This document complements the MoA by detailing the rules and regulations for the governance of the company's internal affairs, management, and conduct.
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, a recent document (dated within the last 3 months) such as a utility bill (electricity, water), credit card bill, or bank statement is required. It should reflect the business's address 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.