For businesses in Kenya preparing 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 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 Registration): This document is essential for all business entities in Kenya, acting as the legal certification of a company's or business's formation. It includes critical details such as the company's or business's name, its registration number, and the legal framework under which it operates.
- Memorandum of Association (Certificate of Incorporation): Specifically for companies, this certificate outlines the constitution and objectives of the company, including the scope of operations and the relationship with the outside world.
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 & Articles of Association (Operating Agreement, Corporate Bylaws): These documents are crucial for companies, detailing the constitution, objectives, powers, and constraints of the company. They lay down the rules for the internal management of the company.
- Partnership Agreement: Required for partnerships, this document outlines the terms and conditions among the partners, detailing their mutual rights, duties, and liabilities.
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 (water, electricity) 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 with Bancoli.