For businesses in Malawi 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 Registration): This foundational document is necessary for all businesses in Malawi, confirming the legal existence of your company with details like the company name, registration number, and date 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:
- Memorandum and Articles of Association (Memorandum of Association & Articles of Association): These documents outline the company’s operations, objectives, and the rules governing its internal management, serving as the constitution for the company.
- Operating Agreement: Relevant for LLCs, this document outlines the business's financial and functional decisions, including rules, regulations, and provisions for running the company.
- Corporate Bylaws: For corporations, these bylaws serve as the internal manual for managing the company, detailing the duties of directors and officers, meeting protocols, and other essential corporate governance frameworks.
- Partnership Agreement: Specifies the terms of the partnership, including contributions, profit distribution, and management responsibilities for partnerships.
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 recent document (dated within the last 3 months) such as a utility bill (electricity, water), credit card bill, or bank statement is required to verify the physical presence of the business. 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 in Malawi.