For businesses in Saint Kitts and Nevis 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 field's options tailored to your jurisdiction:
- Certificate of Incorporation: This is the official legal document that registers a corporation with the state. It signifies that the business is a separate legal entity, distinct from its owners.
- Certificate of Formation (Certificate of Registration): Primarily used for Limited Liability Companies (LLCs), this document formally establishes the LLC as a legal business structure. It outlines basic company information and demonstrates compliance with state regulations.
- Certificate of Organization (Certificate of Registration): Similar to the Certificate of Formation, this document serves the same purpose for LLCs in specific states. The terminology can vary slightly depending on your location.
- Articles of Incorporation: An older term but still relevant, this founding document outlines the corporation's purpose, structure, initial shareholders, and key operational details.
- Articles of Organization (Articles of Incorporation): This document serves a similar function for LLCs. It establishes the company's framework, including its name, purpose, management structure, and essential operating procedures.
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: This is a critical contract for LLCs. It serves as the internal rulebook, outlining how the business will be run on a day-to-day basis. It covers key aspects like ownership percentages, decision-making processes, profit and loss distribution, and how disputes will be resolved.
- Corporate Bylaws: This document sets the governing rules for a corporation. It details the roles and responsibilities of directors, officers, and shareholders. The bylaws also cover how meetings will be conducted, the appointment of officers, and other essential procedures for maintaining corporate structure.
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: This common document (for electricity, water, gas, phone, etc.) serves as proof that your business has a physical location. It shows the business address, tying your operations to a real-world place.
- Credit card bill: A credit card bill in the business's name or the name of an authorized representative also demonstrates a physical address. It provides additional verification of your business location.
- Bank statement: This document provides financial proof of your business operations. It shows recent transactions, balances, and the official business or representative's address. This adds a layer of legitimacy to your verification.
Ensuring that these documents are in order and readily available will facilitate a quicker and more efficient process to complete your business verification process.