For businesses in Tuvalu 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 international 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 (Te tusi faamaonia o le faamauina): This is the official legal document that registers a corporation with the state in Tuvalu. It signifies that the business is a separate legal entity, distinct from its owners.
- Certificate of Formation (Te tusi faamaonia o le fausaga): Primarily used for Limited Liability Companies (LLCs), this document formally establishes the LLC as a legal business structure in Tuvalu. It outlines basic company information and demonstrates compliance with state regulations.
- Certificate of Organization (Te tusi faamaonia o le faalapotopotoga): Similar to the Certificate of Formation, this document serves the same purpose for LLCs in Tuvalu. The terminology can vary slightly depending on your location.
- Articles of Incorporation (Tulafono o le Faavae): An older term but still relevant, this founding document outlines the corporation's purpose, structure, initial shareholders, and key operational details in Tuvalu.
- Articles of Organization (Tulafono o le Faalapotopotoga): This document serves a similar function for LLCs in Tuvalu. 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 (Maliega Faagaioiga): This is a critical contract for LLCs in Tuvalu. 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 (Tulafono Faavae o Kamupani): This document sets the governing rules for a corporation in Tuvalu. 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, Credit Card Bill, Bank Statement (Pili o Mea Tau Aoga, Pili o le Kata Faʻaalu Tupe, Faaupuga o le Faletupe): To verify the physical presence of the business in Tuvalu, 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.