For businesses in Iceland 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 Registration (Skráningarskýrsla): This document is critical for businesses in Iceland, acting as the official recognition of the business's legal registration within the country. It includes vital details such as the company's name, registered address, and legal representatives.
- Articles of Incorporation or Organization (Stofnsamningur eða skipulagsskrá): This foundational document establishes the corporation or organization's structure and purpose as recognized by Icelandic law.
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 (Rekstrarsamningur): Specifically for businesses that operate on the basis of a detailed agreement among its members, detailing the operational procedures, financial distributions, and governance.
- Corporate Bylaws (Félagslög): These bylaws serve as the internal rulebook for the corporation, outlining the corporate governance and operational guidelines.
- Partnership Agreement (Samstarfssamningur): Essential for partnership-based businesses, this document details the terms of partnership, including roles, responsibilities, and profit-sharing.
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:
- Physical business address (Lögheimili fyrirtækis): To verify the business's physical location in Iceland, a document proving the business address is required. This could include a utility bill, lease agreement, or any official document listing the business's physical address in Iceland.
Ensuring that these documents are in order and readily available will facilitate a quicker and more efficient process to complete your business verification process.