For businesses in the Philippines 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 Registration (Issued by either the Department of Trade and Industry [DTI] or Securities and Exchange Commission [SEC]): This pivotal document serves as the official recognition of a business's legal existence in the Philippines. It includes essential details like the business name, registered address, and information on its legal representatives.
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:
- Articles of Incorporation: Details the foundational structure of a corporation in the Philippines, including its purpose, names of the incorporators, amount of capital stock, and the initial directors.
- By-laws: Outlines the internal governance of a corporation, including the roles and responsibilities of directors, officers, and members, as well as the structure for company meetings and decision-making processes.
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, Lease Agreement, Bank Statement: To verify the physical presence of the business in the Philippines, a recent document such as a utility bill, lease agreement, or bank statement is required. It should show the business's operating address and can be in the company's name.
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.