For businesses in Singapore 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:
- Business Registration Number (BRN): This pivotal document acts as the official recognition of a business’s legal existence in Singapore. It includes the unique number assigned to your business upon registration, serving as a key identifier in legal and financial transactions.
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 (MAA): These documents outline the company's constitution and include regulations on company operations, the rights of shareholders, and the duties of directors. They are essential for detailing the internal governance and operational framework of the company.
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 bills, lease agreements, or bank statements: To verify the physical presence of the business, documentation such as a utility bill (electricity, water), lease agreement, or a bank statement dated within the last 3 months is required. It must show the business’s operating address within Singapore, ensuring the company has a legitimate physical location.
Ensuring that these documents are in order and readily available will facilitate a quicker and more efficient process to complete your business verification process for Singaporean businesses.