Verifying your Business in the US

This article details documents that are required for organisations to open an account with Airwallex if your business is registered in the US.

Verification, known as KYC or ‘Know your customer’, is a process that is required by regulators to offer financial services to organisations and individuals. It involves reviewing and maintaining information on parties that use our financial services.

Business Documents

  1. Supporting Tax ID Documentation
  2. Certificate of Formation or Incorporation
  3. Attestation of Beneficial Ownership

Personal Information

  1. Official Government Issued Photo ID

Additional Supporting Documents

Generally, additional supporting documents are only required for foreign businesses and/or businesses largely run outside of the US:

  1. Recent Brick & Mortar US Bank Account Statement (e.g. Bank of America, Chase). Excludes US Neobank Account Statements (e.g. Mercury)
  2. Contracts between your US entity and established third-party US businesses
  3. Invoice statements with US-based customers
  4. Evidence of Employee(s) based in the US
  5. Service lease with coworking space

Please ensure all images are clear and readable. The file shall not exceed over 10MB, limited to {PDF, Word, JPG, JPEG, PNG, BMP}.  

Financial Institution Onboarding Questionnaire

If the Airwallex account will process funds of your underlying clients, please complete the following questionnaire and provide all requested supporting documents

Click here to download FI questionnaire

Marketplace Onboarding Questionnaire

If you are operating a Marketplace business, please complete the following questionnaire in order to meet our internal compliance requirements

Click here to download the Marketplace Questionnaire

Live-Streaming Questionnaire

If you are operating a Live Streaming business, please complete the following questionnaire in order to meet our internal compliance requirements

Click here to download the Live- Streaming Questionnaire

 

BUSINESS DOCUMENTS

Tax ID

Please provide a copy of your EIN Letter or a screenshot of your EIN Number on the IRS website that shows the exact name match for the business applying for an Airwallex account. If the name is not a match due to a recent name change, please provide official documentation explaining the name change.

 

EIN Letter Sample

Sample_EIN_Letter.png

 

Screenshot of EIN Number Sample

Sample_EIN_Screenshot.png

 

Certificate of Formation or Incorporation

Please provide a copy of your business formation documents filed with the Secretary of State. If your business is an LLC, the document required is called the Certificate of Formation (or Articles of Organization). If your business is a corporation, the document is known as the Certificate (or Articles) of Incorporation.

Note that Bylaws and Operating Agreements are not sufficient documents as these are internal guiding documents and are not filed with the State.

Please ensure that the copy of the business formation documents must match the name of the business opening the account at Airwallex. If there has been a name change since the initial business filings, please ensure that you provide the official document showing the name change.

Certificate of Formation Sample for LLC

Cert of Formation Sample for LLC.png

 

Certificate of Incorporation Sample for Corporation

Certificate of Incorporation Sample for Corporation.png

You can obtain a copy of the formation document by contacting the state where the business is located. Here are some common state websites:

CA: California Secretary of State
NY: New York Department of State
FL: Florida Department of State
DE: Delaware Division of Corporations
CO: Colorado Secretary of State
WY: Wyoming Secretary of State
TX: Texas Secretary of State
PA: Pennsylvania Department of State

Attestation of Beneficial Ownership

We may request a breakdown of Beneficial Ownership if we are unable to identify the ownership structure of the business. Please provide us with a complete shareholding structure or ownership diagram that meets the following requirements:

  1. Please provide Full Name, Date of Birth, Nationality and % of Ownership for the Ultimate Beneficial Owner (any individuals with a 25% or more ownership share in the business)

  2. If there are no individual with a 25% or more ownership share in the business, then please declare in the shareholding structure.

  3. Please provide the registration country and shareholding percentage of each intermediary shareholding entity

  4. The Attestation should be on a company letterhead, signed by a director and dated within 6 months.

Download a sample of Attestation of Beneficial Ownership.

 

PERSONAL INFORMATION

Personal ID 

For each of the below individuals, please provide the SSN if they are US persons. Otherwise, please upload images of their government-issued, official photo ID, such as passport, national ID or driver’s license (if applicable).

- Authorized Person: the individual signing up for an account
- Control Person: someone with significant responsibility to control, manage or direct your business (typically a CEO, senior executive officer or equivalent)
-
Ultimate Beneficial Owner: any individual who owns or controls, directly or indirectly, including through a trust or bearer shareholding, 25% or more of the business

ADDITIONAL SUPPORTING DOCUMENTS

If your business is foreign and/or largely run outside of the US, evidence of US Operations are needed by providing 2-3 of the following documents:

- US Bank Account Statement
- Contracts between your US entity and established third-party US businesses
- Invoice statements with US-based customers
- Evidence of Employee(s) based in the US
- Service lease with coworking space

US Bank Account Statement

Please provide copies of a recent Brick & Mortar US Bank Account Statement (e.g. Bank of America, Chase). Excludes US Neobank Account Statements (e.g. Mercury)

Contracts between your US entity and established third-party US businesses

Please provide copies of contracts between your US entity and established third-party US businesses (e.g., logistics providers, contract manufacturers)

Evidence of Employee(s) Based in the US

Please provide evidence of employee(s) based in the US (e.g., full-time employee contracts)

Service lease with co-working space

Please provide evidence of a service lease with a co-working space in the US

New Business Supporting Documents

If your business is just starting out, we understand it can be hard to provide supporting documentation. However, please take a look at the list below and see if there are some documents you can supply.

In addition, if there are any documents you can think of that might help us to verify your business that are not on the below list, feel free to supply them also.

- Contracts for sale;
- Bank statement indicating business operations;
- Copies of sales or purchase invoices;
- Pro forma invoices from suppliers;
- Proof of business insurance;
- Receipts for software subscriptions, such as AWS or Xero;
- Proof of owning a website domain;
- Proof of being registered with an online marketplace (PayPal, Amazon);
- Utility bills issued in the name of the business (not for sole proprietors); or;
- Qualifications, membership in professional organizations, or membership in professional service registers or industry associations.