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.
Below, we have provided details on the documents that are required for organizations to open an account with Airwallex if your business is registered in the United States.
Business Documents
- Supporting Tax ID Documentation
- Certificate of Formation or Incorporation
- Attestation of Beneficial Ownership
- Supporting Business Documents
Personal Information
- Official Government Issued Photo ID and SSN (if US person)
- Residential address
BUSINESS DOCUMENTS
Tax ID/EIN (Employer Identification Number)
Please provide a copy of your EIN Letter 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.
*Sole proprietorships
Sole proprietorships may provide an EIN if registered. If not registered, please provide your SSN as your Tax ID.
EIN Letter Sample
Certificate of Formation or Incorporation
Depending on the state you are operating in, we may require 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.
*This document is not required for Sole Proprietorships
Certificate of Formation Sample for LLC
Certificate of Incorporation Sample for Corporation
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:
- 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)
- If there are no individual with a 25% or more ownership share in the business, then please declare in the shareholding structure.
- Please provide the registration country and shareholding percentage of each intermediary shareholding entity
- 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.
*This document is not required for Sole Proprietorships
Additional Supporting Documents and Information
Company Website
Please provide your company website. If you do not operate a website, supporting documents may be requested.
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.
- An invoice to a customer in the last 90 days AND an invoice from a supplier in the last 90 days
- Investor presentation or other prepared documents outlining your business model in detail
- Photograph of physical inventory
- Contracts for sale
- Bank statement indicating business operations
- Proof of business insurance
- Utility bills issued in the name of the business (not for sole proprietors)
Additional Supporting Documents
Additional supporting documents may be requested for foreign businesses and/or businesses largely run outside of the US:
- 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
- Invoice statements with US-based customers
- Evidence of Employee(s) based in the US
- 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
Payroll Questionnaire
If you are operating a Payroll business, please complete the following questionnaire in order to meet our internal compliance requirements
Click here to download the Payroll Questionnaire
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 who is authorized to act on behalf of the business
- 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
These individuals will also require the following information:
- Residential Address
- Date of Birth
- Job title
- ID Copy (select US states and non-US individuals)
Sole Proprietorships
The following information is required for Sole Proprietorships
Business Documents
- Supporting documentation stating the date that your business commenced operations. This can be any of the following:
- Documentation, screenshot, or email from eBay/Amazon/Etsy with date established or first sale
- Documentation from Fiverr/Upwork with sign-up date
- Other; invoices or contracts from your first sale
Note: If you have any other documents that can help prove your business commencement date, please feel free to include them as well.
- Tax ID/EIN/SSN
- If your business does not have an issued Employer Identification Number, please provide your SSN
Personal ID
SSN is required for all sole proprietors. Sole Proprietorships operating in certain states may additionally require images of their government-issued, official photo ID, such as passport, national ID or driver’s license (if applicable).
The Sole Proprietor applying for an account will also require the following information:
- Residential Address
- Date of Birth
- Job title
- ID Copy (select US states)