Requirements for Businesses
For standard onboarding, Businesses will be required to provide the following:
- Business Formation Document
- Ownership Information Document
- Proof of Address
- Tax Identification Number
- Registration Number
For enhanced onboarding, Businesses will be required to provide the above and the following:
- Source of Funds
- Ownership chart
- (On request) Proof of Operating Activity (e.g. bills of lading, invoices, receipts, commercial contracts)
- (On request) Licensing information for businesses operating in regulated industries
In addition, KYC of all Ultimate Beneficial Owners (UBOs) and/or Control Persons (per US or International requirements) will be required. Note that the requirements for these individuals are the same as what can be found in the Requirements for Individuals page.
What is a UBO or Control Person?
- Ultimate Beneficial Owners (UBO): Individual or entity that has complete ownership and control over a business, institution, or legal entity
- Control Person (if different than the Ultimate Beneficial Owners): an individual with significant responsibility to control or direct business; typically an executive officer (CEO, CFO, COO, President) or Director
Proof of Address
Sole Proprietorships
For these types of entities, please refer to the Tax Identification Numbers required for Individuals.
- Must have the current residential address
- Addressed to the individual issued in the last 90 days
- No PO boxes or virtual addresses
Business Formation Document
These are the accepted documents for prove the business was properly registered and incorporated.
Sole Proprietorships
- Business License
- Trade Name Registration
- DBA ("Doing Business As") Filing
Partnerships
General Partnerships (GP)
- Partnership Agreement
- Business License listing all partners
- Trade Name Registration (DBA) listing all partners
Limited Partnerships (LP)
- Certificate or Registration of Limited Partnership – filed with the secretary of state or similar government body to officially form the LP
Limited Liability Partnerships (LLP)
- Certificate or Registration of Limited Liability Partnership – filed with the secretary of state or similar government body to register the LLP
Corporations
- Articles of Incorporation – filed with the secretary of state or similar government body
- Certificate of Incorporation – filed with the secretary of state or similar government body
Limited Liability Companies (LLC)
- Articles of Organization – filed with the secretary of state or similar government body
- Certificate of Incorporation – filed with the secretary of state or similar government body
Nonprofit Organizations
- Articles of Incorporation – filed with the secretary of state or similar government body
- Certificate of Incorporation – filed with the secretary of state or similar government body
- In Addition: Application for Tax-Exempt Status: Form 1023 or 1023-EZ filed with the IRS to obtain 501(c)(3) status or similar tax-exempt recognition
Foundations
- Articles of Incorporation – filed with the secretary of state or similar government body
- Certificate of Incorporation – filed with the secretary of state or similar government body
Decentralized Autonomous Organizations (DAOs)
- Legal Entity Formation – if the DAO formed a legal entity (e.g., LLC) with the secretary of state or similar government body
- Other DAO Formation Documents:
- White Paper
- Membership or Token Agreement
- Governance Framework
Trusts
- Trust Deed (or Trust Agreement) – establishing the trust and outlining the roles of the trustors, trustees, beneficiaries, and terms of the trust
- Certificate of Trust (or Abstract of Trust) – proving the existence of the trust and the trustee’s authority
- Notarized Trustee’s Affidavit – confirming the identity and authority of the trust parties
Cooperatives
- Articles of Incorporation – filed with the secretary of state or similar government body, establishing the cooperative listing its members
- Bylaws – confirming the creation of the cooperative and specifying the cooperative’s governance and operational rules
- Membership Agreement – outlining the terms of membership, rights, and responsibilities of cooperative members
Ownership Information
- Walapay is required to confirm all individual ultimate beneficial owners who own 25% or more of the underlying entity
- Self-generated documents or attestations confirming shareholders should be dated and signed by a verified control person (e.g. CEO), or alternatively, a lawyer or third party CPA
- Detailed capitalization tables clearly produced by well-known equity management companies (e.g. Carta, AngelList, or Securitize) do not require a signature from a Lawyer or third party CPA
- Please ensure that 100% of ownership can be derived or clearly accounted for in the document
- If the entity is owned by another entity (or multiple entities), we will require similar documents verifying the subsidiaries’ shareholders
- Please ensure the document lists the name of the entity it pertains to
- Generally speaking, if the entity does not have individual beneficial shareholders, we will need to confirm the individuals who significantly control the entity instead, such as its directors and officers
Sole Proprietorships
- Business License – licensing the sole proprietor as the owner
- Trade Name Registration (DBA) – indicating the owner if the business operates under a different name
- Tax Filings – Individual tax returns (Schedule C) showing business income and expenses reported by the sole proprietor
Partnerships
General Partnerships (GP)
- Partnership Agreement – listing the partners and their respective ownership interests
- Certificate of Partnership – if the partnership is registered, listing the partners
- Trade Name Registration (DBA) – including information on the multiple partners
Limited Partnerships (LP)
- Certificate of Limited Partnership – filed with secretary of state or similar government body, naming the general and limited partners
- Limited Partnership Agreement – detailing the ownership structure, roles, and contributions of each partner
- Schedule of Partners – listing all partners and their ownership percentages
- K-1 Forms – issued to partners for tax purposes, showing their share of profits or loss
Limited Liability Partnerships (LLP)
- Registration of Limited Liability Partnership – filed with secretary of state or similar government body, listing the partners
- LLP Agreement – listing the partners and their ownership interests
- K-1 Forms – for tax filings, indicating the limited partner’s share of profits or losses
Corporations
- Articles of Incorporation – listing the shareholders
Note: Control persons (directors/officers) listed without shareholders are not sufficient. Please ensure that the document confirms the entity’s shareholders, which are not necessarily the same as the entity’s directors, officers, or incorporators. - Stock Certificates – issued to shareholders, representing ownership in the corporation
- Shareholder Ledger or Cap Table – listing all shareholders and their ownership percentages
- Shareholder Agreements – listing shareholders and their ownership percentages
- Board Meeting Minutes – listing shareholders and their ownership percentages
- SEC Filings (for public companies) – including information on significant shareholders and controlling parties
- K-1 Forms – provided to shareholders, showing their share of the corporation’s profit or loss
Limited Liability Company (LLC)
- Articles of Organization – filed with the secretary of state or similar government body, sometimes listing the members (owners)
- Operating Agreement – detailing the ownership structure, members’ contributions, and percentages of ownership interest
- Membership Certificates – issued to members to represent their ownership interest in the LLC
- Membership Ledger – internal document tracking all members and their ownership interests
- K-1 Forms – provided to members, showing their share of the LLC’s profit or loss
- IRS 147(c) EIN Letters – for sole-member LLCs
Nonprofit Organizations
Nonprofits usually do not have individual beneficial shareholders. We are required to confirm control person(s) instead.
- Articles of Incorporation – filed with the secretary of state or similar government body, listing directors or founders
- Trust Documents – establishing the foundation, listing trustees or board members
- Bylaws – defining the governance structure and control parties
- Board Meeting Minutes – documenting decisions and changes in the controlling parties, board members, directors, and officers
- IRS Determination Letter – confirming the nonprofit’s tax-exempt status including details on controlling parties
- Annual Reports – filed with the secretary of state or similar government body, listing current directors and officers
Foundations
Foundations usually do not have individual beneficial shareholders. We are required to confirm control person(s) instead.
- Articles of Incorporation – filed with the secretary of state or similar government body, listing initial directors or founders
- Trust Documents – establishing the foundation, listing trustees or board members
- Bylaws – defining the governance and control structure
- Board Meeting Minutes – detailing the actions and changes in the foundation’s controlling parties
- IRS Determination Letter – confirming the nonprofit’s tax-exempt status including details on controlling parties
- Annual Reports – filed with the secretary of state or similar government body, listing current directors and officers
Decentralized Autonomous Organizations (DAOs)
- Membership Agreements – outlining the ownership percentages of members or token holders
- Voting Records – documenting decisions and controlling parties based on token voting or other consensus mechanisms
- Other Documents:
- White Paper
- Membership or Token Agreement
- Governance Framework
Trusts
- Trust Deed – establishing the trust and outlining the roles of the trustors, trustees, beneficiaries, and terms of the trust
- Certificate of Trust (or Abstract of Trust) – proving the existence of the trust and the trustee’s authority
- Notarized Trustee’s Affidavit – confirming the identity and authority of the trust parties
Cooperatives
- Articles of Incorporation – filed with the state, establishing the cooperative listing its members
- Membership Agreement – outlining the terms of membership, rights, and responsibilities of cooperative members
- Membership Ledger – listing all members and their ownership stakes or voting rights
- Members’ Meeting Minutes – documenting decisions made by the members and any changes in ownership
- Share Certificates (if applicable) – representing ownership stakes or member contributions in the cooperative
Supporting Documents
| Document Purpose Type | Value | Description |
|---|---|---|
| AML audit | AML_AUDIT | An audit process ensuring compliance with anti-money laundering regulations. |
| AML comfort letter | AML_COMFORT_LETTER | A letter providing assurance that an entity complies with AML regulations. |
| AML policy | AML_POLICY | A document outlining an organization's policies and procedures for preventing money laundering. |
| Business formation | BUSINESS_FORMATION | Documentation required for establishing a new business entity. For more details, refer to the Business Formation Document section. |
| Court order | COURT_ORDER | A legal directive issued by a court requiring specific actions. |
| Directors register | DIRECTORS_REGISTRY | A record listing the directors of a company along with their details. |
| eSignature Certificate | E_SIGNATURE_CERTIFICATE | A document confirming the validity and authenticity of an electronic signature. |
| Evidence of good standing | EVIDENCE_OF_GOOD_STANDING | A certificate confirming that a company is legally registered and compliant with regulatory requirements. |
| Flow of funds | FLOW_OF_FUNDS | Documentation outlining the movement of money through an organization or transaction. |
| Marketing materials | MARKETING_MATERIALS | Documents used to promote products or services to potential customers. |
| Ownership information | OWNERSHIP_INFORMATION | Records identifying the owners or shareholders of a business. For more details, refer to the Ownership Information Document section. |
| Ownership chart | OWNERSHIP_CHART | A diagram illustrating the ownership structure of a company with direct and indirect ownership percentages adding up to 100% |
| Power of attorney | POWER_OF_ATTORNEY | A legal document authorizing an individual to act on behalf of another in legal or financial matters. |
| Proof of account purpose | PROOF_OF_ACCOUNT_PURPOSE | A document explaining the intended use of a specific financial account. |
| Proof of address | PROOF_OF_ADDRESS | Documentation verifying an individual's or entity's residential or business address. For more details, refer to proof of address requirements. |
| Proof of bank account ownership | PROOF_OF_BANK_ACCOUNT_OWNERSHIP | A document confirming an individual's or entity's ownership of a specific bank account. |
| Proof of entity name change | PROOF_OF_ENTITY_NAME_CHANGE | Documentation verifying that a company has officially changed its name. |
| Proof of funds | PROOF_OF_FUNDS | Evidence demonstrating the availability of financial resources for a transaction. |
| Proof of individual name change | PROOF_OF_INDIVIDUAL_NAME_CHANGE | Documentation verifying an individual's legal name change. |
| Proof of nature of business | PROOF_OF_NATURE_OF_BUSINESS | Evidence showing the business generating income from or participating in the type of business activities claimed by the entity. |
| Proof of relationship | PROOF_OF_RELATIONSHIP | Documentation establishing a legal or financial relationship between parties. |
| Proof of signatory authority | PROOF_OF_SIGNATORY_AUTHORITY | A document verifying that an individual is authorized to sign on behalf of a company. |
| Proof of source of funds | PROOF_OF_SOURCE_OF_FUNDS | Evidence showing where an individual's or entity's funds originate. |
| Proof of source of wealth | PROOF_OF_SOURCE_OF_WEALTH | Evidence showing how an individual or entity accumulated their wealth. |
| Proof of tax identification number | PROOF_OF_TAX_IDENTIFICATION | A document confirming an individual's or entity's tax identification number. |
| Proof of registered exemption | REGISTERED_EXEMPTION | Documentation confirming an entity's exemption from certain regulations or requirements. |
| Proof of regulatory license registration | REGULATORY_LICENSE_REGISTRATION | A document proving that an entity is registered with regulatory authorities. |
| Shareholder register | SHAREHOLDER_REGISTER | A record listing the shareholders of a company and their ownership stakes. |
| Tax returns | TAX_RETURNS | Documents filed with tax authorities detailing income, expenses, and tax obligations. |
| Other | OTHER | A category for any additional documents not specifically listed. |
Tax Identification Number
| Country (ISO Code) | Name | Description |
|---|---|---|
| Aruba (AW) | CN | Census Number |
| Afghanistan (AF) | TIN | Tax Identification Number |
| Angola (AO) | NIF | Número de Identificação Fiscal |
| Albania (AL) | NIPT | Numri i Identifikimit për Personin e Tatueshëm |
| Andorra (AD) | NRT | Número de Registre Tributari |
| United Arab Emirates (AE) | TRN | Tax Registration Number |
| Argentina (AR) | CUIT | Clave Única de Identificación Tributaria |
| Armenia (AM) | TIN | Tax Identification Number |
| Australia (AU) | ABN | Australian Business Number |
| Australia (AU) | ACN | Australian Company Number |
| Australia (AU) | ARBN | Australian Registered Body Number |
| Austria (AT) | FN | Firmenbuchnummer |
| Austria (AT) | UID | Umsatzsteuer-Identifikationsnummer |
| Azerbaijan (AZ) | VOEN | Vergi Ödəyicisinin Eyniləşdirmə Nömrəsi |
| Belgium (BE) | BCE | Banque-Carrefour des Entreprises |
| Belgium (BE) | KBO | Kruispuntbank van Ondernemingen |
| Bangladesh (BD) | BIN | Business Identification Number |
| Bangladesh (BD) | VAT | Value Added Tax Number |
| Bulgaria (BG) | UIC | Unified Identification Code |
| Bahrain (BH) | CRN | Company/Commercial Registration Number |
| Bahamas (BS) | TIN | Tax Identification Number |
| Bosnia and Herzegovina (BA) | ID_BROJ | ID Broj (Identification Number) |
| Belize (BZ) | TIN | Tax Identification Number |
| Bermuda (BM) | CRN | Company/Commercial Registration Number |
| Bolivia (BO) | NIT | Número de Identificación Tributaria |
| Bolivia (BO) | VAT | Value Added Tax Number |
| Brazil (BR) | CNPJ | Cadastro Nacional da Pessoa Jurídica |
| Brazil (BR) | VAT | Value Added Tax Number |
| Barbados (BB) | TIN | Tax Identification Number |
| Botswana (BW) | CRN | Company/Commercial Registration Number |
| Canada (CA) | BIN | Business Identification Number |
| Canada (CA) | VAT | Value Added Tax Number |
| Switzerland (CH) | UID | Unternehmens-Identifikationsnummer |
| Chile (CL) | RUT | Registro Único Tributario |
| China (CN) | USC | Unified Social Credit Code |
| Côte d'Ivoire (CI) | NIF | Numéro d'Identification Fiscale |
| Cameroon (CM) | NIF | Numéro d'Identification Fiscale |
| Cameroon (CM) | RCCM | Registre du Commerce et du Crédit Mobilier |
| Colombia (CO) | NIT | Número de Identificación Tributaria |
| Colombia (CO) | RUT | Registro Único Tributario |
| Comoros (KM) | NIF | Numéro d'Identification Fiscale |
| Costa Rica (CR) | CEDULA_JURIDICA | Cédula Jurídica |
| Curaçao (CW) | CRIB | Central Registratie en Informatiebureau |
| Christmas Island (CX) | ABN | Australian Business Number |
| Cayman Islands (KY) | CRN | Company/Commercial Registration Number |
| Cyprus (CY) | CRN | Company/Commercial Registration Number |
| Czech Republic (CZ) | ICO | Identifikační Číslo Organizace |
| Germany (DE) | UST_IDNR | Umsatzsteuer-Identifikationsnummer |
| Germany (DE) | CRN | Company/Commercial Registration Number |
| Dominica (DM) | TIN | Tax Identification Number |
| Denmark (DK) | CVR | Central Virksomhedsregister |
| Dominican Republic (DO) | RNC | Registro Nacional de Contribuyentes |
| Algeria (DZ) | NIF | Numéro d'Identification Fiscale |
| Ecuador (EC) | RUC | Registro Único de Contribuyentes |
| Egypt (EG) | TIN | Tax Identification Number |
| Egypt (EG) | VAT | Value Added Tax Number |
| Spain (ES) | NIF | Numéro d'Identification Fiscale |
| Spain (ES) | CIF | Código de Identificación Fiscal |
| Estonia (EE) | RC | Register Code |
| Ethiopia (ET) | TIN | Tax Identification Number |
| Finland (FI) | Y_TUNNUS | Business ID |
| Fiji (FJ) | TIN | Tax Identification Number |
| France (FR) | SIREN | Système d'Identification du Répertoire des Entreprises |
| France (FR) | SIRET | Système d'Identification du Répertoire des Établissements |
| United Kingdom (GB) | CRN | Company/Commercial Registration Number |
| United Kingdom (GB) | VAT | Value Added Tax Number |
| Georgia (GE) | IC | Identification Code |
| Ghana (GH) | TIN | Tax Identification Number |
| Gibraltar (GI) | CRN | Company/Commercial Registration Number |
| Greece (GR) | AOM | Αριθμός Οικονομικής Μονάδας |
| Guatemala (GT) | NIT | Número de Identificación Tributaria |
| Guatemala (GT) | VAT | Value Added Tax Number |
| Hong Kong (HK) | BRN | Business Registration Number |
| Honduras (HN) | RTN | Registro Tributario Nacional |
| Croatia (HR) | OIB | Osobni Identifikacijski Broj |
| Haiti (HT) | NIF | Numéro d'Identification Fiscale |
| Hungary (HU) | TIN | Tax Identification Number |
| Indonesia (ID) | NPWP | Nomor Pokok Wajib Pajak |
| Indonesia (ID) | VAT | Value Added Tax Number |
| Isle of Man (IM) | CRN | Company/Commercial Registration Number |
| India (IN) | GSTIN | Goods and Services Tax Identification Number |
| India (IN) | CIN | Corporate Identification Number |
| India (IN) | PAN | Personal Account Number |
| India (IN) | VAT | Value Added Tax Number |
| Ireland (IE) | CRO | Company Registration Office Number |
| Iraq (IQ) | TIN | Tax Identification Number |
| Iceland (IS) | ID | Identification Number |
| Israel (IL) | CRN | Company/Commercial Registration Number |
| Italy (IT) | PARTITA_IVA | Partita IVA |
| Italy (IT) | CF | Codice Fiscale |
| Jamaica (JM) | TRN | Tax Registration Number |
| Jordan (JO) | TIN | Tax Identification Number |
| Japan (JP) | HN | Hojin Number |
| Kazakhstan (KZ) | BIN | Business Identification Number |
| Kenya (KE) | PIN | Personal Identification Number |
| Kenya (KE) | VAT | Value Added Tax Number |
| Kyrgyzstan (KG) | INN | Идентификационный Номер Налогоплательщика |
| Cambodia (KH) | TIN | Tax Identification Number |
| Cambodia (KH) | VAT | Value Added Tax Number |
| Saint Kitts and Nevis (KN) | TIN | Tax Identification Number |
| South Korea (KR) | BRN | Business Registration Number |
| Kuwait (KW) | CRN | Company/Commercial Registration Number |
| Laos (LA) | TIN | Tax Identification Number |
| Lebanon (LB) | CRN | Company/Commercial Registration Number |
| Liberia (LR) | TIN | Tax Identification Number |
| Saint Lucia (LC) | TIN | Tax Identification Number |
| Sri Lanka (LK) | BRN | Business Registration Number |
| Lithuania (LT) | CC | Company Code |
| Luxembourg (LU) | MATRICULE | Matricule |
| Latvia (LV) | RN | Reģistrācijas Numurs |
| Morocco (MA) | IF | Identifiant Fiscal |
| Monaco (MC) | CRN | Company/Commercial Registration Number |
| Moldova (MD) | IDNO | Identification Number of Organization |
| Madagascar (MG) | NIF | Numéro d'Identification Fiscale |
| Mexico (MX) | RFC | Registro Federal de Contribuyentes |
| Mexico (MX) | VAT | Value Added Tax Number |
| Marshall Islands (MH) | EN | Entity Number |
| North Macedonia (MK) | TIN | Tax Identification Number |
| Malta (MT) | CRN | Company/Commercial Registration Number |
| Malta (MT) | VAT | Value Added Tax Number |
| Montenegro (ME) | CRN | Company/Commercial Registration Number |
| Mozambique (MZ) | PIB | Personal Identification of the Business |
| Mauritania (MR) | NIF | Numéro d'Identification Fiscale |
| Mauritius (MU) | BRN | Business Registration Number |
| Malawi (MW) | TPIN | Taxpayer Identification Number |
| Malaysia (MY) | SSM | Suruhanjaya Syarikat Malaysia |
| Malaysia (MY) | GSTIN | Goods and Services Tax Identification Number |
| Namibia (NA) | VAT | Value Added Tax Number |
| Nigeria (NG) | TIN | Tax Identification Number |
| Nigeria (NG) | VAT | Value Added Tax Number |
| Nicaragua (NI) | RUC | Registro Único de Contribuyentes |
| Netherlands (NL) | KVK | Kamer van Koophandel |
| Netherlands (NL) | VAT | Value Added Tax Number |
| Norway (NO) | ORGNR | Organisasjonsnummer |
| Nepal (NP) | PAN | Permanent Account Number |
| New Zealand (NZ) | GST | Goods and Services Tax Number |
| Oman (OM) | CRN | Company/Commercial Registration Number |
| Panama (PA) | RUC | Registro Único de Contribuyentes |
| Peru (PE) | RUC | Registro Único de Contribuyentes |
| Philippines (PH) | TIN | Tax Identification Number |
| Pakistan (PK) | NTN | National Tax Number |
| Poland (PL) | NIP | Numer Identyfikacji Podatkowej |
| Poland (PL) | KRS | Krajowy Rejestr Sądowy |
| Portugal (PT) | NIF | Número de Identificação Fiscal |
| Qatar (QA) | CRN | Company/Commercial Registration Number |
| Romania (RO) | CUI | Cod Unic de Înregistrare |
| Russia (RU) | INN | Individual Taxpayer Number |
| Russia (RU) | OGRN | Primary State Registration Number |
| Saudi Arabia (SA) | CRN | Company/Commercial Registration Number |
| Senegal (SN) | NINEA | Numéro d'Identification Nationale des Entreprises et des Associations |
| Singapore (SG) | UEN | Unique Entity Number |
| Slovakia (SK) | ICO | Identifikačné Číslo Organizácie |
| Slovenia (SI) | MATICNA | Matična Številka |
| South Africa (ZA) | VAT | Value Added Tax Number |
| South Africa (ZA) | TIN | Tax Identification Number |
| Sweden (SE) | ORGNR | Organisationsnummer |
| Switzerland (CH) | UID | Unternehmens-Identifikationsnummer |
| Thailand (TH) | TIN | Tax Identification Number |
| Tunisia (TN) | MATRICULE | Matricule Fiscale |
| Turkey (TR) | VKN | Vergi Kimlik Numarası |
| Uganda (UG) | TIN | Tax Identification Number |
| Ukraine (UA) | EDRPOU | ЄДРПОУ |
| United Arab Emirates (AE) | VAT | Value Added Tax Number |
| United States (US) | EIN | Employer Identification Number |
| Uruguay (UY) | RUT | Registro Único Tributario |
| Uzbekistan (UZ) | INN | Individual Taxpayer Number |
| Venezuela (VE) | RIF | Registro de Información Fiscal |
| Vietnam (VN) | MST | Mã số thuế |
| Yemen (YE) | TIN | Tax Identification Number |
| Zambia (ZM) | TPIN | Taxpayer Identification Number |
| Zimbabwe (ZW) | BP | Business Partner Number |
Updated about 1 month ago