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🧐 KYC for Companies - required document and process
🧐 KYC for Companies - required document and process
Updated over a week ago

💡 We are legally required [articles L.561-5 et R.561-5-4 du CMF] to collect information on the company, its legal representatives & its beneficial owners.

  • Business information provided will help us verify that the company exists, has a legit activity & a consistent usage of our platform.

  • Information on the legal representatives & beneficial owners will help us identify and verify the identity of the persons that have some control over the company via ownership or legal authority.

Required documents for KYC

  • Company’s certificate of registration dated less than 3 months

    • The document can be found by visiting this link

  • Proof of Identity (POI) of the individual doing the Spendesk sign-up

  • If the user is not a Legal Representative – We ask for a power of attorney (templates available in EN FR DE ES at the bottom of this page).

    • Document confirming the delegation of power

    • POI of the Legal Representative who delegated power

  • The company’s Beneficial Ownership Declaration

    • A user can find the beneficial ownership declaration document here.

  • If a company does not provide a beneficial ownership declaration, we ask for the company's Shareholding Structure (needs to be dated & signed by a legal representative or a reliable third party such as attorney, notary, external accountant) and the POIs of all shareholders.

You can find more explanation about these documents at the end of the article 👇


KYC step by step for Companies

The KYC flow is broken into three sections:

  1. Business Information: Information about company and business registration.

  2. Company structure: Who runs the company and what is the shareholding structure.

  3. Account Verification: A human will verify information and grant access to any new account.

1. Business Information

The Business Information section looks at trying to understand who the business is and why/how Spendesk will be used.

Below you will find all the information we need to know in the first step of the KYC.

  1. We need to understand the predicted monthly spend of the business (in Euros).

  2. We need to understand what the business will most likely spend the money on.

  3. We need to understand how many employees will use Spendesk (not the number of employees in the company).

  4. We need to understand where the company is located. This includes:

    1. The registered address

    2. Fiscal residency (the country where the company pays taxes)

    3. Alternative address (if the address where the commercial activity is conducted is different from the registered address)

  5. We need to understand core business information such as:

    1. Legal name

    2. Trade name

    3. Legal form

    4. Date of registration

    5. Registration number

    6. VAT number

    7. Company website

    8. Business activity information

  6. We need the company’s certificate of registration dated less than 3 months.

    1. A company can find the doc by visiting this link.

  7. We need to understand how the company is funded.

2. Company Structure

The Company Structure section is meant to understand who the individual signing up to Spendesk is and who owns and runs the company.

Below you will find all the information we need to capture.

Be aware that depending on the information users provide, we ask for different documentation.

Below you will find all the information needed for the Company Structure:

  1. We need information on the individual doing the Spendesk sign-up. This includes:

    1. First and Last name

    2. Maiden/Birth Name

    3. Sex – What is indicated on the ID card

    4. Birthdate

    5. Nationality

    6. Birth city and country

    7. Email address

    8. Phone number

    9. Home address

  2. We need proof of identity of the individual doing the Spendesk sign-up.

    1. Please ensure that you upload a copy of passport or government-issued ID card. If you are uploading a passport, you need to provide a full copy top and bottom, and for the government ID, we need the front and back.

  3. We ask if the user is a Legal Representative

    1. We ask this to understand if the user needs to have a delegation of power

  4. If the user is NOT a Legal Representative – We ask for a power of attorney, and we need:

    1. To provide a signed document from the delegation of power – You can download a template in the app or you can find templates here:
      PoA EN Template.pdf

    2. We also need proof of identity of the legal representative who granted the delegation of power.

  5. If the user IS a Legal Representative or has provided the power of attorney information, they will be both taken to the Legal Representative section. This is where we ask the user to provide a full list of the Legal Representatives at the company.

    1. When a user adds a Legal Representative, we need similar information to the Account Owner:

      1. First and Last name

      2. Maiden/Birth Name

      3. Sex – What is indicated on the ID card

      4. Birthdate

      5. Nationality

      6. Birth city and country

      7. Home address

  6. We ask for the company’s beneficial ownership declaration

    1. A user can find the beneficial ownership declaration document here.

    2. Important step: If you cannot provide the official document, we will ask for the POIs of all the Shareholders later in the KYC process.

    • Definition of a Beneficial Ownership Declaration

      The declaration is the official document coming from the Beneficial Ownership register and includes information such as the beneficial owner's name, date of birth, nationality, country of residence, and details about their ownership or control. The beneficial owner is typically someone who owns or controls, directly or indirectly, more than 25% of a company's shares or who otherwise exercises control over the management of the entity.

  7. If a company DOES NOT provide a beneficial ownership declaration, we ask for the company's Shareholder Structure (needs to be dated & signed by a legal representative or a reliable third party such as attorney, notary, external accountant).

    1. Important note: This step is mandatory if they didn’t provide a Beneficial Ownership Declaration

    2. In the product, a user can see an example – It’s basically a document highlighting who owns the company and how much do they own.

  8. If the user DOES provide the Beneficial Ownership Declaration or once they provide the Shareholder Structure document, we ask the user for a list of Shareholders.

    1. Who should be added to the Shareholder list? Corporate and/or individual stakeholders who directly or indirectly own or control more than 25% of the company's shares. In the case of a multi-layered shareholding structure, all intermediary shareholders must be explicitly indicated.

    2. What information do we ask?

      1. We ask for a bunch of information depending on whether the Shareholder is an Individual or a Company and if the shares are owned Indirectly or Directly. So it's best to refer to the screenshots.

        • Information if the Shareholder is an Individual and owns the shares Indirectly

        • Information if the Shareholder is an Individual and owns the shares Directly

        • Information if the Shareholder is a Company and owns the shares Indirectly

        • Information if the Shareholder is a Company and owns the shares Directly

  9. Important note: If the user doesn’t provide the Beneficial Ownership Declaration, we need the POIs of all shareholders. We will automatically ask this in the flow if the user doesn’t provide the document.

More explanation on required documents

Certificate of registration

It must be dated less than 3 months.

The document can be found by visiting this link

Why do we need this? It verifies that the company legally exists, meaning that it is registered with the appropriate authority.

Proof of Identity (POI)

It's a copy (front/back) of the ID card or a copy of the 2 pages (top/bottom) of a passport.

The copy of the document must be in color, very clear and have no defects that could make the inscriptions unreadable (reflection, trimmed part...).

Why do we need this ? It identifies the person based on their unique information. It also prevents fraud with the provision of private & reliable documentation.

Power of Attorney (Proxy)

It is a delegation of power signed by a legal representative authorizing somebody to act on behalf of the company. This document should be associated with the POI of the Legal Representative who delegated power.

You can find the document by visiting this link.

Why do we need this ? It verifies that the payment account is opened by someone that is legally authorized to do so.

Beneficial Owner Declaration

The Beneficial Owner declaration is an official document declared to the specific country's register, mentioning the significant owners of the company, normally owning 25% or more of the shares.

A user can find the beneficial ownership declaration document here

If a customer doesn’t provide this document, we ask for the company's Shareholder Structure and the POIs of all the shareholders.

Why do we need this ? It verifies that the payment account is opened by someone that is legally authorized to do so.

Shareholding structure*

Official document showing the complete shareholding structure of the company (organization chart/capitalisation table/shareholding attestation dated and signed by a director, register of shares for every shareholding company...).

Example below - We need the entire shareholding structure (for example, if a company has shares in the company the KYC is about, we also need its shareholding structure).

Why do we need this ? It identifies the persons that have significant control over the company. It also prevents fraud with the provision of confidential information. Since we cannot rely on the official document to identify & verify the identity of the beneficial owner, we rely on another reliable source (government issued identity documents).

* Shareholding example - We need the entire shareholding structure (for example, if a company has shares in the company the KYC is about, we also need its shareholding structure).

Other potential required documents & glossary

Bank letter

It's a letter from your bank attesting that it maintains your company's bank account.

Source of Funds (SOF)

Gives the origin of the company’s money or financial assets. In establishing the source of funds, firms must seek to understand not only where funds came from (in terms of the account from which they were transferred) but the activity that was involved in generating those funds.

Source of Wealth (SOW)

Refers to the means by which a company has acquired their entire body of wealth. In establishing the source of wealth, financial institutions must ascertain why the client has the assets they do and how they came to accumulate them

Signature

Signature on the KYC form

E-mail

E-mail address of the signing director

Residential address

Residential address of the person mentioned (no document needed)

Date of birth

Date of birth of person mentioned (no document needed)

Nationality

Nationality of person mentioned (no document needed)

Proof of Address (POA)

In some cases, we may ask for a proof of address dated less than 3 months old from the following list:

- Bank statement (no credit card statement);

- Gas, electricity, water and internet bills (no telephone bills);

- Letter from a recognized public authority.

For more information and to prepare your KYC review, go to :

Templates

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