KYB ensures that companies can safely operate, send and receive payments, and comply with international regulatory standards.
Below is a comprehensive guide to the typical KYB documents required for various types of entities, along with explanations of why each document is needed.
1. Sole Proprietor (SP)
A Sole Proprietor is a business owned and operated by a single individual. Verification focuses on confirming the identity of the owner and the legitimacy of the business.
Required Documents:
Document | Purpose / Explanation | Illustration / Tip |
Government Issued Identification (Passport/Driver's Licence) | Confirms the identity of the business owner. | Clear, valid ID with photo, date of birth, and signature. |
Proof of Address | Confirms the residential or business address of the owner. | Utility bills, tenancy agreements, or official letters dated within 3 months. |
Business/Trading License | Validates that the business is legally registered and allowed to operate. | Issued by local authorities, municipality, or regulatory agency. |
Tip: Ensure scanned documents are clear, unaltered, and show all edges and stamps.
2. Limited Liability Company (LLC)
An LLC is a company structure where ownership is shared among shareholders, and personal liability is limited. Verification here is more extensive to confirm ownership, directors, and corporate governance.Know Your Business (KYB) is a critical compliance process that allows financial institutions to verify the legal existence, ownership, and legitimacy of businesses.
Required Documents:
Document | Purpose / Explanation | Illustration / Tip |
Board Resolution | Authorises key decisions, including opening accounts with Eversend. | Signed by directors on company letterhead, dated. |
Certificate of Incorporation | Confirms legal registration of the company. | Official document issued by the Company Registry. |
Company Constitution / Articles of Association | Defines governance, shareholder rights, and rules for operations. | Certified copy from the Registrar or Company Secretary. |
Proof of Registered Address / Business Address | Confirms official location of the company. | Utility bill, lease, or official correspondence, within the last 3 months. |
Certified Documents Indicating Ownership & Ownership Structure | Shows who owns the company and shareholding percentages. | Ownership declaration or share certificates. |
Register of Directors | Lists all current directors with full details. | Certified document from the Company Registry. |
Director’s Identification Documents | Verifies identity of all company directors. | Passport or Driver’s Licence. |
Proof of Address for Directors | Confirms residential address of directors. | Recent utility bill, bank statement, or tenancy agreement. |
Register of Ultimate Beneficial Owners (UBOs) | Identifies individuals who ultimately control the company. | Certified register or official declaration. |
Tip: For LLCs operating across multiple countries, ensure that all documents are certified and translated if necessary.
3. Non-Governmental Organisation (NGO)
NGOs are non-profit entities often involved in humanitarian, environmental, or social initiatives. Verification ensures legitimacy, compliance with tax laws, and proper governance.
Required Documents:
Document | Purpose / Explanation | Illustration / Tip |
Memorandum & Articles of Incorporation | Establishes legal existence and governing rules. | Certified copy from the relevant government authority. |
Internal Revenue Service (IRS) Approvals | Confirms tax-exempt status or compliance with tax regulations. | IRS or local tax authority approval letters. |
NGO Services Profile | Describes activities, beneficiaries, and scope of work. | Organization overview with objectives and programs. |
Board Resolution to Open Account with Eversend | Official authorisation for account opening. | Signed by authorized board members. |
Proof of Address | Confirms the registered office of the NGO. | Utility bill, lease agreement, or rental document not older than 3 months. |
Tip: NGOs should ensure all documents are recent, certified, and consistent with official records.
Why KYB Matters
Legal Compliance: Helps meet local and international regulatory requirements.
Fraud Prevention: Protects your business from fraudulent transactions.
Financial Integrity: Ensures transparency in ownership and control.
Business Credibility: Verified businesses gain trust with financial institutions, partners, and clients.
Illustrative Summary
Entity Type | Key Documents | Purpose |
SP | ID, Proof of Address, Business License | Verify identity and business legitimacy |
LLC | Board Resolution, Certificate of Incorporation, Constitution, Registers of Directors & UBOs, ID, Proof of Address | Confirm corporate governance, ownership, and director verification |
NGO | Memorandum & Articles, IRS Approvals, Services Profile, Board Resolution, Proof of Address | Validate legal existence, tax compliance, and organisational legitimacy |
Pro Tips for Smooth KYB Submission:
Always submit certified copies where possible.
Ensure documents are current (no older than 3 months for addresses).
Translate documents if issued in a foreign language.
Maintain consistency across all records — names, addresses, and registration numbers must match.