Requirements for Businesses
For standard onboarding, Businesses will be required to provide the following:
Business Formation Document
Ownership Information Document
Bank Statement
Tax Identification Number
Registration Number
Entity Formation Date
Business Industry and Description
Expected Volume
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
Bank Statement
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 to 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
Scallop 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
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
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
Last updated
Was this helpful?