> For the complete documentation index, see [llms.txt](https://docs.scallopx.com/llms.txt). Markdown versions of documentation pages are available by appending `.md` to page URLs; this page is available as [Markdown](https://docs.scallopx.com/details/requirements-for-businesses.md). # 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](/details/requirements-for-individuals.md) {% hint style="info" %} #### 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 {% endhint %} Bank Statement {% hint style="info" %} #### Sole Proprietorships For these types of entities, please refer to the Tax Identification Numbers required for Individuals. {% endhint %} * 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 {% hint style="info" %} Nonprofits usually do not have individual beneficial shareholders. We are required to confirm control person(s) instead. {% endhint %} * 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 {% hint style="info" %} Foundations usually do not have individual beneficial shareholders. We are required to confirm control person(s) instead. {% endhint %} * 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 | ***