Guide to the Sidebrief KYC requirements for formation services

A general guide to understanding KYC documents and requirements for clients requesting formation services.

What is the KYC?
What are the KYC requirements for an individual?
What are the requirements for a registered company?
Why is KYC a requirement?
What is the KYC?

KYC means Know Your Customer or Know Your Client. This is the mandatory process of identifying and verifying a customer or client's before a service is provided and periodically over time.

What are the KYC requirements for an individual?

To confirm the identity of customers, the following information is required: a. true name and/or names used, b. passport or other official identification document (current and with a photograph of the customer), c. current permanent address, d. date of birth, e. nationality and f. proof of address (a recent utility bill, or statement of account or tax notification).

What are the requirements for a registered company?

Some or all of the following information is required for registered companies: a. full legal name and company number, b. registered office address in the country of incorporation; c. business address; d. certificate of incorporation; e. constitutional documents like memorandum of articles and association; f. identification of controllers and/or directors, and g. signatories (i.e., passports and proof of address); and certified list of signatures.

Why is KYC a requirement?

KYC is required to help prevent identity theft, money laundering, financial fraud, terrorism financing, and other financial crimes. It is a requirement in most jurisdictions and key to maintain for formation services.

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