Business · Chapter 04
The documents they'll ask for, and why
Requirements vary by institution and country, but the same document categories recur across KYB/KYC checklists. Knowing the function of each one helps you prepare it properly - and explain it, rather than just hand it over.
~8 min
The issue
Requirements vary by institution and country, but the same document categories recur across KYB/KYC checklists. Most friction comes not from a genuinely exotic request but from documents that are outdated, partial, inconsistent with each other, or handed over with no explanation of the gap they leave.
Why institutions ask
Each document exists to mitigate a specific risk the institution has to assess. When you know what a document is for, you can prepare the version that actually answers the question - and, where a standard document genuinely doesn't exist for you, offer a credible alternative with an honest explanation instead of leaving silence for compliance to fill in.
What usually helps
Prepare documents as answers, not attachments: current, complete, legible, clearly named and ordered, and consistent with each other and with your declared activity.
Accepted or commonly requested evidence
Personal ID (passport, national ID, residence permit)
Confirms the person exists and isn't linked to sanctions, PEP status, or criminal activity.
Common mistakes
- Expired documents.
- Unreadable photos or partial scans.
- Data that doesn't match the application form.
If you don't have it
- Any government-issued photo ID the provider accepts; some allow certified digital/e-ID under remote-onboarding rules.
Proof of address (utility bill, bank statement, tenancy agreement)
Ties you to a jurisdiction - relevant to country risk and registry cross-checks.
Common mistakes
- Documents too old.
- Addressed to a third party with no explanation.
- Unofficial screenshots.
If you don't have it
- A recent bank statement, a tax-authority letter, a certificate of residence, an insurance document, or (in some jurisdictions) a letter from a notary or accountant.
Company documents (certificate of incorporation, articles, registry extract, shareholder register)
Proves the entity legally exists, its governance, and who can sign on its behalf.
Common mistakes
- Outdated extracts.
- Gaps in the shareholder register.
- Mismatches with public registries.
If you don't have it
- A fresh registry extract; for jurisdictions without a public UBO registry, a signed UBO declaration with a supporting org chart; for brand-new companies, formation documents plus a short explanation of the operating plan.
UBO declaration / shareholder register
Identifies the individuals who actually own or control the entity (typically above a 25% threshold).
Common mistakes
- Percentages that don't add up.
- No chain of control for indirect holdings.
If you don't have it
- A detailed org chart, a shareholders' agreement, official corporate registers - especially where no public UBO registry exists.
Tax / VAT documents
Shows tax registration and, for mature businesses, that declared volumes match what's been taxed.
Common mistakes
- Not explaining why VAT is absent below a registration threshold.
If you don't have it
- An explicit statement of your tax regime (e.g. a flat-rate or simplified scheme), sole-trader registration documents, or contracts and invoices that demonstrate operations.
Proof of business activity (invoices, contracts, statements showing payments, an active website)
Shows the business is operating or, if new, that a real pipeline exists.
Common mistakes
- A single invoice with no context.
- A generic website unaligned with the declared activity.
If you don't have it
- For new companies: pre-sale contracts, letters of engagement, marketplace or affiliate dashboards with an explanation. For freelancers and agencies: a portfolio, repeat orders, relevant contract emails.
Bank statements (3–6 months, or a bank reference letter)
Shows income and expense patterns consistent with the declared activity.
Common mistakes
- Incomplete statements.
- Omitting linked accounts.
- Unexplained third-party flows.
If you don't have it
- Personal statements showing your freelance or consulting history if the entity has no account yet, plus a note on the planned separation of accounts; a bank reference letter.
Website and business description / pitch
Gives a concrete, checkable picture of your product, target customers, and monetisation model.
Common mistakes
- Placeholder sites.
- Landing pages for a different service than the one declared.
- Marketing-heavy but vague pitches.
If you don't have it
- Marketplace profiles or a clear one-pager if you don't yet have a public site - the key is consistency across everything you submit.
Proof of funds / source of funds
Links incoming money to a legitimate origin (salary, business revenue, asset sale, loan).
Common mistakes
- “Personal savings” with no supporting evidence.
- Undocumented informal loans.
If you don't have it
- Tax returns, payslips, asset-sale agreements, loan agreements, statements showing accumulation over time, or a letter from an accountant confirming the origin.
Financial statements (balance sheet, P&L, annual report)
Shows performance and margins consistent with declared volumes.
Common mistakes
- Outdated statements with no link to bank accounts or contracts.
If you don't have it
- For brand-new companies: an internal business plan, a reasoned forecast, or an accountant's letter.
Licences / authorisations
Confirms you can legally operate in a regulated sector (gambling, crypto-asset services, and similar).
Common mistakes
- Claiming to operate in a regulated sector without a licence.
If you don't have it
- An explicit statement that the activity is unregulated (e.g. marketing, consulting), with any relevant partnership with a licensed entity explained.
Your actions
My documents are current, complete, legible, and clearly named and ordered.
I've clearly identified my UBOs and corporate structure, with percentages that add up.
I can demonstrate source of funds with at least 2–3 types of supporting documents.
I have proof of business activity covering a reasonable period (invoices, statements, contracts).
If my company documents aren't in the institution's working language, I have certified translations ready - and I've checked whether an apostille is needed, and in what order.
Only relevant when your documents aren't in the target institution's working language.
These become trackable items in your checklist once your personalized plan is generated.
Prepare an explanation
Missing-document explanation
Explain why a standard document is unavailable and what legitimate alternative you can offer.
Source-of-funds explanation
Explain where the money comes from and connect it to how the account will be used, with documents for each step.
Document-folder organizer
Generate a numbered, consistently named file plan so your onboarding folder reads as complete and ordered - no uploads happen here.