VelaFi provides cross-border financial infrastructure, enabling businesses to operate across jurisdictions, currencies, and financial systems. As part of onboarding, we require documentation to verify your company, understand ownership and control, and assess how best to work together.
This process is aligned with global compliance standards (KYB – Know Your Business) and is designed to ensure that all clients can operate securely and at scale within our platform.
Quick checklist (typical requirements)
- Company formation documents
- Tax registration
- Ownership structure (shareholders / org chart)
- Beneficial owner (UBO) information and IDs and Proof of Address
- Legal representative ID and power of attorney or equivalent
- Business nature/ use case information
- Expected transaction profile
- Supporting evidence of business activity
- Financials or source of funds (if applicable)
- Regulatory licenses (if applicable)
Disclaimer: This is a general overview. Requirements may vary depending on your jurisdiction, product, and business model, and we may request additional documents during onboarding or review.
Scope of verification
As part of onboarding and ongoing compliance, VelaFi assesses:
- Legal existence and status of the entity,
- Ownership and control, including ultimate beneficial owners,
- Nature of business activity and commercial purpose,
- Expected use of VelaFi products and fund flows; among other information.
All documentation requests are designed to support one or more of these elements.
Core documentation requirements
1. Company formation and registration
We verify that your business is legally established and understand its structure, governance, and representation.
Typical documents include:
- Certificate of incorporation or registration
- Articles of incorporation, bylaws, or equivalent
- Commercial registry extract or certificate of existence
- Partnership or constitutive agreement
These documents should clearly reflect the legal identity of the company, including its name, registration details, corporate purpose, and legal representatives. Where the company has undergone changes (e.g. ownership, directors, structure), updated or amended documents may be required.
2. Tax registration
We confirm your company’s tax identity and operating status within its jurisdiction.
Examples:
- Tax registration certificate
- Tax identification number (EIN, RFC, or equivalent)
- Tax status certificate
This information must align with the entity’s legal name and is used to validate that the company is registered and able to operate commercially.
3. Ownership structure
We assess how your company is owned and ensure transparency across the ownership chain.
Examples:
- Shareholder register
- Cap table
- Ownership or group structure chart
- Register of members or partners
For more complex or multi-layered structures, a full ownership chain is required, showing all intermediate entities up to the ultimate beneficial owners.
4. Beneficial ownership (UBOs)
We identify the individuals who ultimately own or control the business.
For each beneficial owner, we may require:
- full legal name
- date of birth
- nationality
- ownership percentage or explanation of control
- valid government-issued identification
Control is not limited to shareholding — it may also arise through voting rights, governance arrangements, or contractual control. The objective is to identify the individuals who ultimately exercise effective control over the entity.
5. Legal representatives and authorized signatories
We verify who has the authority to act on behalf of the company.
Examples:
- government-issued identification
- power of attorney, board resolution or equivalent
- documentation confirming role or authority
If authority is not clearly established in the company’s formation documents, additional documentation will be required to confirm signing authority.
6. Business activity and intended use
We review your business model and how you intend to use VelaFi’s infrastructure.
Examples:
- website or platform
- business description or product overview
- contracts, agreements, or terms of service
- sample invoices or commercial documentation
This helps determine whether your use case aligns with our products (e.g. collections, payouts, crypto conversion, or third-party fund flows) and ensures that the activity is clearly understood.
7. Expected transaction profile
We assess how funds are expected to move through your account.
This may include:
- expected transaction volume
- average transaction size
- currencies and jurisdictions involved
- type of counterparties (consumers, merchants, suppliers)
- whether funds are own funds or third-party funds
This information is used to evaluate risk, configure the account appropriately, and ensure consistency between your business model and expected activity.
8. Evidence of economic activity
We validate that your business is actively operating and that its activity is real and accessible to customers or counterparties.
Examples:
- company website or live platform
- customer acquisition channels or active user flows
- contracts with clients or suppliers
- invoices or proof of transactions
- corporate materials or product documentation
The objective is to demonstrate that the business is operational in practice. In most cases, a functioning website, platform, or clearly identifiable acquisition channel provides the clearest view of how the business reaches and interacts with its users.
9. Financial information and source of funds
Where applicable, we assess whether your financial profile supports your expected activity.
Examples:
- bank statements
- financial statements
- tax filings
- capital contribution or funding documentation
This is typically required for higher transaction volumes, more complex structures, digital asset activity, or when enhanced due diligence is necessary.
10. Regulatory licenses or authorizations (if applicable)
We evaluate your regulatory position if your business operates in a regulated sector.
Examples:
- payment or fintech licenses
- virtual asset or crypto registrations
- financial services authorizations
- sector-specific permits
If your activity involves regulated services, onboarding may depend on confirming your licensing status or ensuring the activity can be appropriately structured.
Additional documentation
Depending on your business model, product use, and risk assessment, additional documentation may be requested, including:
- list of merchants, customers, or beneficiaries
- AML/KYC policies and procedures
- transaction monitoring framework
- flow of funds diagram
- wallet ownership verification (for digital asset activity)
- explanation of treasury, arbitrage, or intermediary activity
Ongoing obligations
Documentation may be requested on an ongoing basis to ensure records remain accurate and up to date.
This may occur in cases of:
- changes in ownership or control
- changes in legal representatives
- material changes in business activity
- increases in transaction volume or changes in transaction profile
- regulatory developments or requirements
Assistance
If you are unsure which documents apply to your case, you may submit available materials along with a brief explanation of your business model and intended use of services. Additional requirements will be communicated based on the initial review.