Here, we have gathered all information on the requirements for business verification documents and some specific types of business entities. In the article, the details on the Full KYB requirements placed as follows:

• Documents required for business verification
• Acceptability criteria for required documents
• Full KYB requirements regarding trusts
• Full KYB requirements regarding sole proprietorships

Required documents

By default, Sumsub requests a bundle of documents that confirm the legal existence and corporate details of the company and enable establishing the ownership and control structure.

Until the Questionnaire is completed, Sumsub will perform KYB verification following the rules below. Please see the Questionnaire here.

• certificate of incorporation/registration;
• recent excerpt from a state company registry;
• certificate of incumbency;
• certificate of good standing;
• articles of incorporation /association / registration;
• memorandum of association / bylaws;
• statement of information;
• partnership agreement.
• The provided documents must, in any event, contain the company's name, registration number, legal form (type), address, and date of incorporation.

The documents Sumsub normally accepts in order to establish the beneficial ownership and control structure of a legal entity include:

• recent excerpt from a state company registry;
• recent excerpt from a UBO registry;
• certificate of incumbency;
• shareholder/member registry;
• director registry;
• operating agreement;
• statement of information;
• articles of incorporation / association / registration;
• memorandum of association / bylaws;
• partnership agreement;
• trust agreement / deed;
• declaration of trust.

Where one of the above documents cannot be provided for reasons related to jurisdictions or legal entity types, an analogous document is requested as an alternative by default.

Acceptability criteria for required documents

By default, Sumsub accepts documents with the following criteria:

• documents disclosing beneficial ownership and control structure of a legal entity issued no more than 12 months prior to verification or the most recent according to the publicly available state registry, and specific documents regardless of the date of issue in case they include validity period, e.g., Power of Attorney, or in case they are issued for an unlimited period of time (until recall), e.g., Trust Agreement, Trust Deed, Memorandum and Articles, etc.;
• documents intended to confirm legal existence and corporate details issued no more than 12 months prior to verification or the most recent according to the publicly available state registry;
• documents in all languages may be accepted so long as the document is presented in the OCR format;
• plain copies of uncertified, non-notarized and non-apostilled documents;
• e-documents / documents generated in electronic form;
• photos of documents (screenshots of documents are not acceptable);
• black and color scans of documents;
• documents with handwritten signatures and e-signatures created using digital signature service providers;
• Sumsub doesn’t validate signing certificates;
• Sumsub doesn’t accept internal forms or structure charts related to UBO status as sufficient proof of ownership;
• shareholder / member / director registries, certificates of incumbency, and other similar documents if they are issued by a state company register or signed by a registered agent, another independent third-party organization, or a natural person, such as the public notary, solicitor, etc. If there are no such documents, Sumsub can accept shareholder / member / director registries, extracts from a state registry, certificates of incumbency, and other similar documents if they are signed by the company's director or secretary and, if possible, feature the company's seal.

Specific requirements regarding trusts

By default, Sumsub verifies the following natural and legal persons:

• if the settlor is an individual, the KYC procedure is required;
• If the settlor is an entity, documents confirming the legal existence and ownership structure will be requested, and natural persons owning, directly or indirectly, more than 25% of the company or otherwise exercising significant control over it should undergo the KYC procedure.
• if the trustee(s) is an individual, the KYC procedure is required;
• If the trustee(s) is an entity, documents confirming the legal existence and ownership structure will be requested, and natural persons owning, directly or indirectly, more than 25% of the company or otherwise exercising significant control over it should undergo the KYC procedure.
• if the protector is an individual, the KYC procedure is required;
• If the protector is an entity, documents confirming the legal existence and ownership structure will be requested, and natural persons owning, directly or indirectly, more than 25% of the company or otherwise exercising significant control over it should undergo the KYC procedure.
• the beneficiaries, or where the individuals benefiting from the legal arrangement or entity have yet to be determined, the class of persons in whose main interest the legal arrangement or entity is set up or operates;
• any other natural person exercising ultimate control over the trust by means of direct or indirect ownership or by other means.

Sumsub can verify a beneficiary child under the age of 16-18. All other names of beneficiaries below the age of 16 will be recorded in notes without the KYC procedure.

Specific requirements regarding sole proprietorships

The documents we normally accept in order to verify it:

• recent excerpt from a state company registry;
• annual return;
• bank statement;
• certificate of registration / incorporation
• registration form / statement;
• annual return;
• business / trade license;
• tax form / certificate.