Requirements for Businesses

Overview

Business customers must complete Know Your Business (KYB) verification to comply with anti-money laundering (AML) and beneficial ownership regulations. This page outlines the specific documentation and information requirements for business customer onboarding.

KYB Verifies:

Entity Identity: Legal business name, structure, and registration details
Beneficial Ownership: UBOs with 25%+ ownership
Control Persons: Directors, officers, and authorized signatories
Business Purpose: Legitimate operations and source of funds
Compliance: Sanctions screening and media review

Required Business Information

Core Business Details

Field	Description	Example
Legal Name	Registered business name	Acme Corporation Inc.
Trade Name	DBA or trade name	Acme Tech Solutions
Business Type	Legal entity type	C_CORPORATION
Industry	NAICS code	541511
Registration Number	National ID	C1234567
Tax ID	Tax identifier	12-3456789
Registration Date	Incorporation date	2015-01-01
Website	Official website	https://www.acme.com

Business Address

Field	Required	Description
Street Address Line 1	Yes	Primary address
Street Address Line 2	No	Suite/unit number
City	Yes	City
State/Province	Yes	Region
Postal Code	Yes	ZIP/postal code
Country	Yes	ISO alpha-2 code

Business Operations

Field	Required	Description
Description	Yes	Description of services or products
Account Purpose	Yes	Why the account is used
Source of Funds	Yes	Origin of operating funds
Annual Revenue	Yes	Estimated yearly revenue (range)
Monthly Volume	Yes	Expected monthly payment volume (USD)

Legal Entity Types by Region

United States

Entity Type	Code
C Corporation	C_CORPORATION
S Corporation	S_CORPORATION
LLC	LIMITED_LIABILITY_COMPANY
Partnership	PARTNERSHIP
Sole Proprietorship	SOLE_PROPRIETORSHIP
Non-Profit	NON_PROFIT

United Kingdom

Entity Type	Code
Private Limited	PRIVATE_LIMITED_COMPANY
Public Limited	PUBLIC_LIMITED_COMPANY
LLP	LIMITED_LIABILITY_PARTNERSHIP
Sole Trader	SOLE_PROPRIETORSHIP
CIC	COMMUNITY_INTEREST_COMPANY

European Union

Entity Type	Code
GmbH/Sàrl	PRIVATE_LIMITED_COMPANY
AG/SA	PUBLIC_LIMITED_COMPANY
SE	SOCIETAS_EUROPAEA
EEIG	EUROPEAN_ECONOMIC_INTEREST_GROUPING

Required Documents

Formation Documents

Certificate of incorporation / formation
Articles / Memorandum & Association
Business registration certificate

Operating Agreements

LLC agreement
Partnership agreement
Bylaws / shareholder agreement

Ownership Documents

UBO declaration forms
Share register / capital table
Organizational chart

Control Person Docs

Board list
Power of attorney (if applicable)
Signatory authorizations

Financial Documents

Audited or unaudited statements
Recent bank statements (3 months)
Tax returns

Regulatory / Licensing

Operating licenses
Tax compliance certificate
Good standing certificate

UBOs: Requirements & Definition

Required for each UBO

Field	Required
Full Name	Yes
Date of Birth	Yes
Nationality	Yes
Ownership %	Yes
Control Type	Yes
Residential Address	Yes
ID Document	Yes
Tax ID	Yes

Accepted UBO Documents

Government ID (passport, driver’s license)
Proof of address (utility bill, bank statement)
Share certificate or ownership evidence
Selfie / biometric verification (if required)

Country-Specific Requirements

Nigeria

CAC certificate
Tax ID (TIN)
BVN of directors / UBOs
MEMART / CAC 1.1

Kenya

eCitizen certificate
KRA PIN
CR12
Resolutions / Articles of Association

Ghana

Certificate of Incorporation + Commencement
Company Profile (Registrar-General)
TINs
UBO declaration

South Africa

CIPC CoR14.1 / CoR15.1A
SARS tax number
Proof of business address (3 months max)
FICA documentation

UEMOA / CEMAC

RCCM extract
IFU / NIF
Statutes (OHADA)
Beneficial ownership form

High-Risk Sectors

EDD Required

Crypto businesses
Gaming / gambling
Investment firms
Cash-intensive models

Prohibited

Unlicensed financial services
Sanction evasion
Illicit drugs / trafficking
Terror finance

Processing Timelines

Review Level	Timeline (Days)
Standard KYB	3-7
Enhanced Due Diligence	7-14
Complex Structures	14-21

API Integration Examples

Full Business Flow

curl -X POST https://api.inflowconnect.com/customer/kyx-verification-link \
  -H "Authorization: Bearer YOUR_API_KEY" \
  -H "Content-Type: application/json" \
  -d '{
    "email": "[email protected]",
    "customerType": "BUSINESS",
    "redirectUrl": "https://yourapp.com/verification-complete",
    "businessInfo": {
      "legalName": "Acme Corporation Inc.",
      "tradeName": "Acme Tech Solutions",
      "businessType": "C_CORPORATION",
      "industry": "541511",
      "description": "Custom software development services",
      "registrationNumber": "C1234567",
      "taxIdentificationNumber": "12-3456789",
      "registrationDate": "2015-01-01",
      "website": "https://www.acme.com",
      "address": {
        "streetLine1": "123 Business Plaza",
        "streetLine2": "Suite 100",
        "city": "San Francisco",
        "stateRegionOrProvince": "CA",
        "postalCode": "94105",
        "countryCode": "US"
      },
      "accountPurpose": "BUSINESS_OPERATIONS",
      "sourceOfFunds": "BUSINESS_REVENUE",
      "estimatedAnnualRevenueUSD": "ONE_TO_TEN_MILLION",
      "expectedMonthlyVolumeUSD": 50000
    }
  }'

Minimal Example

curl -X POST https://api.inflowconnect.com/customer/kyx-verification-link \
  -H "Authorization: Bearer YOUR_API_KEY" \
  -H "Content-Type: application/json" \
  -d '{
    "email": "[email protected]",
    "customerType": "BUSINESS",
    "redirectUrl": "https://yourapp.com/kyb-complete",
    "businessInfo": {
      "businessName": "Example Business LLC"
    }
  }'

Document Quality Standards

File types: PDF, JPG, PNG
Resolution: 300 DPI minimum
Must be readable, full page, color preferred
No expired documents
No inconsistent naming or mismatch in entity fields