What do I need to apply for a business account?

To apply for a business account with Arival, we require documentation and information from both the Individuals involved in the business and the Entity applying, including any Ultimate Controlling Entity. The following outlines the required documents. Additional written information may be requested on a case-by-case basis.

This includes the Applicant (the person submitting the form), all Ultimate Beneficial Owners (UBOs) (who own 10% or more of the equity interest either directly or indirectly), Directors (if applicable), and the Controlling Individual.

Required Documents:

• Valid Proof of Identity
  Government-issued ID (passport or national ID, front and back). Driving Licenses are acceptable as long as these reflect the Nationality, the Issue and the Expiry Date.
• Proof of Residential Address (Issued within the last 90 days)
  Utility bill (not a mobile phone bill), bank statement, credit card statement, government correspondence (ex: vehicle registration, etc).
• Evidence of Residency
  Required if the individual resides in a jurisdiction different from their primary citizenship.
  Acceptable documents: valid visa, residence permit, or equivalent.
• Tax Identification Documentation
  Must validate the provided TIN or equivalent in the primary tax jurisdiction.
• Source of Wealth Documentation (Issued within the last 90 days)
  May include bank statements, contracts, payslips, inheritance documents, or sale of assets.
  

Note: In addition to the above documents, further written information will be collected for each listed individual, including personal, contact, and ownership details.

Certified Documents (issued within the last 90 days):

• Certificate of Incorporation or Equivalent: A government-issued document that confirms the legal formation of a company. For non-U.S. entities, this may include a Commercial Registry Extract or similar.
• Register of Shareholders or Equivalent: A document listing all shareholders and their ownership percentages. For non-shareholding entities, this may be an equivalent ownership disclosure.
• Register of Directors or Equivalent: A document listing all directors authorized to manage the company. It confirms the governance structure of the entity.

Note: The nomenclature of these documents may vary depending on the legal entity type selected on the application form. Any document marked as Certified must be officially certified within the last 90 days, and must include:

• A stamp or handwritten statement reading:
  "I certify that this is a true copy of the original seen by me and that the information is accurate".
• The certifier’s occupation, address, and telephone number.
• The certifier’s signature, printed name, and date of signature.
  Where applicable, the certifier’s registration number (e.g., SRA number or CIMA number).

Acceptable Certifiers include:

• Bank or building society official
• Councillor, MP, or similar
• Solicitor or notary
• Member of the judiciary, justice of the peace, or court officer
• Lawyer or law firm
• Chartered accountant or accounting firm

Other Required Documents (Certification not required):

• Articles of Incorporation or Equivalent: A legal document that defines the company's structure, purpose, and internal rules. Often referred to as the "birth certificate" of the entity.
• Tax Status Verification Documents: Official evidence that validates the company’s Tax Identification Number (TIN) or equivalent. This may include tax registration certificates or recent tax filings.
• Business Plan: A written overview of the company's objectives, products/services, market strategy, and operational model. It demonstrates the nature and viability of the business.
• Flowchart or Diagram explaining how your business generates income: A visual representation of your revenue model, showing how funds are generated, processed, and received.
• Licenses or Regulatory Registrations (if applicable): Documents proving the entity is authorized or registered to conduct regulated business activities in its jurisdiction.
• Relevant Compliance Policies and Procedures (if applicable): Internal policies that demonstrate how the company meets legal and regulatory obligations (e.g., AML/CTF, data protection, internal controls).
  Industry Certifications (if applicable): Any certifications that demonstrate compliance with recognized industry standards (e.g., ISO, SOC 2, PCI-DSS), where applicable.
• Group Structure Chart: A visual map of all related entities, showing ownership and control links to ultimate beneficial owners and the ultimate controlling entity, if one exists.

Business Address Documentation (issued within the last 90 days):

• Proof of Registered Business Address: Evidence of the legal address registered with local authorities (Utility bill (not a mobile phone bill), bank statement, credit card statement, government correspondence)
• Proof of Operating Address (if different from the Registered Business Address)
• Proof of Correspondence Address (if different from the Correspondence Business Address)

Additional Entity-Level Financial Documentation:

• Source of Wealth Documentation: Documents showing how the business (or its principals) generated their overall wealth (e.g., past earnings, asset sales, investments).
• Source of Funds Documentation: Evidence identifying the specific origin of funds being deposited or used in the account (e.g., contracts, invoices, investment proceeds).
• Financial Statements (Audited if available) for the past year: A formal review of the entity’s financials, verified by an independent auditor (if available), or an unaudited version. This helps assess financial stability and operational history.

Additional written information will be collected for the entity and, if applicable, the ultimate controlling entity. Based on your legal entity type, we may also request additional documentation to complete our review. The USA Patriot Act requires us to be especially thorough during our review process. To help the government fight the funding of terrorism and money laundering activities, federal law requires all financial institutions to obtain, verify and record information that identifies each person who opens an account.

Any other questions or concerns? Feel free to reach out to our support team by clicking Contact Support in the bottom left corner!