- Most delays come from missing or inconsistent KYC, not the legal formation itself.
- Providers need proof of control, source of funds and structure, not just passports.
- A simple pre-kickoff checklist can save weeks of back-and-forth.
- Requirements vary by jurisdiction, but the core evidence types repeat.
Incorporation is often the quickest step. The friction usually starts when you try to open a bank account or pass KYC — and the reviewer asks for documents nobody prepared.
The good news: banks and corporate service providers typically ask for variations of the same evidence. If you prepare it upfront, you can reduce delays and get operational faster.
Below is a practical checklist of KYC evidence clients commonly forget — from individuals and UBOs to source of wealth and trading profile.
1) Individuals: beyond the passport scan
Most teams remember the passport. Delays happen around the details:
- Proof of address that matches your forms. Use a recent utility bill, bank statement, or official letter.
- Certification / notarisation. Some providers require certified true copies, not phone scans.
- Translations. If documents are not in the provider’s language, you may need a sworn translation.
- Signature consistency. Keep signatures consistent across mandates and IDs to avoid manual checks.
Build a simple reusable “individual KYC pack” per person (ID, proof of address, certifications, translations).
2) UBOs: proving who really controls the company
The most common KYC delay is unclear ownership. Reviewers must understand who ultimately owns and controls the entity (often at a 25% threshold, but it varies).
- Ownership chart. Simple diagram showing entities and percentages down to individuals.
- Share registers / certificates. Up-to-date for each layer.
- Control rights beyond shareholding. Voting agreements, board rights, or other control mechanisms.
- Consistency. Names and percentages must match formation docs, filings, and mandates.
3) Source of funds and source of wealth
This is often the least intuitive part of KYC. Providers need comfort on where money comes from — and how owners built wealth.
- Exit documents. SPA, completion statement, broker letter (where relevant).
- Income evidence. Payslips, dividend vouchers, accountant letters.
- Operating company financials. Accounts or management figures funding the new structure.
- Inheritance / gifts. Probate/notarial documents if applicable.
Aim for sufficiency: enough to let a reviewer confidently tick “source understood” without repeated follow-ups.
4) Trading activity: what the company will actually do
Vague descriptions (“consulting”, “technology”, “investments”) trigger follow-up. Use a one-page pack:
- Business summary. What you do, customers, revenue model.
- Transaction profile. Typical amounts, counterparties, B2B/B2C, geographies.
- Sample contracts. Redacted/anonymised where needed.
5) Entity documents: keep the basics clean
- Final signed formation documents. Not drafts.
- Articles/constitution. Include shareholder agreements affecting control.
- Board resolutions. Mandates to open accounts and appoint signatories.
- Licences (if regulated). Copies or application status.
6) A simple pre-kickoff checklist
Keep it short and reusable. A good baseline is:
- One KYC pack per individual (ID, address, certifications, translations).
- Ownership chart down to individuals (with percentages).
- Business summary + transaction profile.
- Source of funds/wealth evidence (exit docs, accounts, payslips, etc.).
- Where relevant, recent accounts for existing structures.
What to do next
Turn your last painful onboarding experience into a checklist. Write down what took the longest to obtain, and make that evidence part of a standard pack you can refresh annually.
This article is for general information only and does not constitute legal or regulatory advice. Always seek specific advice for your organisation, banking relationships and the jurisdictions where you operate.