Verifying your business
Before you receive funding, we need to verify your business to understand both the company and the people who own or control the company.
Before you receive funding, we need to verify your business so we can comply with anti-money laundering regulations and meet our legal obligations to prevent financial crime. We need to understand both the company and the people who own or control the company.
We know that your time is precious, so we've tried to make it as easy as we can.
It's a simple 3 step process:
- We ask you to give us details and documents for your company and its executives and owners.
- We will then email each executive or owner asking them to provide us with proof of identity using a photo ID.
- When each executive or owner has provided us with proof of identity you need to review all the information you have entered and submit it to us.
After you submit the information, we will check the details and documents and let you know if we need anything else.
To verify your business you will need the following:
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Company details such as registration number and address.
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The name and address of executives and owners of the company.
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Extra German Bullet 1
Company details
To verify your business you will need the following company details:
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The company registration number.
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Extra German Bullet 2
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The registered address of the company and principal place of business where that's different.
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The company Employee Identification Number (EIN)
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An electronic copy of a company formation document (e.g. articles of incorportion)
Company formation documents are a set of formal documents filed with a government body to legally document the creation of a corporation. You may have provided documents to your bank when opening your business bank account. These are also referred to as the "articles of incorporation," "corporate charter," "articles of association," "certificate of incorporation," or "articles of organization".
Associated people
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You should add each person who owns 25% or more of the equity interests or voting rights of the company. This 25% includes indirect ownership through any contract, arrangement, understanding, relationship or otherwise. If nobody owns 25% or more of the company that's okay, you won't need to add any owners, but we will ask you to confirm that no individual directly or indirectly owns 25% or more of the business.
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You only need to add one executive that has a significant responsibility to control, manage or direct the company such as a CEO or CFO. This person is likely to be the person that will enter into the Advance Agreement with us.
If an owner is also an executive then you only need to add them once.
If an owner is also an executive then you only need to add them once.
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Name and date of birth
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Extra German Bullet 3
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Residential address
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A valid email address so we can get them to provide proof of identity
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If they have one, you will need their US Social Security Number (SSN).
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If they are an executive, you will need to select their role in the company. for example, CEO or CFO
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If they are a benefical owner, choose the "Yes" option
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Extra German Bullet 4
A beneficial owner is a person who owns 25% or more of the equity interests or voting rights of the company.
When adding an executive, choose the most suitable role that matches your responsibilities. If someone has multiple roles in your company choose the one that is most senior.
When adding an owner, if they don't have a significant responsibility to control the company day-to-day, choose, "No Significant Role"
If you haven't already done so, you should add the executive who will sign the contract to receive Wayflyer Funding. If you have already added them, then just indicate that this person will sign the contract to receive Wayflyer Funding.
The table below lists what to do when you see an error on the executives and owners that you added. We will have already emailed them and asked them to try again, but you may wish to get in touch with them too.
Identity Verification
Someone at your company has recently applied for funding from Wayflyer. They have told us that you are either an executive or an owner of the company. To comply with anti-money laundering regulations, we must verify your identity.
If you don't believe you should have been asked to do this, contact our team.
If you don't believe you should have been asked to do this, contact our team.
Verifying your identity is a simple process that should take no more than two minutes.
1. before starting you will need:
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A valid government-issued photo ID document. Ensure that the ID document has not expired.
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A device with a camera. If possible, use a mobile device. Cameras on mobile devices usually take higher-quality photos than a webcam.
2. Follow the link in the email we sent you, which will bring you to the start of the identity verification process.
3. You will then be prompted to take photos of the front and back of your government-issued photo ID.
4. That's it, you are all done!
Wayflyer uses secure Stripe technology to help us verify your identity. Stripe asks for your consent before collecting and storing this information. They will only use your verification data in accordance with the permissions you grant before starting the verification process and based on their Privacy Policy. You can see how we use this information on our Privacy Notice.
If the quality of the image isn't good enough we might not be able to recognise it. Below are a few best practices to help ensure that your verification succeeds:
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Capture a clear image. Make sure that the images are not too dark or bright, and don’t have a glare. Hold steady and allow your camera to focus to avoid blurry photos.
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Do not block any part of your ID document in the image. Ideally, you should lay it flat to take the photo.
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Find a location with ambient lighting. Avoid spaces with strong overhead lights that cast a shadow on your ID document. Avoid sitting directly in front of a bright light which can add a glare to your ID document.
If you continue to have problems verifying your identity, please contact our team.
If you require an alternative identity verification method, please contact our team.