Overview
To use Float products, your business must complete a Know Your Business (KYB) verification. This process ensures the legitimacy of your business and its beneficial owners by verifying the information provided during sign-up against federal and provincial records. This step is required to comply with FINTRAC policies and due diligence is also performed on your business's beneficial owners and authorized signers.
Understanding Your Business' Legal Structure
Ultimate Beneficial Owner (UBO)
- Required Documents for KYB Approval
- What Information Must the Supporting Documents Show?
- Required Documents for Onboarding Not-for-Profit Organizations or Co-operatives
Authorized Signers and Controlling Officers
- What is a Business Number?
- What is a Corporation Number?
- What is the Jurisdiction of Incorporation?
- What is a Business Address?
- How do I complete the "Business Owners" section of the registration form if my organization is a non-profit?
- How long does business verification take?
- Am I eligible to join Float?
What is KYB Verification?
To be eligible for Float services, your business must:
- Be a Canadian or USA legal entity, registered either federally or provincially.
- Complete the KYB verification and receive approval from Float.
While waiting for approval, you can explore our platform, set up your account, transfer funds, and add users or bills.
If Additional Documents Are Needed
If any information is missing or further documentation is required, our compliance team will reach out by email. It’s essential to provide complete and accurate information to avoid delays.
Information Required for KYB
Entity Identification
When filling out the KYB form, you’ll need the following:
- Legal entity name
- Principal place of business (legal address)
- Jurisdiction of incorporation (e.g., British Columbia, Alberta)
- Identification number (corporation number or business number)
- Business Type
- Legal structure
- Countries of operation
Understanding Your Business' Legal Structure
If you're unsure of your company’s legal structure, contact your legal or finance team. This section generally refers to the organization type (e.g., corporation, partnership, sole proprietorship, joint stock company, LLC). For more details or guidance on your company structure, please refer to this article.
Ultimate Beneficial Owner (UBO)
Who Qualifies as a UBO?
A UBO is any individual or entity that owns 25% or more of the business.
What Information Is Collected on UBOs?
For individual UBOs, KYB requires:
- Legal name
- Date of birth
- Title
- Home address
- Contact information (email and phone)
- Photo ID (using our third-party provider, Persona)
UBOs will need to upload a selfie to verify that the person presenting the ID matches the photo on the document, as per FINTRAC policy. We collect information using our third-party provider, Persona. To learn more about Persona, its privacy policy, and information security, please click here.
Alternative to Selfie Verification
If a UBO prefers not to submit a selfie, we offer an alternative method that includes submitting both an ID and a bill or bank statement. For assistance, please contact us at help@floatfinancial.com.
Onboarding Documents
Required Documents for KYB Approval
You will need to upload the following documents to verify your business:
- Articles of Incorporation
- Certificate of Compliance, Existence, or Good Standing
- Certificate of Amendment or Name Change
- DBA (Doing Business As) Document
- Bank Statement (PDF format)
If you don’t have the documents ready during the verification process, you can submit them later by uploading them to your personal document upload portal. We recommend doing so promptly to avoid delays. To access your document portal, log-in to Float and go to Settings > Business Documents or click here.
What Information Must the Supporting Documents Show?
The documents for business formation must include:
- Legal entity name
- Business Address
- Jurisdiction of incorporation
-
Identification number (corporation or business number)
Make sure the documents are the most up-to-date versions.
Additional documents (bill or bank statement) must include;
- Legal entity name
- Business Address
- Date of bill or bank statement (note that the bill or bank statement must be less than 60 days old and in PDF form)
Note that Non-for-Profit and Cooperatives require distinct documents, which are listed below.
Required Documents for Onboarding Not-for-Profit Organizations or Co-operatives
To ensure a smooth and quick onboarding experience, please provide the following documents.
Business Registration Documents (Any one of the following):
- Articles of Incorporation – Canada Not-for-Profit Corporations Act
- Non-Profit Business Registration
- GST/HST Registration and Certificate of Status/Annual Filing (Record of Filing)
- Business Name Renewal or Registration Renewal
- T3010 Registration & Most Recent Renewal
Proof of Address:
Please provide a document from the last 60 days showing the organization’s name and address:
- Bank statement
- Utility bill (mobile, internet, insurance, gas, electricity, etc.)
Director Identity Verification:
- One or more of your directors will need to complete KYC in order to complete your onboarding.
If any of these documents are hard to access or if you’re unsure what to provide, reach out to us at help@floatfinancial.com. We're committed to making your onboarding experience as easy and seamless as possible.
Authorized Signers and Controlling Officers
Only owners, controlling officers, or authorized signers can complete the onboarding process with Float. Commonly authorized signers include C-suite executives or those in admin roles.
Frequently Asked Questions
What is a Business Number?
A business number is a nine-digit identifier assigned by the Canada Revenue Agency (CRA). It allows businesses to access government services and programs. You can find it by logging into your CRA account.
What is a Corporation Number?
A corporation number is issued during the incorporation process. It’s often found on documents such as the Certificate of Incorporation or Notice of Articles. When available, please provide your corporation number rather than the business number.
Corporation numbers are generally available for corporations. If you operate under a different legal entity type, please enter your registration number. You can find your registration number on business registration documents, provincial business registry websites, tax documents, business licenses, or any official correspondence from regulatory bodies.
What is the Jurisdiction of Incorporation?
This refers to the province or territory where your business is incorporated. Some companies may also be federally incorporated. You can find this information in your Articles of Incorporation or Business License.
What is a Business Address?
This is the location where your business operates. If your operational address differs from your registered address, attach a recent bill or bank statement to avoid delays. Additionally, If your business operates from a PO Box or a lawyer's address, please provide a bill or bank statement reflecting the operational address. This is necessary for verifying the location where your business operates.
How do I complete the "Business Owners" section of the registration form if my organization is a non-profit?
Since non-profit organizations do not have shareholders, please fill the registration form with the information of one of the following members of your organization instead:
- President
- Chairman of the Board
- Head of Finance
- Treasurer
Our approvals team will review your organization structure with you during the onboarding process.
How long does business verification take?
Business verification typically takes 2 to 3 business days. This timeframe allows us to conduct a thorough review and ensure accuracy in our processes. If we require any additional details or if necessary information is missing, our team will reach out within that period. Verification will continue as soon as we receive the required information.
If you have any questions or need assistance, we’re here to help! Your trust and security are our top priorities.
For any additional questions or concerns, please contact help@floatfinancial.com.
Am I eligible to join Float?
At Float, we’re dedicated to helping your business thrive. While we support many industries, some may not be eligible for specific programs due to regulatory requirements, our partner bank requirements or our risk and compliance policies.
Below are the industries currently not supported by each program:
We know every business is unique, and we're here to help! If you're unsure about your eligibility or have questions, reach out to us at help@floatfinancial.com.
We'll work with you to explore all available options and find the best way to support your business goals.