Once you have successfully completed registration for a Float account, you will need to begin the business verification process, also known as KYB. The steps below will outline how to complete the verification process.
How to Start the Business Verification Process:
- Login at app.floatfinancial.com
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Click "Get Started" under Verify Your Business
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Review Business Information
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- To verify your account, we need a few legal and business details. This helps us meet regulatory requirements and ensure your business is set up correctly in our system.
- For more information on understanding your business' legal structure, please visit this article here.
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Upload Business Documents
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- Use the file uploader to submit the required documents listed on screen for Business Formation and Proof of Address.
- For more information on what documents are acceptable, please visit our help centre article on Onboarding Documents.
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Declaration of Tax Residence
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- Complete the RC519 – Declaration of Tax Residence for Entities form.
- For help with RC519 form requirements, PandaDoc signing, or correcting information, visit our Declaration of Tax FAQ.
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Confirm Business Owners
To complete business verification, confirm the ownership structure of the business, then add the required individuals or entities.
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- If one or more individuals or businesses own 25% or more of the company Add the majority shareholders who own 25% or more of the business. The system allows up to four individuals to be added.
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If no individual or business owns 25% or more of the company Add one named individual or business that owns a minority stake in the business. This may include yourself, if applicable. If a business entity is added, one individual shareholder must be provided for identity verification.
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Non-profit organizations: Two directors are required for verification. Directors may include yourself or other individuals in Leadership roles such as the President, Chairman of the Board, head of Finance, Treasurer or similar positions.
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Adding shareholders or directors as Float users: When adding an individual shareholders or directors, there's an option to add them as a Float user and assign a user role.
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Verify Your Identity
Complete ID verification as the Primary Administrator for Float. For more information on our ID verification process, also known as KYC, please visit: KYC (Know Your Customer) Verification for Float users.
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Submit for Review
Once the Verify Your Business steps are completed, and the application is submitted, shareholders or directors will receive an email, depending on how they were added during onboarding.-
- If the shareholder or director was added as a Float user, they'll receive an invitation to activate their Float account.
- If the shareholder or director was not added as a Float user, they'll receive an email to verify their identity.
- If the shareholder or director has previously completed Identity verification using the same email address, no verification email will be sent. Their verification status will appear as Verified on the Welcome Guide page.
- The verification status of added shareholders or directors is available on the Welcome Guide page.
- The business submission moves forward for review once all required owners or directors have completed Identity verification.
- If the shareholder or director was added as a Float user, they'll receive an invitation to activate their Float account.
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If you have questions at any stage, reach out to us at support@floatfinancial.com