How to Onboard Entities in the United States

Emily Moore July 31, 2024

Welcome to Routefusion United States Entity Onboarding (that's a mouthful)! At Routefusion, our goal is to make onboarding new customers quick and seamless. The moment you reach out to our sales team, we start simplifying the complex world of banking and its regulations. We translate the legal jargon into an easy-to-understand questionnaire. To hit the ground running, it's best if you think through them carefully before your first meeting with the Routefusion team. This way, we can ensure a speedy onboarding process!

Key Information We Need for Your US Entity:

Exciting new feature! Not to sidetrack you from the thrilling world of U.S. entity compliance, but here’s some exciting news: For the first time ever, Routefusion is offering Platforms and Marketplaces the ability to onboard their downstream users with a 24-hour SLA approval and a 90% approval rate. This means users will get instant access to SWIFT and local payment-enabled accounts in:

• 🇺🇸 United States
• 🇬🇧 United Kingdom
• 🇨🇦 Canada
• 🇲🇽 Mexico
• 🇧🇷 Brazil
• 🇯🇵 Japan
• 🇦🇺 Australia
• 🇳🇿 New Zealand
• 🇮🇳 India

Curious about where we can onboard your businesses customers from? We cover the U.S., E.U., U.K., Canada, Australia, New Zealand, India, Singapore, Hong Kong, China, and Japan. These accounts are IN-COUNTRY, and they support both SWIFT and local payment rails.

Wondering about users in other countries? If they’re in unsanctioned countries not listed above, they can still onboard and access accounts, but funds must be repatriated.

Back to the legal stuff. When opening an account, we are legally required to verify both your business and the individuals associated with it. Please ensure you have the following information before completing our application to avoid delays:

Business Information:

Documents You May Need to Provide to Routefusion:

• Government-issued Photo ID: A valid unexpired driver's license, passport, or state-issued ID and secondary document to validate proof of address for all company owners (Beneficial Owners, Directors/Appointed Officers, Authorized Users).
• Doing Business As (DBA) Name Documentation: Required if you are trading under a name that is different from the legal name of your business, your personal name, or the names of your partners.

Other Documents, if Applicable:

Fast and easy compliance. Compliance is quick and easy, I promise! We'll review your documents within 24 hours and aim to approve your business within the same week you apply. If we need any additional information, our sales team will reach out to you directly. Just fill out everything to the best of your knowledge and include all required documents, we'll handle the rest! We like to think of ourselves as compliance ninjas—swift and precise. We’ve created a list of all these questions (to answer) and documents here, and here’s a checklist for the Licensed Sending Form Please make a copy of both files for your own use.

Once you’re approved, you'll have access to local payments, virtual accounts, and your very own dedicated Customer Success Manager available via Slack for real-time support in the U.S., U.K. and LATAM, plus so much more! We have many new products coming, so set up some time to talk to our founder, Colton to learn more about what Routefusion can offer your business.

• Business and Funds Flow: Tell us where the funds are coming from, where they’re going, and who’s holding them. Think of it as telling us the story of your money’s epic journey!
• Business Location and Nationalities: This helps us understand your risk profile. For example, you might be a Delaware Corp with Nigerian or Ukrainian UBOs, but your business and users are based in the U.S. or E.U.
• Business Age and User Activity: This gives us an idea of your growth and viability. How new is your business? Do you have a small village of users or a bustling metropolis?
• Solution Type: Are we providing a regulated or sponsored solution, or are you using our onboarding workflows directly? Just like choosing between a guided tour or exploring on your own.
• Corporate Documents: Ensure your corporate documents, like Anti-Bribery and Corruption Policies, Corporate Articles, and Lists of Directors and Senior Management, are in order and recently approved (within the last 6-12 months).
• Go-Live Dates: When are you planning to go live? We like to think of it as your business’s grand debut!
• Full Legal Name
• Doing-Business-As Name (if applicable)
• Physical Address (P.O. Boxes are not acceptable)
• Taxpayer Identification Number (TIN or EIN), or a regulatory identification number for public sector entities
• For non-US entities, a government-issued ID number certifying legal formation or existence
• Date, Country, and State of Formation or Incorporation
• Source of Funds and Source of Wealth for your business, including transaction volume estimates
• Business Website
• Purpose of Relationship
• Information about business owners and individuals with significant management responsibility
• Full Name and Date of Birth
• Residential Address and Citizenship
• National Identification Number/Passport Number
• Phone Number and Email Address
• Ownership percentage for Beneficial Owners (25% or more; in some cases, 10% or more)
• Documents verifying your business registration and your authority to act on behalf of and control, manage, or direct the business
• Tax Registration Document and Proof of address for the business--If the document you provide to verify your business does not accurately reflect the physical address of your business, you will need to provide additional documentation for address verification
• Articles or Certificate of Incorporation
• Ownership percentage for Beneficial Owners (25% or more; in some cases, 10% or more)
• Director and Shareholder registry and their identification documents
• Financials (Bank Statements, Annual Reports, Prospective Reports, Balance Sheet, Tax Returns)
• AML Program, AML Audit Reports
• MSB/MTL License Documentation
• Business Plan
• Payroll & Contractor Payments
• AP/AR & Treasury Management
• Global USDC Funding

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