What onboarding information is required for a privately owned company?
What's a privately owned company?
Private companies are privately owned entities that are not financial institutions, not publicly traded and have less than 50% government ownership. These entities are involved in many kinds of industries, such as manufacturing, pharmaceuticals, real estate, and construction.
To verify as a privately owned operating company, please follow the steps below and submit the required documents and information.
Who are the key people for a privately owned company?
As part of our due diligence checks for regulatory purposes, OKX will require key roles of your company and the authorized user (if different from the key roles) of your institutional account to provide identity verification information during the institutional verification process.
To register as a privately owned operating company, you need to provide the information of:
At least one corporate officer/manager: Persons with significant responsibility to control, manage, or direct the privately owned company including executive officers, senior managers (for example, CEO, CFO, COO, Managing Member, General Partner, President, Vice President, or Treasurer), or any other person who regularly performs similar functions.
Directors (if any): Persons elected or appointed to serve on the board of directors of the privately owned company. These persons govern and oversee the privately owned company, and are responsible for its high-level strategy, operations, and accountability.
UBOs (Ultimate beneficial owners): Persons who ultimately own and/or who exercise ultimate control over the privately owned company. “Ultimately owns” and “ultimate effective control” refer to situations in which ownership/control is exercised through a chain of ownership or by means of control other than direct control.
Authorized users: Persons who have access to and can operate your institution’s OKX account.
The partners (if your company is a partnership)
* If your company is a partnership and one or more of the partners is a legal entity, then you will need to provide the UBO information of said entity.
Upload a photo or scanned copy of the key person’s ID document
Please upload both the front and back sides of the ID card. If the ID card does not have a back side, uploading the front side or the photo page is sufficient.
What'll a privately owned company need to consider for the onboarding process?
Identify all key parties
Identify all key parties involved in the privately owned company, including the corporate officers, directors, ultimate beneficial owners, and any authorized users.
Provide organizational documentation
Provide organizational documentation that regulates and binds the privately owned company and establishes its control and management structure.
Provide identifying information
Provide identifying information for the government-owned enterprise, such as your institution’s legal full name, registration address, registration number, date of incorporation, principal place of business (if different from the registered address), institution type, and industry, amongst other pertinent and verifiable data.
Provide identification documentation
Provide valid proof of identity (PoI) and proof of address (PoA) documents that verify the existence and establishment of the privately owned financial institution, as well as the identity of each key person involved.
For example:
Company Registration Certificate or Business Registration Certificate (or equivalent official document, such as a Business License)
Partnership Agreement (if your company is a partnership)
Memorandum and Articles of Association
Register of directors
Register of shareholders or beneficial ownership structure chart (must be signed and dated within the past 12 months)
Proof of business address (if different from the registered address)
Complete the following template to finish verification
Sign, scan, and upload the account opening authorization letter (a board resolution containing such authorization is also acceptable)
The information collected is used solely for the purpose of completing institutional verification. If you have any questions, please contact our customer support.