Business Accounts
Business Accounts are now available on Swarm
As a regulated entity, Swarm employs institutional-grade compliance checks on all users, wallets and businesses. KYB or business verification is a mandatory requirement for financial institutions and other AML-regulated entities to verify the identities of their corporate clients.
By automating our know-your-business (KYB) protocol, we make the customer due diligence process more efficient.
A business account on Swarm is a fully regulatory compliant trading account similar in functionality to individual accounts, allowing businesses to trade without limits on Swarm.
How to set up a business account on Swarm
To initiate a business verification, a Business Representative must first fully verify their individual Swarm account to have an ‘unlimited’ trading limit.
Go to Swarm Passport to check the current status of your account and to initiate a new business account.
There is currently no limit to the number of businesses an individual can verify on Swarm. Each verified business will need to link one blockchain wallet address to use as their transacting address.
The onboarding process for businesses usually takes 1-2 business days and Swarm does not charge a fee.
Documentation
As the applicant, the Business Representative is required to upload company and beneficiary data via the Swarm platform, including details of any significant UBOs or shareholders, holding over 25% control over the business.
Business Representatives are required to submit the following documents on behalf of the legal entity:
  1. 1.
    A document confirming the legal existence of the company, such as:
    • certificate of incorporation/registration;
    • recent excerpt from a state company registry;
    • certificate of incumbency;
    • certificate of good standing;
    • memorandum/articles of incorporation/association/registration;
    • other similar documents.
  2. 2.
    A document enabling the identification of all the UBOs of a company, showing the names of all directors and/or representatives of the company, such as:
    • shareholder registry;
    • statement of information;
    • recent excerpt from a state company registry;
    • certificate of incumbency;
    • memorandum/articles of incorporation/association/registration;
    • trust agreement;
    • other similar documents.
The provided documents must, in any event, contain the company's name, registration number, legal form (type), address, and the date of incorporation.
If the entity has several corporate layers, i.e. intermediary holding companies, the relevant documents should be provided in respect of each company.
Bank statements are usually not accepted as confirmation of UBO status. For country-specific examples of acceptable documentation, please see below.
For more information, contact the team on [email protected]
Acceptable documents based on country:
  • For US-based companies, the registration number is the EIN (Employer Identification Number). If you do not have an EIN, please provide evidence that you have applied for the EIN.
  • For Australia-based companies, both the legal address and the principal place of business address are required; the registration number is either ACN or ARBN.
  • For Austria-based companies, full names of the legal representatives are required.
  • For Cyprus-based companies, the following additional information is required: names of the members of the Board of Directors; names of the persons that are duly authorized to act on behalf of the company.
  • For Estonia-based companies, the names of the directors, members of the management board, other bodies replacing the management board, are required.
  • For Finland-based companies, the following additional information is required: field of activity, full name, date of birth and citizenship of members of the statutory bodies and the person(s) representing the legal entity.
  • For Germany-based companies, names of the members of its representative body or of its legal representative board are required.
  • For Ireland-based companies, the following additional information is required: both the legal address and the principal place of business address, a document iterating the nature of the business, and the names of the company’s directors.
  • For Latvia-based companies, names of the persons authorised to represent the company are required.
  • For Malta-based companies, names of the company’s directors (or members of another representative body) are required.
  • For Mexico-based companies, the following additional information is required: a document iterating the economic activity or social activity of a business; Code of Taxpayer Registration (“RFC”); the serial number of the Advanced Electronic Signature; full names of the company’s legal representatives.
  • For Singapore-based companies, names of the company’s directors or partners are required.
  • For Sweden-based companies, names of the persons authorized to represent the company are required.
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