How to open a business account at MultiPass?

Our onboarding and account opening process is fully automated, however, real human support is available at any step. To open a business account each applicant has to proceed with online registration on our website here.

How long does it take to open a business account?

The online registration form will take you around 5-10 minutes to complete and as soon as it is submitted, our Onboarding team will start the initial application review. If all the provided information is correct and sufficient, and no additional information from the client’s side is required, the account can be opened within a day.

What information will I need to provide?

The application submission consists of 4 parts:

1. Account holder* verification The applicant has to verify their email address and telephone that will be used as credentials for the account access in the future; additionally, the applicant has to verify their identity by providing the scan/photo of their passport/ID original, scan/photo of the original proof of address that should not be more than 3 months old (e.g. utility bill, bank statement, government-issued official correspondence) and selfie with passport/ID document.

(!) Please note that video verification will be requested as well within 3 months of the account opening date.
(!) The onboarding review will be started only after successful identity verification. In case some of the steps were missed or the information provided was insufficient/incorrect, the applicant will be notified additionally.

*The person submitting the application is considered an account holder and must be authorised by the company: for example, it can be a company director or another company representative – company UBO or an authorised accountant having Power of Attorney to maintain company account

2. Company details, type of business, details on the intended account use In this section, the applicant describes their business model, planned activity, partners and other information related to the company’s activity.

3. Identity verification of other authorised individuals** All individuals who are ultimately entitled to exercise or control the exercise of 25% or more of the voting rights of the company, either directly or indirectly through their beneficial ownership of an underlying corporate shareholder, should be regarded as Principal Shareholders/Beneficial Owners of the company.
   These persons will receive an email invitation for online verification and will have to verify their identity by providing a scan/photo of passport/ID original, scan/photo of the original proof of address that should not be more than 3 months old (e.g. utility bill, bank statement, government-issued official correspondence) and a selfie with passport/ID document.

**All the persons authorised by the company must proceed with identity verification. These are all company directors or partners (for LP companies) and all company UBOs (holding at least 25% of company shares).

4. Company documents At this final stage the applicant will have to upload the following legal documents:
   • Certificate of Incorporation (or Formation);
   • Extract from the Registry showing company's directors and shareholders' particulars, and company details (registration number, registered address);
   • Articles of Assocation (if applicable).

   For LP/LLP:

   • Certificate of Incorporation (or Formation);
   • Partnership agreement;
   • If partners are corporates, additional documents required: COI, Certificate of Incumbency (showing directors and shareholders' particulars);
   • In case the shareholders are nominees, required documents: Declaration of Trust/Trust agreement/Agreement of providing nominee services (between Nominee and a real UBO).

   Additional documents (for all types of companies):

   • Account statements for the last 6 months + annual financial report (most recent available). If the company is newly registered, please provide a bank account statement of the UBO for the last 6 months or Tax declaration of UBO to show the source of funds;

   • Proof of operational address;

   • For trade companies, transportation documents may be requested (CMR, bill of lading, airway bill, etc.).