Image via Sumsub
At Sphere, we partner with Sumsub to ensure rigorous ID verification, KYC/KYB checks, and screenings. To open a business account, you'll need to provide information and documentation for your business and associated persons. We'll also need to verify the identities of the applicant and ultimate beneficial owners (UBO's).
The verification process is a necessary step for us to onboard customers at Sphere. It is composed of three steps, all completed via Sumsub: our identity verification partner.
KYB: Verifying information about your business
KYC of Business UBO's: Verifying the personal information of any Ultimate Beneficial Owners
Completion of a Basic questionnaire
Step 1: Complete KYB (Know-Your-Business)
Begin by opening the verification link provided as part of your onboarding. After selecting which country you are applying from, you'll be asked to provide some basic information about your business.
Registration number:
You can find your registration number on the certificate of incorporation. (Different from EIN). Your company registration number is the state registration number you were issued when you registered for a license to do business in your home state. This can be found on your registration documents or any documents you receive from the registrar. More information on this number can be found through the Secretary of State or State website. Please note, this is not your EIN or State Tax ID number.
Legal Address:
Please enter the address that is listed on your business's official documents, for the address line at the bottom, that could typically be their business address
In the next step, you'll be asked to update three documents to verify your business.
IMPORTANT: These documents can be uploaded in any order / upload box, but all three documents must be provided.
Please expand the following links to learn more about the specific requirements / examples of each required document.
Certificate of incorporation
Certificate of incorporation requirements and examples
Certificate of incorporation requirements and examples
By default, Sumsub requests a bundle of documents that confirm the legal existence and corporate details of the company and enable establishing the ownership and control structure.
Any of the following formats of Formation Documents are accepted:
certificate of incorporation/registration;
recent excerpt from a state company registry;
certificate of incumbency;
certificate of good standing;
articles of incorporation /association / registration;
memorandum of association / bylaws;
statement of information;
partnership agreement.
The provided documents must, in any event, contain the company's name, registration number, legal form (type), address, and date of incorporation.
Director registry
Director registry requirements and examples
Director registry requirements and examples
Please upload a document that establishes the beneficial ownership and control structure of a legal entity. All UBO's (individuals with >25% ownership in the company) must be shown in the document, along with their legal name and percentage of ownership.
Important: the document you provide must show the total breakdown of company ownership adding up to 100%. For example: UBO 1: 30%, UBO 2: 40%, Other stakeholders: 30%.
Important: the document you provide must show the total breakdown of company ownership adding up to 100%. For example: UBO 1: 30%, UBO 2: 40%, Other stakeholders: 30%.
Note: it is NOT required to use this exact template. We are providing this template for illustrative purposes.
The documents Sumsub accepts in order to establish the beneficial ownership and control structure of a legal entity include:
recent excerpt from a state company registry;
recent excerpt from a UBO registry;
certificate of incumbency;
shareholder/member registry;
director registry;
operating agreement;
statement of information;
articles of incorporation / association / registration;
memorandum of association / bylaws;
partnership agreement;
trust agreement / deed;
declaration of trust
Important: Shareholder / member / director registries, certificates of incumbency, and other similar documents must be issued by a state company register or signed by a registered agent, another independent third-party organization, or a natural person, such as the public notary, solicitor, etc.
Proof of address
Proof of address requirements and examples
Proof of address requirements and examples
The last document to upload is evidence of the business's proof of address. Examples of accepted documents to fulfill this requirement are: Bank statement, Utility bill (electricity, gas, garbage, water, or sewer), Cable TV or internet bill, Telephone bill, or Property tax bill.
IMPORTANT: Any Proof of Address document uploaded must be dated and less than 90 days old.
For a comprehensive list of business verification requirements from Sumsub, please visit their documentation here.
Step 2: Identify UBO's and Complete KYC
In the next step, you will list out each of your business's UBO's. Each UBO will be asked to complete a simple KYC check to verify their identity.
IMPORTANT: UBO’s are all individuals that own over 25% of your business. Each UBO of your business will need to complete a KYC check as part of this process. You will not pass verification unless all of your UBOs complete a KYC check.
Upon initiation of the UBO/shareholder verification process, you will be
prompted to provide personal information and submit relevant documents to
authenticate their identity.
Confirmation of verification status will subsequently be communicated via email to the
address used for account creation.
Step 3: Questionnaire + Final Notes
After completing a business KYB and all UBO's complete their KYC checks, the applicant will be prompted to answer a short questionnaire with information on their business specific to Sphere. These are only a few, short questions.
All Questions in the Questionnaire
All Questions in the Questionnaire
Business Description
Brief Description: In 100 characters or less, describe your business.
If transmitting customer funds, describe your compliance practices, licensing, and/or legal documentation.
Regulated Activity
Question: Do you directly or indirectly participate in regulated financial activity? (e.g., money transmission, custody, broker-dealer activities, currency issuance)
Options: Yes / No
Note: This section includes a reference to the FCA glossary for further clarification.
Sending Fiat to/from Non-US Banks
Question: Will you send fiat to/from non-US banks?
Options: Yes / No
Examples include on-ramping fiat from a non-US bank into crypto, off-ramping fiat to a non-US bank into crypto, or generally sending a SWIFT wire to/from a non-US bank.
Recipient of Funds (Visible if "Yes" to the above question)
Please select the recipient of the funds:
Merchant
Affiliated Company
3rd Party Vendor
Customer's Account
Other
Bank Details (Visible if "Yes" to sending fiat to/from non-US banks)
Account Holder
Full name of the account holder.
Bank Name
Name of the bank.
Bank Registration Country
The country where the bank is registered.
Beneficiary Address
An address associated with your bank account.
BIC/SWIFT
Bank Identifier Code or SWIFT code.
Account Number (Reference number)/IBAN
International Bank Account Number.
Wallet Details (Visible if "Yes" to sending fiat to/from non-US banks)
Network
Select the network your wallet is on (e.g., Bitcoin, Ethereum).
Address
Enter the exact address of your wallet. (Funds sent to the wrong address cannot be recovered.)
After submitting the Questionnaire, the application will go into review by Sumsub. This verification process can take up to a day, but is usually very quick. You will receive notification when your business is verified and you can move into the final steps of onboarding with Sphere.
Need further support? If this article did not answer your question about Business Onboarding, please message us via the support chat widget the Sphere Dashboard, or message us directly on Telegram.