How to Open a Corporate Account on WhiteBIT?
The best way to integrate innovations into your business is to open a corporate account on WhiteBIT. This step will expand your opportunities in the cryptocurrency market and optimize financial and operational processes. A corporate account allows one to use modern financial tools effectively for large corporations and startups.
This article outlines the key benefits of passing the KYB (Know Your Business) procedure. We’ve also attached a guide to help you create and verify your corporate account in 3 simple steps.
Step-by-Step Instructions
Step 1: Create and verify your account
First, you need to sign up on the WhiteBIT platform. After creating an account, you need to pass KYC * (Know Your Customer) process. Then, you will confirm your identity by submitting personal documents.
* Please note that in order to complete the KYB procedure for your company, all the shareholders, directors and beneficial owners would require completing KYC verification.
Step 2: Launch the KYB (Know Your Business) process
After a successful KYC verification, do the following:
- Select the KYB option in the upper right corner of the menu. KYB is a procedure for verifying business clients’ data.
- You will be prompted to generate a link for the new KYB form. Open the link to start filling out the form**.
** Please keep in mind that along with the filling of the form you will require providing the corresponding list of documents as specified below.
If you have any questions or difficulties while filling out the form, please contact your Account Manager (AM/CSM), who can help you via live support chat or phone.
Step 3: Finalize the process
After completing the form, you should inform your AM/CSM of your company name. Your application will be passed on for further processing.
Information and Documents Required
In order to apply you would be required to fill in the form, to provide the details regarding the Сompany, its business information, its shareholders, UBOs, directors, representatives and to prepare the following documents for the verification.
1. Corporate documents (translated into English or Lithuanian, apostilled, no older than 3 months):
- Extract from the Register of Legal Entities or Certificate of Incumbency
- Certificate of Incorporation (or similar)
- List of Shareholders/Beneficial owners (or similar)
- Register of the Directors (or similar)
- Articles of Association (or similar)
2. Proof of address of the Company (one of the following): Lease agreement; Utility bill; Bank statement no older than 3 months)
3. Company source of funds documents (one of the following): Annual tax declaration; Bank statement for the last 6 months; Agreements and/or invoices, under which the Company received the income (service agreements, etc.); Similar financial statement, or audit report, etc.)
4. Documents of Shareholder(s), Director(s), Representative(s) and Beneficial owner (s):
- passport or national ID
- proof of address (lease agreement; utility bill or bank statement no older than 3 months)
5. Beneficial owner(s) source of funds/source of wealth documents: Tax declaration for 2023 year; Salary payslips for the last 6 months; Bank statement for the last 6 months; Agreements and/or invoices, under which the UBO received the income (service agreements, loan agreements, contract of sale of property, etc.; Documents confirming dividend payments to the UBO (dividend statement, etc.).
6. The record or the resolution of the management board (director) in respect of the person who is authorized to execute the Application on behalf of the company.
7. (If applicable) Documents approving the compliance with the regulations (registration certificate, license etc.)
Please note! The list of documents may vary slightly depending on the jurisdiction. The documents of the Lithuanian companies, provided in Lithuanian, do not require additional translation and apostille.
In case the full package of documents is provided immediately and does not require any clarification, the application may take up to 5 business days to be processed. The verification process may take longer if we need any additional information. In addition, the verification processing speed depends on the availability of all the necessary documents and a quick response to the support team’s requests.
Benefits for Corporate Clients
Improve your business’s financial conditions, implement advanced technologies, and ensure flexibility in choosing services. This section shares the key benefits of a corporate account.
Extended financial opportunities
- SEPA payments: Corporate clients can make SEPA payments with increased limits of up to 14,500 EUR, significantly higher than ordinary users’ limits.
- Liquidity: If you have a VASP license and have passed the KYB procedure on the WhiteBIT platform, your company can become a liquidity provider for your clients.
Technological solutions
- e-Commerce solutions: Access to solutions such as Whitepay and WhiteBIT Pay to integrate cryptocurrency payments into your business.
Flexibility in the choice of services
- Various SEPA providers: The ability to choose the most convenient option for your business.
- Reduced fees: Trading fees may be further reduced depending on the trading volume and account level.
Legal and business agreements
- Partnership agreements: Possibility to sign cooperation agreements and brokerage agreements.
- OTC/RFQ transactions: Special agreements for transactions with euros.
Storage and exchange
- Agreements on the exchange and storage of funds: Provide a legal basis for storing and exchanging funds on the platform.
- Listing of cryptocurrencies: The possibility of listing new cryptocurrencies after passing KYB.
