Onboarding your business account customers

Below is the complete list of documents and information you should come prepared with to onboard your business customers through Dakota. In some cases, not all documentation listed below will be required.

Estimated Approval Time: 1–2 business days only when all information and documentation are received in good order.

Quick Checklist — Business Customer Onboarding

Business Information

• Legal business name

• Country and date of incorporation

• Legal structure

• Company registration number

• Tax ID / EIN (US businesses only)

• Registered address (no PO Boxes)

• Operating address, if different (no PO Boxes)

• Industry category and business description (200–1,024 characters)

• Website and/or business email (if available)

Business Profile & Activity

• Purpose(s) of the account

• Average monthly revenue

• Expected monthly deposits and transaction volume

• Source(s) of business funds

• Responses to the following yes/no questions:

  • Use of bearer shares

  • Third-party transactions

  • Foundation ownership

Associated Individuals

At least one of each role is required (these may be the same person):

• Applicant

• Control Person

• Ultimate Beneficial Owner (UBO)

For each associated individual, collect:

• Full name

• Date of birth

• Nationality(ies)

• Residential address

• SSN (US individuals only)

• Job title

• Government-issued ID

• Proof of address

Required Documents

• Business formation document (e.g., articles or certificate of incorporation)

• Business governance document (e.g., memorandum, articles of association, or operating agreement)

• Business proof of address

• Source of funds documentation (e.g., bank statement, investment statement, loan agreement)

Conditional Documents (if applicable)

• Business description document (only if no website is provided)

• Ownership document (only if owned by a foundation)

• Individual documents (passport and proof of address)

• Enhanced Due Diligence (EDD) information (see Section 3.5)

Final Requirements

• Three required sign-offs completed by the Control Person

Business Information (Details & Explanations)

You will be asked to provide the following details about your business. Ensure all information is accurate and matches your official documentation.

Core Business Details

• Legal name
  The full registered legal name of the business. Must use ASCII characters only and be no more than 120 characters.

• DBA (Doing Business As)
  Optional. The trading name of the business if different from the legal name.

• Country of incorporation
  The country where the business is legally registered.

• Date of incorporation
  The date the business was formed. This must be a past date.

• Legal structure
  Select the applicable structure: Corporation, LLC, General Partnership, LLP, or Non-Profit Foundation.
  Trusts, government entities, and sole proprietorships are not eligible.

• Registration number
  The official company registration number issued in the country of incorporation.

• Tax ID / EIN
  Required for US businesses only. Must follow the format: XX-XXXXXXX.

Business Address

• Registered address
  The official registered address of the business. PO Boxes are not permitted.

• Operating address
  The primary location where the business operates. PO Boxes are not permitted.
  Required for all businesses except those incorporated in the Cayman Islands.

Online Presence

• Website
  Optional. If provided, must be a valid http or https URL.

• Business email
  Optional. If provided, must be a valid email address.

Business Classification

• Industry
  Select the NAICS code or crypto classification that best represents your business activity.
  Digital asset businesses should select the most relevant custom classification.

• Business description
  Provide a clear description of your business activities (200 to 1,024 characters).

Account Purpose & Activity

• Purpose of account
  Select all applicable use cases, such as:
  operating an OTC service, accepting donations, payment processing, third-party payments, first-party payments, proprietary trading, business expenses, or storage of funds or assets.

• Average monthly revenue
  Select the appropriate range.

• Expected monthly deposits
  Select the appropriate range.

• Expected monthly transaction volume
  Select the appropriate range.

• Source of funds
  Select all that apply, such as:
  sale of goods and services, investments, sale of assets, customer funds, intercompany transfers, grants, ICO or token sales, donations, loan funding, crowdfunding, or proprietary funds.

Required Declarations

You will also be asked to confirm the following:

• Does the business have bearer shares?

• Does the business transact on behalf of third parties (for example, processing payments for customers)?

• Is the business owned by a foundation?

People to Include

Every business application requires at least the following roles. A single individual may fulfill more than one role.

Required Roles

• Applicant
  The person submitting the application on behalf of the business.

• Control Person
  A senior manager or officer with significant control over the business, such as a CEO, CFO, Managing Director, or General Counsel.
  This individual is responsible for completing the final attestations.

• Ultimate Beneficial Owner (UBO)
  Any individual who owns 25% or more of the business.
  If no individual meets this threshold, include the person with the largest ownership share.
  The ownership percentage must be provided.

Information Required for Each Person

For every individual included in the application, the following information and documents must be provided:

Personal Information

• Full legal name (first name, optional middle name, last name)

• Date of birth (must be 18 or older)

• Nationality(ies)

• Email address

• Residential address (no PO Boxes)

• SSN (US persons only)

Role-Specific Information

• Job title (required for Control Person and UBO roles)

• Ownership percentage (required for UBO role)

Verification Documents

• One identity document:
  passport, driver’s license (front and back), or residence permit (front and back)

• One proof of address document dated within the last 90 days

Documents to Upload (Business)

You will be required to upload the following business documents. Ensure all documents are clear, valid, and up to date.

Formation Document (choose one)

• Articles of Incorporation

• Certificate of Incorporation

Governance Document (choose one)

• Memorandum

• Articles of Association

• Operating Agreement

Business Proof of Address (choose one)

• Official proof of address document

• Bank statement

• Utility bill

Source of Funds Proof (choose one)

• Bank statement

• Crypto statement

• Investment statement

• Subscription agreement, SAFE agreement, or convertible note

• Loan agreement or promissory note

Conditional Documents (if applicable)

• Business Description Document (required only if no website is provided)

  • Pitch deck

  • Marketing materials

  • Business plan

• Ownership Document (required only if the business is owned by a foundation)

  • Shareholder registry or equivalent ownership documentation

Enhanced Due Diligence (EDD)

Enhanced Due Diligence (EDD) may be required depending on your business model or risk profile.

EDD is required if your business transacts on behalf of third parties (for example, processing payments for customers), or if it is triggered during the review process.

Additional Information Required

If EDD applies, you will be asked to provide the following:

Business Activity Details

• Account usage description
  A detailed explanation (400 to 1,024 characters) of how you plan to use the platform.

• Token issuer
  Confirm whether your business issues tokens (yes or no).

• Top customer countries
  List up to five countries where the majority of your customers are located.

Regulatory Status

• Regulated
  Confirm whether your business is regulated (yes or no).

• Country and license type
  Required if regulated. Provide the country of regulation and the type of license held.

• Unregulated justification
  Required if not regulated. Provide a written explanation (200 to 1,024 characters).

Compliance Controls

• Customer identity verification
  Confirm whether you verify the identity of your customers.

• Transaction monitoring
  Confirm whether you monitor customer transactions.

• Onchain monitoring
  Confirm whether you conduct blockchain or onchain monitoring.

Token Sale Details (if applicable)

If your business is conducting a token sale, provide:

• Sale amount

• Availability

• Registration status

Attestations

Before submitting the application, the Control Person must review and confirm the following:

• Accuracy of information
  All information provided is true, accurate, and complete to the best of their knowledge.

• Terms of Service
  The business agrees to the Terms of Service.

• Funds Transfer Agreement
  The business agrees to the Funds Transfer Agreement.

• Privacy Policy
  The business agrees to the Privacy Policy.