Connecting a business bank account with Forwardly is a quick and easy process, but you need to have some required documents and information on hand to verify your account. The whole process should take less than 5 minutes to submit.

Beneficial Owners (All Business Types)

To comply with regulatory requirements, Forwardly needs to collect beneficial ownership details at the individual level. This includes each individual who owns 25% or more of the equity interests of the legal entity customer, as well as any individual with significant responsibility for managing the legal entity customer. If your business is owned by another entity, please provide ownership information for the individuals who ultimately own or control the entity. In order to begin payments with Forwardly, all beneficial owners will need to provide the following:

• Social Security Number (SSN)
• Personal address
• Position/title 
• Phone number
• Email address

You will also need to provide the documentation listed below. All documents must be in PNG, JPG, or PDF format and a maximum of 10MB each.

Proof of Picture ID Requirements

In order to verify your identity, Forwardly requires government-issued photo identification for each owner. This can be a valid US driver's license, state ID, Military ID, Tribal Identification Card, or passport. The ID must be an original document (not a scanned copy) with a maximum of 10MB, and the image file must be in PNG, JPG, or PDF format. The ID must not be expired. 

Additional verification measures

In some limited cases, you may be required to provide additional information to confirm your identity. For instance, a selfie while holding a document that was used for verification. Only submit a selfie if directed to do so by our team. 

Proof of Address 

An original, full copy of a Utility Bill, Bank Statement, or Home/Cell Phone Bill under the owner’s name from within the past three months. The account must still be active - it cannot be closed or dormant.

Businesses with Multiple Owners

If more than one person has 25% or greater ownership of the company, all owner information must be provided to Forwardly during initial registration. This includes individuals who indirectly control 25% of the corporation by way of ownership and control in a different or related entity (e.g., a holding company or trust). Beneficial owners must be individuals and not other entities.

Businesses Owned by an Entity

If your business is owned by another entity, please provide ownership information for the individuals who ultimately own or control the entity. This includes:

• Full Name
• Date of Birth
• Address
• Ownership Percentage

For example, if your business is owned by another LLC, and you are the sole owner of that LLC, please submit your personal details as the ultimate beneficial owner.

Sole Proprietor

If you have a sole proprietorship, you will need to provide the following information:

• DBA (Doing Business As), if applicable
• Social Security Number (SSN)
• US Business address and phone number

You will also need to provide the documentation listed below. All documents must be in PNG, JPG, or PDF format and a maximum of 10MB each.

Proof of Picture ID

In order to verify your identity, Forwardly requires government-issued photo identification for each owner. This can be a valid US driver's license, state ID, Military ID, Tribal Identification Card, or passport. The ID must be an original document (not a scanned copy) with a maximum of 10MB, and the image file must be in PNG, JPG, or PDF format. The ID must not be expired. 

Proof of Address 

An original, full copy of a Utility Bill, Bank Statement, or Home/Cell Phone Bill under the owner’s name from within the past three months. The account must still be active - it cannot be closed or dormant.

LLCs, Corporations, and General Partnerships

If you have an LLC, corporation, or general partnership, you will need to provide the following information:

• US Business address and phone number
• Legal entity name
• DBA (Doing Business As), if applicable
• Employer Identification Number (EIN)

You will also need to provide the documentation listed below. All documents must be in PNG, JPG, or PDF format and a maximum of 10MB each.

Proof of Incorporation or LLC

For Corporations, we need a signed and/or Filed copy of the Certificate of Incorporation. Articles of Incorporation may be accepted as an optional additional document. 

For LLCs, we require a Certificate of Formation or Certificate of Organization. An optional additional document for LLCs is a signed and/ or filed copy of the LLC's Operating Agreement/Company Bylaws for all states except CA, DE, ME, MO, and NY. For LLCs in the previously stated states, only Signed and/or Filed Operating Agreements are accepted.

Incorporation documents from a publicly available directory, copies of applications, and annual reports will not be accepted. 

EIN Verification Letter 

An EIN Verification Letter (CP 575 or 147c) is a letter sent by the IRS to confirm the unique Employer Identification Number (EIN) issued to a business.

If you don't know where to find your Employer Identification Number (EIN) the IRS has a guide on where to find it here. 

If you cannot find your CP 575 EIN Letter, a full copy of a recent letter from the IRS showing your Legal Company Name, Business Address, and EIN can be accepted in its place. Your business's latest IRS e-File acknowledgment or IRS Return Transcript is also acceptable for income tax returns including Form 1120 (C Corporation, Form 1120-S (S Corporation), Form 1065 (Partnership), Form 1040 (Sole Proprietor with Schedule C), Form 1041 (Estates & Trusts), or Form 990/990-EZ (Non-Profits & Tax-Exempt Organizations). 

Proof of Business Address

An original, full copy of a Utility Bill, Bank Statement, Mortgage Statement, or a Letter from the IRS under the Legal Business Name from within the past three months. A Driver's License will not be accepted as proof of business address. The account the document is for must still be active - it cannot be closed or dormant.

Proof of DBA (Doing Business As)

If your business is operating with a DBA instead of its legal business name, you will need to submit a document that shows the DBA approval from a government entity. This can be a Business License, Trade Name Certificate, Fictitious Name Certificate, Certificate of Trade Name, Certificate of Assumed Business Name, or Registration and License with Trade Name.