Connecting a business bank account with Forwardly is a quick and easy process, but there are some required documents and information you need to have on hand to verify your account. The whole process should take less than 10 minutes.

Once you've created your account, you have 30 days to add additional documentation. 

Beneficial Owners (All Business Types)

For all business types, Forwardly requires information on the beneficial owner(s) of the company. 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. In order to begin payments with Forwardly, all beneficial owners will need to provide the following:

• Photo of Government-issued ID
• Social Security Number (SSN)
• Personal address
• Position/title 
• Phone number
• Email address

Government-Issued Photo ID Requirements

In order to verify your identity, Forwardly requires government-issued photo identification for each owner. This can be a 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 5MB, and the image file must be in PNG, JPG, or PDF format. 

Businesses with Multiple Owners

If more than one person has 25% or greater ownership of the company, all owners 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.

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
• Proof of ID (passport or driver’s license)
• Proof of Address (driver’s license, tax documents, or utility bills)

For Proof of ID and Proof of Address, all documents must be in PNG, JPG, or PDF format and a maximum of 5MB.

LLCs, Corporations, and General Partnerships

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

• Employer Identification Number (EIN)
• US Business address and phone number
• Legal entity name
• Articles of Incorporation 
• Operating Agreement 
• EIN Verification Letter 
• Proof of Business Address (utility bill, bank statement, or tax bill)

For EIN Verification Letters, Articles of Incorporation, and Operating Agreements or Company Bylaws, these documents must be in PNG, JPG, or PDF format and a maximum of 5MB.