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If you are national or a resident of the county listed below, we should be able to provide you Company Formation Service.
*These jurisdictions are subject to financial sanctions measures, which require firms to take additional measures.
Applications for any services from the countries listed below and identified by the following characteristics WILL NOT be accepted.
KYC is not a one-time process. Organizations must also conduct ongoing monitoring of their customers to identify any changes in their risk profile and ensure continued compliance with regulations.
KYC) Compliance for a New Company Formation: How Can Coddan Help?
Company incorporation KYC (Know Your Customer) requirements are essential for verifying the identity and legitimacy of a company and its beneficial owners during the registration process. These measures play a vital role in preventing fraud, money laundering, and other financial crimes. Important steps include confirming the company's registration, identifying ultimate beneficial owners (UBOs), and verifying the identity of authorized representatives.
KYC procedures also involve ongoing monitoring of the company's activities and transactions to ensure continued compliance with regulations. This includes monitoring for suspicious transactions and updating customer information as needed.
With our over 20 years of Company Formation experience in business registration industry, Coddan offers wide range of the services for sole traders looking to create a limited liability protection for their business, small businesses looking to create holding structure or to re-structure their business model, as well as overseas multi-national corporations looking to expand and find new markets in the UK.
We can incorporate a private limited by shares or limited by guarantee company for non-UK and British residents across the United Kingdom. The process of business formation involves registering the company with Companies House and providing certain documents and information to pass the ID checks.
Legally required documents and information to kickstart company formation process:
CODDAN CPM LTD, being a regulated company formation and corporate secretarial service provider – Trust or Company Service Provider (TCSP) – is obligated to comply with various Money Laundering, Terrorist Financing, Proliferation Financing Legislations.
This necessitates the identification of individuals for whom services are provided, requiring copies of identification documents for each director, shareholder, and beneficial owner of companies being incorporated.
Customers using Coddan’s online company registration portal to incorporate their new legal business entity with Coddan CPM, or requesting registered office address and mail handling services or Corporate and Secretarial Services should be able to provide required documents in a timely manner to make sure incorporation service or additional secretarial services are provided in a timely manner without undue delay.
When it comes to KYC (Know Your Customer) requirements for forming a company, you'll typically need to provide proof of the company's existence along with relevant details. This usually involves submitting incorporation documents, information about beneficial owners, and identification for directors, shareholders, and anyone authorized to represent the company.
Company Incorporation Documents: This includes the certificate of incorporation, memorandum and articles of association, and the company's registration number.
Identification of Individuals: Individuals involved in the company formation, such as directors, shareholders, and beneficial owners, need to provide proof of identity (e.g., passport, driver's license) and proof of address (e.g., utility bill, bank statement).
Beneficial Ownership Information: Companies must disclose information about their beneficial owners, including their identities and ownership stakes.
To ensure compliance with the current Anti-Money Laundering Compliance Regulations, we would require the following documents:
Depending on the level of services required, or when we will have to apply Enhanced Due Diligence Compliance checks, additional documents – like declaration of beneficial owner, an activity disclaimer, a CV, a confirmation of a source of funds or sanctions compliance declaration may be required.
Although it may all sound confusing, rest assured, our highly experienced team of well-trained professionals will risk assess your service request and communicate specific requirements, so you don't have to figure it out on your own.
Once we have received and reviewed your company formation application form whether through our online incorporation gateway or via email, we will write back and confirm to you directly whose IDs would be required. However, for your easy reference, please note that we would usually request identification documents for any of the following:
Depending on the nationality and residency of the proposed directors, intended activity of the Company we are instructed to incorporate and/or the level of services you require, we may request additional information or documents to fulfil our obligations under the current AML Compliance Regulations.
Company formation KYC requirements typically require individuals linked to the company, such as directors and beneficial owners, to provide identification and proof of address. This process helps ensure adherence to regulations aimed at preventing money laundering and counter-terrorism financing.
Coddan CPM is committed to a seamless and efficient identification process, ensuring compliance with the highest standards of Money Laundering, Terrorist Financing, Proliferation Financing Legislations.
To simplify ID verification process, we have partnered with CREDAS – UK AML compliant software provider that offers a state-of-the-art mobile app for digital ID verification, providing a quick and efficient solution for our customers to complete ID verification in a timely manner.
90% of ID Verification request are completed within as little as 5-10 minutes and all you would require is your smartphone and your ID document.
When using the app, we recommend using your passport and a proof of address document dated within the past 3 months.
It really is very simple! Our Corporate Team will send you an invitation via email with simple instructions on using the CREDAS app.
Utilise the app to digitally verify and send us your proof of ID in just 5 minutes.
For the 10% of customers who are ineligible for the digital ID verification or in case of a failed digital ID check, our Team will contact you to discuss available options.
If you choose to certify documents yourself at the Post Office, notary, or solicitor, follow these steps:
Individual KYC is all about confirming a person's identity and background, whereas corporate KYC involves checking the legitimacy, structure, and financial health of a business.
Should you chose to opt for certification of documents by a regulation professional, please keep in mind that any documents that have been issued in a foreign language or that have been certified in a non-English language will need to be accompanied by a certified translation.
In some circumstances, exceptions can be provided for proof of address documents. Utility bills or bank statements issued by a recognisable utility service provider, or a bank are exempt from translation requirements. However, these documents must contain the name and address of the individual written in Latin characters for easy identification.
Being a regulated Company Formation, Corporate and Secretarial service provider, we are not able to process your order until we have completed statutory AML compliance and risk assessment. To help us to complete this process as quickly and as smoothly as possible, we kindly ask you not to delay provision of the required KYC/Due Diligence documents.
Your order will be processed upon receipt of scanned copies at KYC@CODDAN.CO.UK.
At Coddan CPM, we strive to make the ID Verification process as straightforward as possible while maintaining compliance with regulations.
We appreciate your cooperation in upholding compliance with regulatory standards.
If you have any concerns or queries or would like to discuss any specific questions, feel free to give our a call. We will be happy to assist.