Documents Needed to Open a Corporate Account¶
At Tenet Bank, we strive to make the onboarding process as smooth as possible. Our proprietary platform, TenetOS, will guide you through setting up your account, including creating a structure chart to outlining the ownership and control of your entity.
Under Cayman law, verification is completed for:
- the Corporation
- its Directors (or equivalent)
- any Beneficial Owners holding 10% or more of the company’s shares
This process continues up the ownership chain until the ultimate beneficial owner (UBO) is identified.
1. Documents needed to Verify Corporate Structures¶
| Document Type | Limited Company (Ltd.) | Limited Liability Company (LLC) | Foundation Company | Limited Partnership (LP) |
|---|---|---|---|---|
| Formation Documents | Certificate of Incorporation | Certificate of Registration | Certificate of Incorporation | Certificate of Registration |
| Governing Documents | Memorandum & Articles of Association | Operating Agreement | Memorandum & Articles of Association | Limited Partnership Agreement |
| Additional Constitution | By-laws (if applicable) | By-laws (if applicable) | By-laws (if applicable) | By-laws (if applicable) |
| Proof of Controller | Register of Directors & Officers | Register of Managing Members | Register of Directors & Officers, Register of Supervisors | Limited Partnership Agreement |
| Proof of Beneficial Ownership | Register of Members | Register of Members (or equivalent) | Register of Members (required even if no members) | Register of Partners or Limited Partnership Agreement |
| Funding (Source of Wealth) | Part of online application | Part of online application | See notes 2.2 | Part of online application |
| Funding (Ongoing Financials) | Latest Financial Statements | Latest Financial Statements | Latest Financial Statements | Latest Financial Statements |
| Proof of Good Standing | Certificate of Good Standing (see notes 2.3) | Certificate of Good Standing (see notes 2.3) | Certificate of Good Standing (see notes 2.3) | Certificate of Good Standing (see notes 2.3) |
| CRS/FATCA Self-Certification | See guide | See guide | See guide | See guide |
| Account Opening Approval | Director Certificate | Director Certificate | Director Certificate | Director Certificate |
The documents listed in the table reflect standard due diligence requirements. However, please note that upon review, we may need additional documentation or clarifications in order to complete our assessment.
2. Notes¶
2.1 Certification¶
All documents used for verification must be independently certified.
- Your registered office should be able to certify your company’s documents, ensuring they are recognized as authentic for due diligence purposes.
- Most corporate service providers or law firms acting as a registered office can assist with this process.
- An individual, who is an independent professional, may also certify.
For further information, please see our Document Certification Guide.
2.2 Foundation Company – Funding¶
Cayman foundation companies, which can operate without members, have flexible funding options:
- Contribution Agreement: A common method for funding Cayman foundations. This agreement outlines the terms under which contributions (monetary or otherwise) are made to the foundation.
If there is no recorded beneficial owner and no publicly available information on the lender or contributor, we may require additional documentation specifically related to the lender or contributor.
- Loan Agreement: Foundations can also be funded through loan agreements. These agreements specify the terms under which the foundation borrows funds.
- Where the lender or contributor is not a publicly known or regulated entity, and/or limited information is available, we may require additional documentation to complete our review.
- Secretary’s Notice of No Objection: For a Cayman Foundation, the secretary is required to keep a full and proper record of enquiries made and information provided in respect of asset contributions. A Foundation may not accept a gratuitous transfer of property (i.e., a donation or non-commercial contribution) unless its Secretary gives a written notice stating that he or she has no objection to the transfer.
2.3 Proof of Good Standing (for the Applicant only)¶
Certificate of Good Standing
- Cayman Islands and BVI:
- You may request a certificate through your registered office.
- Alternatively, Tenet may accept a stamped copy of your annual return.
- If newly incorporated and still in the same calendar year, this requirement is waived.
- Delaware:
- This can be provided by the Delaware Secretary of State. Order Delaware Cert. of Good Standing from Harvard Business Services, Inc.
- For guidance on other jurisdictions, feel free to reach out to onboarding@tenet.ky.
All information provided will be treated with strict confidentiality in accordance with our terms and conditions.