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What is KYC verification? What materials are required for KYC review?

What is KYC verification? What materials are required for KYC review?

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KYC, which stands for “Know Your Customer,”

KYC means, in simple terms, that account holders’ conditions are checked and filed. Verifying the identity of the seller is the institutional foundation for fighting corruption and laundering money around the world. For sellers who want to open stores on European platforms, AmazonCompany and company owner identity verification (KYC verification) is a requirement set by European regulatory bodies (including the United Kingdom, France, Germany, Spain, Italy, etc.). After passing the review by the Amazon European Verification Team, sellers can only sell on the European platform.

The so-called “Know Your Customer” (KYC) policy was originally about a more thorough review of account holders. Financial institutions were required to use a “real name” system for accounts, find out who really controls the account and who the transaction is for, and find out the customer’s full name and where they live permanently.

The KYC review is a necessary part of European accounts. In most cases, it’s best to start getting ready for the KYC review as soon as you sign up for an account. After all, we can only be sure that we can show our strength on the platform if the account has passed the review.

When a seller’s total sales amount reaches 5,000 Euros or more, the seller is usually required to review. Here, it is suggested that you try to finish the review when you have made a total of 15,000 Euros in sales. If you don’t, you could be banned.

Important parts of the KYC review

There are three main parts to KYC review:

  1. The background was filled with the number of main beneficiaries.
  2. Main place of contact
  3. Billing: private and business

Why are you talking about these three things? Because this is the most important part of everything you will make.

Beneficiaries

First of all, the company’s beneficiary has to do with how the company’s shares are given out. The person or company who owns 25% or more of the company’s shares is called the beneficiary. A number of beneficiaries need to give information about a number of other people.

Main Place of Contact

Second, the address of the person you should talk to most. This has to do with bills for personal costs. The address on the bill must match the address you put in the Amazon background for customer service.

Billing

Third, bills from work and bills from home. For company bills, Amazon needs the company’s corporate account bill, which you can give them directly if you have one. If you don’t have a corporate account, don’t worry; the bill of the receiving account, which is often called the P card bill, is also acceptable. Both must pay attention to the address of the company on the bill. For personal bills, credit card bills are best. If you don’t have a credit card, personal savings card bills are also fine. Let the bank change the address as a business.

Everyone also needs to know that the difference between Co., Ltd. and youxiangongsi and whether the company name should use pinyin are all possible. Sometimes the KYC team’s standards will be a little bit different, and that’s fine. So long as the company name on Amazon’s backstage, business license, and credit card bill is the same, it’s fine. But sometimes it just picks you up, and trading for business is not allowed! If you want to use shangmao, you have to change it, so this kind of situation can’t happen. To avoid this kind of confusion, you should still use pinyin when you register, whether it’s for the company name or the company address.

Documents that need to be checked for KYC

Information about registering a business

(Excerpt from Business Registration)

It mostly talks about the business license of the company. Sellers on Amazon must provide a full, high-definition, color photo scan of the original company business license.

Main contacts and people who will benefit

(Main Point of Contact/Beneficial Owner)

Give the main point of contact and the front and back of the beneficiary’s ID, such as a passport or ID card.

Company Expenses Bill

(A copy of the following list of business costs)

Amazon sellers need to show company bills like water/electricity/gas bills, landline/mobile phone bills, network bills, tax/insurance/social security bills, bank statements, etc. At the same time, the bill must be printed by a public institution within 90 days. Also, the name of the company on the bill is the same as Amazon’s company name. The company’s legal name is the same, and the billing address needs to be the same as the address on the business license or where the business is actually run. If the bill is in the name of the landlord, a signed housing lease contract must be shown.

Billing for General Expenses to the Primary Contact and the Beneficiary

(A copy of the costs of running a home from the list below)

The seller shall supply the principal contact person and beneficiary daily invoices for water/electricity/gas, landline/mobile phone, network, tax/social security, personal credit card, etc. The principal contact person’s name and current home address are on the official institution’s 90-day bill. If none of the aforementioned bills are accessible, consider a personal or temporary residence permit.

Bank account statement for a business

(Proof that you own the bank account)

Give us a license for a business account that is valid for the next year or a business bank statement. The corporate bank account can be different from the Amazon collection account, but the corporate bank statement must have a clear company name, bank name, or logo. The billing date must be within 6 months, and the corporate bank statement must be a scanned paper statement piece.

The recipient’s bank account in another country

(Proof of Account Abroad)

As the receiving account, Amazon sellers should use either the company’s public account or the personal account of the person who will get the money.

A letter of permission

If the primary contact is not a company or a beneficiary, the Amazon seller needs to provide an authorization letter (the corporate legal person authorizes the primary contact to actually operate the account).

What should be looked at during a KYC review?

  • Put the materials needed for the KYC review into a PDF file, send it to the sales manager for a preliminary review, and then fill out the documents according to Amazon’s requirements. The legal person ID card and the legal person information page of the household registration book also need to be edited in Word to make a PDF file. You have to show both the front and back of the ID card.
  • When filling out the company name, it is best to use Chinese pinyin to make sure it is correct. For Hong Kong companies, fill out the English name of the company on the registration certificate;
  • Really fill in the company’s beneficiary, send in the personal bills and other information that go with it, and send in the company’s information with more care if there are more than 3 shareholders.
  • The information in the KYC review is sure to be correct, and there shouldn’t be any PS;
  • The review time usually takes between 3 and 5 days, but it may be extended in certain situations.
  • The company’s articles of association must include the percentage of each shareholder, as well as the handwritten signatures of each shareholder and the official seal of the company. You can download a template, change the information that needs to be changed, sign it, stamp it, and it will be fine. In company registration, you can find the general articles of association.

A document must be made ahead of time. This is something that the company usually has. If not, you can just download the template, change it, sign it, and stamp it yourself.

You can also ask the company’s industry and commerce bureau or market supervision bureau for a copy of the company’s articles of association. The supervision bureau will usually have archives.

Scan or take photos of all the pages of the charter when making it, and then edit them in Word to make a PDF.

  • Lianlian can show proof of payment with a bank certificate, this P card, or this card.
  • You can upload a copy of your business license, and some people do. If you do this, you don’t need to submit a notarized copy of your business license again. And some people can’t get the copy of their business license notarized. It doesn’t mean that the pictures aren’t clear or anything like that.
  • Notarization of business license: This information must be very clear, especially the notarization seal and the text on the notarization page (we have both Chinese and English when notarizing, but I only give the Chinese page because the English page address is wrong). The content is different in each language.) So, remember that you have to show the notarized chapters and the things that are marked on the notarized pages. It might be hard to scan. I’ve tried scanning things, but the chapters and signatures don’t show up.
  • If you have any questions, you can find the customer service quickly. If it’s really important, you can talk on the phone and get the answer you need quickly.
  • When getting ready for the first time, all of the materials must be ready.
  • The beneficiary’s billing address must match the one in the background. I used a China Merchants Bank credit card statement and asked the bank to change my address. China Merchants Bank credit card statements can have an address, and it’s not too hard to pass an audit with the bank’s seal.

How Fulfillmen Can Help You

If you’re looking for ways to enhance your e-commerce solutions, we can help you here at Fulfillmen.

Fulfillmen is the best Chinese fulfillment center. We help e-commerce entrepreneurs from China and all around the world.

We work with e-commerce solutions, logistics, dropshipping, product sourcing, and many more. Just reach us out and we’ll help you with your needs! You can reach us out here.

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