N09: Beneficial Ownership Error

It looks like our system is having trouble verifying the uploaded documents that show proof of ownership. Either the document uploaded does not meet our requirements, or documentation regarding proof of ownership has yet to be uploaded to this account. 

Ownership must meet the following requirements:

• Acceptable documentation may include:
  • Operating Agreement
  • Articles of Association
  • Partnership Agreement
  • Board of Resolution
  • Certificate of Incorporation
  • Certificate of Formation
  • Certificate of Good Standing
  • Bylaws
  • Articles of Incorporation
  • Share Registry

• There must be at least one individual that demonstrates ownership and control of the entity.
  
  
• Beneficial owners that own 25% or more of the entity must be listed on the document and added to the account as a related contact.
  
  
• If beneficial owners do not have responsibility to control, manage, or direct the business of the company, you must  add the individual as a related contact.
  
  
• If the document provided lists the amount of shares each beneficial owner holds, the total amount of shares must be listed as well.
  
  
• If the entity is owned by a sole member, documentation must demonstrate that the sole member owns 100% of the entity.
  • This can be verified by providing an SS-4 form from the IRS.
     
• If the entity is a nonprofit or charity, documentation must clearly state the controlling person.
  
  
• Non-official documents must be on company letterhead.
  
  
• Documents must be in English
  • Documents that are not in English must be officially translated. Acceptable documents include:
    • Original document translated by a certified translator and notarized with a stamp or seal of notary and signature of notary in black or blue ink only.
    • Original document translated by a certified translation service company on letterhead (notarization not necessary).
    • The translation must be included with the original and translated document.

If the company does not have the above documents, we will accept:

• Spreadsheet or organizational chart/structure showing the following:
  • Company’s name
  • Name of beneficial owners
  • Amount of shares or percentages owned
  • Total amount of shares must be listed or the percentages should add up to 100%

If you have any further questions regarding these requirements, please reach out to your Account Manager or our support team at support@primetrust.com.