What onboarding information is required for a privately owned company?

Published on Oct 13, 2023Updated on Jan 30, 20252 min read153

What's a privately owned company?

Private companies are privately owned entities that are not financial institutions, not publicly traded and have less than 50% government ownership. These entities are involved in many kinds of industries, such as manufacturing, pharmaceuticals, real estate, and construction.

Who are the key persons for a privately owned company?

  • Corporate officers: Persons with significant responsibility to control, manage, or direct the privately owned company including executive officers, senior managers (for example, CEO, CFO, COO, Managing Member, General Partner, President, Vice President, or Treasurer), or any other persons who regularly perform similar functions.

  • Directors: Persons elected or appointed to serve on the board of directors of the privately owned company. These persons govern and oversee the privately owned company, and are responsible for its high-level strategy, operations, and accountability.

  • Ultimate beneficial owners: Persons who ultimately own and/or who exercise ultimate control over the privately owned company. “Ultimately owns” and “ultimate effective control” refer to situations in which ownership/control is exercised through a chain of ownership or by means of control other than direct control.

  • Authorized users: Persons who have access to and can operate your institution’s OKX account.

What'll a privately owned company need to consider for the onboarding process?

  • Identify all key parties

    • Identify all key parties involved in the privately owned company, including the corporate officers, directors, ultimate beneficial owners, and any authorized users.

  • Provide organizational documentation

    • Provide organizational documentation that regulates and binds the privately owned company and establishes its control and management structure.

  • Provide identifying information

    • Provide identifying information for the privately owned company, such as your institution’s legal full name, registration address, principal place of business, institution type, and industry, amongst other pertinent and verifiable data.

  • Provide identification documentation

    • Provide valid proof of identity (PoI) and proof of address (PoA) documents that verify the existence and establishment of the privately owned financial institution, as well as the identity of each key person involved.

Learn more about the types of institutions that are supported by us here.

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