In order to better service our clients and provide their business with full access to our services, we are required by law to gather certain information from the account owners and key persons.
Mandatory information required includes information on the Control Person and the Authorized Signer (which is explained further below) of the business, whether the business has an individual owner or not that meets the required threshold for providing ownership information. Please review our FAQ for more information.
To provide the beneficial ownership information, follow the steps outlined below:
Step 1: Log in to your Veem account and go to settings.
Step 2: Under settings, navigate to the Account tab.
Step 3: Under the Account tab, locate the "Information required: Ownership & Key Persons" card.
Step 4: Click on "Provide information". Read the details and then click on "Add Owner or key person".
Step 5: Select the owner type (Business or Individual) and then click "Continue".
- Add individuals: Use this option to add individual owners (authorized signers and a controlled person). Please note that one control person and one authorized signer is required to complete the process.
- Authorized Signer: This is the person that is authorized to sign agreements on behalf of the business.
- Control Person: This is the top executive or manager of the business. Common titles are Chief Executive Officer and President.
The information required for individuals may include:
- Country of residence
- Business title
- Email address (for the authorized signer)
- Percentage of ownership
- Phone number and type
- Home address
- Date of birth
- Social Security Number or Tax ID number
- Country of citizenship
- Then click "Save"!
Note: If the Authorized Signer added is not a current user on the Veem account, they'll automatically be added to the account (and will be granted access to settings). Thus, the following will happen:
- An email invitation will be automatically triggered. Since the Authorized Signer will need to certify that the ownership information is correct, it may also be a good idea to notify this person directly.
Then, to finalize the process, they'll need to click on "Create Password" in the email so as to:
- Create a password on the Veem login page as directed. (This does not create a new Veem account, rather it activates the user on the same account).
2. Add business entities (if applicable): Add all businesses that own 25% (10% for Canada) and more of the business using the Veem account. Here is the information that will be required:
- Country where the owning business entity is located
- Business name
- Tax identification number (TIN/EIN)
- Percentage of ownership
- Business legal address
- Then click "Save"
Repeat steps 4 and 5 to add multiple businesses and/or owners if needed until all required ownership information has been provided. Information can be edited by clicking “Manage” next to a given person or entity.
Step 6: To confirm that all the required information has been entered (submitted) please navigate to the beneficial ownership section which can be found by going to settings then the account tab; then click on update on any entry that has the warning sign (as seen below).
Step 7: To finish the beneficial ownership information process, the Authorized Signer needs to certify that the ownership information provided is complete and correct to complete the process.
To learn how to certify your beneficial ownership information, click here.
- For more information on how to edit, complete, and/or remove the ownership information, click here.
- An authorized signer that is not a user on the account, will be invited to join (see above under step 5)
- Only one Control Person can be added. Email address is not a requirement for a Control Person.
- At least one Authorized signer is required but more than one can be added.
- One Authorized signer is needed to certify the information provided.
- If your business has no individual owner that meets the required threshold for providing ownership information, we will still require information on a Control Person and Authorized Signer only.
Still need help? You can chat or call our Customer Success team here.