Business customers must complete verification of the nature of the business, business registration, and associated persons. Fern oversees the entire verification process on your behalf, eliminating the need for you to manage it directly.
Information collected
Business details
Business name
DBA name (if applicable)
Business type
Whether the business is a DAO
Business address
Business registration number (Tax ID number / Employer Identification Number)
Website
Description
Source of funds
Funds source
Compliance screening procedures (if your customer is transmitting funds on others' behalf)
Beneficial owner information
Refer to Individual requirements
Email address
Percentage ownership
Controller information
Refer to Individual requirements
Email address
Title
Businessdocuments
Formation documents
Ownership documents
Business proof of address
Typical completion time: 10-15 min
Typical time to approval: 1-3 business days
If additional documents or information are needed (e.g., proof of business activities), our compliance team will contact your end-customer directly to complete the verification process.
Specific document requirements
The Fern customer verification links will make it clear what information is required from the customer. Customers will be required to provide documents that meet these criteria:
Formation documents
The documents must:
Include the entity name and business registration number
Be filed with the secretary of state or similar government body
Business name must match what was provided in the KYB form
Accepted documents include:
Official Articles of Incorporation / Organization
Official Certificate of Formation
Official Certificate or Registration of Limited Liability Partnership
Legal Entity Formation (for DAOs)
Trust Deed or Trust Agreement (for Trusts)
Ownership documents
The documents must:
Confirm all individual beneficial owners who own 25% or more of the underlying entity
Clearly account for 100% of ownership
Be officially verified:
Self-generated documents: Must be dated and signed by a lawyer or third-party CPA
Capitalization tables: No signature required if produced by well-known equity management platforms like Carta, AngelList, or Securitize
If the entity has another entity as a benefiical owner, confirmation of the individuals with significant control over the entity, such as its directors or officers, will be required
Accepted documents include:
Articles of Incorporation (listing shareholders, not just controller)
Capitalization table
Shareholder registry
Operating agreement
Membership schedule
Stock purchase agreement
Ownership attestation
Directors registry signed by a lawyer or CPA
Business proof of address
The documents must:
Confirm the current operating address
Mention the applying entity by name
Be issued in the last 90 days
Contain an address that is not a PO box or a virtual address
Accepted documents include:
Bank statement
Utility bill
Government-issued letter
Office lease agreement (must be current, can be older than last 90 days)
Note: DAOs may provide a proof of physical residential address for their verified control person if the DAO does not have its own physical operating address.
