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Investee Company KYC (aka KYB) process

  • Updated

For a video guide to the KYB process, please scroll to the bottom of this page.

 

After the Syndicate Lead presses ‘submit for review’, the email they specified under the ‘investee company contact email’ will automatically receive an email requesting submission of your company’s KYC information. 

You’ll receive an automated email to provide Odin with your company’s KYC information. This will only be sent for a primary deal. If a secondary sale is happening for shares in your company, Odin will onboard the seller instead. You can directly reply to this email if you have any questions or need to make Odin’s team aware of something - it is not a ‘no reply’ email address.

This is an example of the form that your company will be required to complete. Note: Please don’t submit this form - it’s just an example rather than a working form.

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How to complete the ‘Investee Company KYB and Terms’ form

The section below contains a description of everything Odin needs to know in order to assess your company and approve the SPV, along with explanations of Odin’s requirements:

  • Company legal name - This should be the name by which your company is registered on a company record.
  • Your full name - The full name of the individual completing the form.
  • Your position - The listed job title of the individual completing the form.
  • Company Certificate of Incorporation - The document certifying the incorporation of your company, issued by the company registry office of the country of incorporation. If the company was incorporated under a name which was later changed, Odin requires proof of the name change as well.
  • Company bank statement - A recent bank statement issued to your company within the last 3 months of the current date. If your company has been incorporated so recently that you do not yet possess a bank statement, please upload a blank PDF and inform Odin’s Customer Support team.
  • Company Proof of Address - A recent proof of address issued to your company within the last 3 months of the current date, that confirms the registered address of your company. Odin accepts a utility bill, phone bill, tax document, insurance letter, or similar.
  • Beneficial Owner Identity Documents - You’ll need to upload a proof of identity document for each ultimate beneficial owner (UBO) of your company, so that Odin can complete a KYC check for each of them:
    • A UBO is defined as anyone who owns a stake in your company of 25% or more.
    • If any of your UBOs are business entities or trusts rather than individuals, please contact Odin’s Customer Support team so we can manually intervene with the KYC of the UBOs of the business entity or trust.
    • In rare cases where the UBOs trigger ‘high-risk’ flags for Odin, our team may carry out some enhanced due diligence procedures.
    • You must upload photos of the proof of identity documents, not scans. Odin accepts the following:
      • Passport;
      • National ID Card (both sides);
      • Driving Licence (both sides);
  • Beneficial Owner Proof of Address - You’ll need to upload a proof of address document for each ultimate beneficial owner (UBO) of your company, so that Odin can complete a KYC check for each of them.
    • A UBO is defined as anyone who owns a stake in your company of 25% or more.
    • If any of your UBOs are business entities or trusts rather than individuals, please contact Odin’s Customer Support team so we can manually intervene with the KYC of the UBOs of the business entity or trust.
    • In rare cases where the UBOs trigger ‘high-risk’ flags for Odin, our team may carry out some enhanced due diligence procedures.
    • You must upload photos or PDFs of the proof of address documents, not scans or screenshots. The documents also must be dated within the last 3 months. Odin accepts the following:
      • Utility bills
      • Bank statements and credit card statements
      • Tax documents and government-issued residential documents.
  • S/EIS Eligibility - Confirm whether or not your company is eligible for EIS, SEIS, both, or neither. This is only relevant for UK companies, or companies with an agent in the UK. Please only select ‘EIS’, ‘SEIS’, or ‘both’ if you can provide Advanced Assurance from HMRC.
  • Notary/Wet-Signing - Confirm whether investment legals will require notarisation and/or wet signature. If The Syndicate Lead is raising via a debt-related instrument and either of these only applies upon a conversion event, please select the middle option.
  • S/EIS Advanced Assurance - This field won’t appear unless you’ve declared eligibility for EIS, SEIS or both schemes. Please upload the email confirmation from HMRC that declares Advanced Assurance for the relevant scheme(s). If you are waiting for Advanced Assurance but are confident it’ll be granted by HMRC, you can submit a blank PDF instead. However, please note that Odin will not be able to publish the Syndicate Lead’s deal as being eligible for tax relief until you’ve shared this with us.
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  • Wire Instructions - Input the full bank details for the company bank account you intend Odin to wire funds to upon completion of any SPV Odin administers. This has to be your company’s account - it cannot be a personal bank account.
  • Investee Company contact number - Input the phone contact number that Odin can use to get in touch with your company for urgent matters.
  • Investee Company email - (Optional) Input the email address that Odin can use to get in touch with your company.

Once you’ve completed the form, click ‘submit’. If you’ve submitted anything incorrectly, or acquire relevant documents at a later date, please inform Odin’s Customer Support team or your Syndicate Lead and we’ll update the submission for you.

Having received this form submission, Odin will then review all information, conduct KYC checks on the ultimate beneficial owners (UBOs) of your company, and then complete a short manual check on all materials provided (pitch deck, website, investment agreement etc.) to guarantee the legitimacy of your company.

Note: Odin cannot release any funds to the investee company until all KYB checks have been conducted.

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