General business onboarding requirements

Last updated: October 3, 2025

Standard Business Onboarding Requirements

To onboard to Dakota, businesses must provide information about the business and its ownership. Below is an outline of the requirements:

Standard Business Onboarding Requirements

  1. Legal Entity Name - Official name of your business as registered.

  2. Registered Address - Address where your business is legally registered.

  3. Principal Operating Address - Address where your business primarily operates (if different from the registered address).

  4. EIN/TIN - U.S. tax identification number or an equivalent non-U.S. identification number.

  5. Business Entity Type - Specify your business structure (e.g., LLC, Corporation, Partnership, Sole Proprietorship).

  6. Business Formation Documents

  7. Business Ownership Documents

  8. KYC on Beneficial Owners and/or Control Persons:

    • Ultimate Beneficial Owners (UBO): Individuals or entities with complete ownership and control of the business.

    • Control Persons: Individuals with significant authority to control or direct the business (e.g., CEO, CFO, COO, President).

  9. Proof of Address Documents (if applicable, for both individuals and the business).

  10. Business Description - A brief explanation of your business activities, products, or services.

  11. Source of Funds - Information on where the business funds originate from (e.g., revenue, investments).

  12. Primary Account Purpose - Intended use of the account (e.g., payroll, business transactions, vendor payments).

  13. Business Website - If available, provide your official business website.

  14. DAO Status - Indicate if your business operates as a Decentralized Autonomous Organization (DAO).

Enhanced Business Onboarding Requirements (Case-by-case basis for additional due diligence)

In certain cases, we may require the following additional documents for enhanced compliance checks:

  • Proof of Funds – Bank statements or similar documents verifying business capital.

  • Proof of Operating Activity – Supporting documents such as invoices, receipts, commercial contracts, or bills of lading.

  • Licensing Information – Required for businesses operating in regulated industries (e.g., financial services, healthcare).

  • Ad-Hoc Requests – Any additional clarification or documentation needed for compliance.

  • Estimated Annual Revenue – Expected revenue for the current fiscal year.

  • Expected Monthly Transaction Volume (USD) – Estimated total value of transactions per month.