Setting up a business entity on a global platform requires clarity about your company’s legal structure and the documentation needed to verify it. Whether you're representing a private firm, a government-owned enterprise, or a nonprofit organization, understanding your classification is essential for a smooth verification process. This guide will walk you through how to identify your company type and prepare the necessary documents—especially when submitting for institutional verification with platforms like OKX.
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How to Determine Your Company Type
Identifying your company type isn't just about labels—it's about aligning your business structure with regulatory and operational standards. Here’s how you can accurately determine your company classification.
1. Refer to Official Legal Documents
Start by reviewing your Certificate of Incorporation or Business Registration Certificate. These official government-issued documents typically include details about your business structure, such as whether it’s incorporated as a limited liability company (LLC), partnership, or corporation.
Additionally:
- Articles of Organization or Bylaws often outline governance rules and ownership structure.
- Government authorities that issue these documents usually classify the entity based on local corporate law.
These foundational papers are among the most reliable sources for determining your legal status.
2. Analyze Your Company Structure
Beyond paperwork, examine the internal framework of your organization:
- Ownership: Is the company privately held, publicly traded, or state-controlled?
- Management: Who makes key decisions? Are there boards, shareholders, or sole proprietors?
- Governance Model: Does your entity follow corporate governance standards, trust agreements, or nonprofit bylaws?
This analysis helps clarify whether your company fits into categories like private operating company, fund, or trust.
3. Match Against Standard Classification Criteria
Use the following definitions to match your business with an accepted category:
| Common Traits | Likely Classification |
|---|---|
| Not publicly traded, less than 50% government ownership | Private Operating Company or Private Financial Institution |
| Publicly listed shares on stock exchanges | Publicly Listed Company |
| Pooling investor capital for investment purposes | Fund (e.g., hedge fund, mutual fund) |
| Fully or majority-owned by government | Government-Owned Entity |
| Manages wealth for high-net-worth individuals/families | Family Office or Private Investment Vehicle |
| Operates for social good without profit motive | Nonprofit Organization |
| Assets managed under fiduciary duty for beneficiaries | Trust |
Once you’ve matched your structure, proceed accordingly.
4. Consult Internal Stakeholders
If uncertainty remains, reach out to key personnel within your organization:
- Legal Team: Can clarify compliance requirements and formal classifications.
- Accounting Department: Understands financial reporting obligations tied to entity type.
- Company Secretary: Maintains statutory records and registration details.
- Compliance Officer: Ensures alignment with regulatory frameworks.
- Senior Management: Possesses strategic knowledge of company structure and purpose.
When internal expertise isn’t enough, consider consulting an external legal or financial advisor specializing in corporate structuring.
Supported Company Types and Required Documentation
Platforms like OKX support a wide range of institutional entities. Below is a breakdown of accepted company types and the corresponding documents you’ll need to submit for verification.
✅ Private Financial Institutions
Definition: Entities engaged in financial services—such as money transmission, brokerage, or banking—that are not publicly traded and have less than 50% government ownership.
Examples: MSBs (Money Service Businesses), fintech lenders, private banks.
Required Documents:
- Certificate of Incorporation
- Regulatory license (e.g., FinCEN registration, local financial authority approval)
- Beneficial ownership declaration
- Proof of physical office address
👉 See what documents are accepted for financial institution verification.
✅ Private Operating Companies
Definition: Businesses providing goods or services that are neither financial institutions nor publicly listed, with minimal government ownership.
Examples: Import/export firms, consulting agencies, retail chains, tech startups.
Required Documents:
- Business license or registration certificate
- Articles of Association
- Government-issued tax ID
- Utility bill or lease agreement proving business address
✅ Funds
Definition: Pooled investment vehicles managing capital from multiple investors.
Types Include: Hedge funds, private equity funds, pension funds, mutual funds.
Required Documents:
- Fund constitution or offering memorandum
- Proof of fund manager accreditation
- List of directors and ultimate beneficial owners (UBOs)
- Audited financial statements (if available)
✅ Publicly Listed Companies
Definition: Corporations whose shares are traded on public stock exchanges.
Required Documents:
- Stock exchange listing confirmation
- Annual report filed with securities regulator (e.g., SEC Form 10-K)
- Corporate registry extract showing shareholder structure
✅ Government-Owned Enterprises
Definition: Entities where the government owns 50% or more of equity—such as state agencies, parastatals, or sovereign wealth funds.
Required Documents:
- Official government decree or ownership certificate
- Organizational charter
- Authorization letter from governing body for platform access
✅ Private Investment Vehicles or Family Offices
Definition: Structures used by ultra-high-net-worth individuals or families to manage investments and assets.
Required Documents:
- Trust deed or investment mandate
- Proof of source of funds
- Identity verification of UBOs and authorized signatories
- Legal opinion confirming legitimacy (recommended)
✅ Nonprofit Organizations
Definition: Charities, NGOs, or social impact organizations operating for public benefit rather than profit.
Required Documents:
- Certificate of nonprofit status
- Mission statement and bylaws
- Tax-exempt certification (e.g., IRS 501(c)(3))
- Board member list
✅ Trusts
Definition: Legal arrangements where a trustee manages assets for the benefit of designated beneficiaries.
Required Documents:
- Trust deed outlining roles and responsibilities
- Identification of settlor, trustee, and beneficiaries
- Proof of asset ownership under the trust
Frequently Asked Questions (FAQ)
Q: Can I verify a newly incorporated company?
A: Yes, as long as you have all foundational documents such as the Certificate of Incorporation and proof of address. Some platforms may require additional time for review.
Q: What qualifies as proof of business address?
A: Recent utility bills, bank statements, or lease agreements in the company’s name—issued within the last three months—are generally accepted.
Q: Do I need to provide individual IDs for all shareholders?
A: Only ultimate beneficial owners (UBOs) holding more than 10–25% ownership (depending on jurisdiction) must be identified and verified.
Q: Is there a difference between a family office and a private investment vehicle?
A: While often used interchangeably, a family office typically serves one family, whereas a private investment vehicle might represent multiple investors. Documentation requirements are similar.
Q: Are offshore companies supported?
A: Many platforms accept offshore entities if they’re properly registered and compliant with anti-money laundering (AML) regulations. Full transparency is required.
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Final Tips for a Smooth Verification Process
To ensure fast and successful verification:
- Double-check all documents for clarity and completeness.
- Ensure names and addresses match across all submissions.
- Translate non-English documents into English using certified translators if required.
- Keep digital copies securely backed up.
Understanding your company type is the first step toward building trust and credibility in the digital economy. With accurate classification and proper documentation, you position your organization for seamless integration with global financial ecosystems.
Whether you're a private operating company expanding internationally or a nonprofit managing donor funds, correct identification ensures compliance, security, and scalability.