Guides

Onboarding & KYC

Q. Why do I need to complete my KYC?

A. Completing your KYC is a regulatory requirement that helps prevent fraud and money laundering.

Q. What documents do I need to complete my KYC?

A. The specific documents you need may vary depending on the type of business you have. In general, you’ll need to provide your and/ or your business PAN card and proof of address (such as a utility bill or a valid Business Registration Certificate which contains address of the entity).

Q. Is my personal information secure with BillDesk during the KYC process?

A. BillDesk takes care of the security and privacy of your personal information. BillDesk ensures industry-standard security measures to protect your data, and will only use your information for the purpose of completing your KYC.

Q. How do I submit my KYC documents?

A. You can submit your KYC documents by sending it to your BillDesk Relationship Manager.

Q. How long does it take to complete my KYC?

A. The time it takes to complete your KYC can vary depending on several factors, such as the completeness and accuracy of your documents, and the volume of KYC requests being processed by BillDesk. Generally, it can take anywhere from a few days to a few weeks.

Q. What happens if my KYC is not approved?

A. If your KYC is not approved, BillDesk will notify you and provide an explanation for the rejection. You may need to provide additional or different documents to meet the requirements.

Q. What are the documents required to complete the KYC process?

A. This section lists the KYC Documents that merchants need to submit for verification during the merchant on-boarding process.

NOTE: IndiaIdeas.com Limited (BillDesk) shall verify each of the duly self-attested KYC documents submitted by the merchant and compare them with the original. An authorized officer of BillDesk shall also maintain a record on the copy as 'Original Seen and Verified'.

Sole Proprietary Firms

  • Proof of Business/Activity (any two of the following certified documents in the name of the Proprietary firm)
  • Registration certificate
  • Certificate/license issued by the municipal authorities under Shop and Establishment Act
  • Sales and income tax returns
  • CST/VAT/GST certificate (provisional/final)
  • Certificate/registration document issued by Sales Tax/Service Tax/Professional Tax authorities
  • IEC (Importer Exporter Code) issued to the proprietary concern by the office of DGFT
  • License/certificate of practice issued in the name of the proprietary concern by any professional body incorporated under a statute
  • Complete Income Tax Return (not just the acknowledgement) in the name of the sole proprietor where the firm’s income is reflected, duly authenticated or acknowledged by the Income Tax authorities
  • Utility bills such as electricity, water, and landline telephone bills
  • The registered office and the principal place of its business, if it is different
  • The Names of the relevant persons holding senior management position

Company

Certified copies of each of the following documents thereof shall be obtained:

  • Certificate of Incorporation
  • Memorandum of Association and Articles of Association
  • Permanent Account Number of the company
  • A resolution from the Board of Directors and power of attorney granted to its managers, officers or employees to transact on its behalf.
  • List of Directors downloaded from MCA website.
  • Documents, as specified in this page, relating to beneficial owner, the managers, officers or employees, as the case may be, holding an attorney to transact on the company's behalf.
  • Proof of Address of the entity

Partnership Firms / LLP

Certified copies of each of the following documents are required:

  • Registration certificate or Certificate of Incorporation
  • Registered Partnership deed or Registered LLP agreement
  • Permanent Account Number of the partnership firm or LLP
  • Authority resolution (latest)
  • List of Partners or Designated Partners (downloaded from MCA website)
  • Documents, as specified in this document, relating to beneficial owner, managers, officers or employees, as the case may be, holding an attorney to transact on its behalf
  • Proof of Address of the firm or entity

Trust

Certified copies of each of the following documents are required:

  • Registration certificate
  • Registered Trust deed
  • Permanent Account Number or Form No.60 of the trust
  • Latest Authority Resolution
  • Names of the Trustees, Beneficiaries, Settlor and Authors of the Trust on Trust Letter Head
  • Documents, as specified in this document, relating to beneficial owner, managers, officers or employees, as the case may be, holding an attorney to transact on its behalf
  • Proof of Address of the entity

Unincorporated Associations or Body of Individuals

Unincorporated Associations include unregistered trusts or partnership firms and Body of individuals include societies that are seeking merchant registrations with BillDesk.

  • Resolution of the managing body of such association or body of individuals
  • Permanent Account Number or Form No. 60 of the unincorporated association or a body of individuals
  • Power of attorney (latest) granted to transact on its behalf
  • Documents, as specified in this document, relating to beneficial owner, managers, officers or employees, as the case may be, holding an attorney to transact on its behalf
  • Documents proving the legal existence of such an association or body of individuals
  • Charter documents (Rules/Regulations/Byelaws/Constitutional document)
  • List of Governing Body Members
  • Proof of Address

KYC Documents (Related Persons)

This section provides the list of KYC documents required for Individual, Beneficial Owner (BO), Authorized Signatory (AS) or Power of Attorney (PoA) holder (related to a Legal Entity) and Sole Proprietor. Certified copies of each of the following documents are required:

  • Permanent Account Number or Form No. 60 as defined in Income-tax Rules, 1962
  • Documents that specify the nature of business and financial status of the merchant (applicable while establishing a relationship with an individual)
  • Certified copy of any Officially Valid Document (OVD) containing the details of the individual's identity and address.
  • Recent colour photograph duly countersigned

Officially Valid Document (OVD)

OVD includes the following documents:

  • Passport
  • Driving License
  • Proof of possession of Aadhaar number
  • Voter's Identity Card issued by the Election Commission of India
  • Job card issued by NREGA duly signed by an officer of the State Government
  • Letter issued by the National Population Register containing details of name and address

Where the referred person submits their proof of possession of Aadhaar number as an OVD, they may submit it in such form as issued by the Unique Identification Authority of India.

In case of Non-Resident Indians (NRIs) and Persons of Indian Origin (PIOs) - BillDesk shall seek to obtain the original certified copy of the above-mentioned documents as defined in the Foreign Exchange Management (Deposit) Regulations, 2016 {FEMA 5(R)}, alternatively, certified by approved authorities/officials in the Directions.

In case, the OVD presented by a foreign national does not contain the details of address - BillDesk shall accept the documents issued by the Government departments of foreign jurisdictions and letter issued by the Foreign Embassy or Mission in India as Proof of Address.

Updated 6 months ago