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Beneficial Ownership Requirements

IMPORTANT INFORMATION ABOUT OPENING A BUSINESS ACCOUNT

Effective May 11, 2018

At Vantage Bank Texas our goal is to make the business account-opening process an efficient and enjoyable experience for you. Effective May 11, 2018, all banks in the United States are subject to new rules established by the U.S. government. This new law requires every bank to obtain beneficial ownership information for almost all commercial entities.

Each time an account is opened for a domestic commercial Legal Entity, we are required to obtain the following identifying information for each individual that has 25% or more Beneficial Ownership in the Legal Entity, as well as, one individual that has Significant Managerial Control of the Legal Entity. For foreign entities, we are required to obtain beneficial ownership for anyone that has 10% or more Beneficial Ownership in the legal Entity. Required information is:

 

  • Complete Name
  • Physical Address
  • Date of birth
  • Social Security Number or other approved government identification number

 

You will also be asked to certify that this information is true and accurate to the best of your knowledge.

To make the process as efficient as possible, we suggest that you obtain the above detailed information, along with a copy of a current identification for each identified individual. If your business will be opening new accounts/loans on a frequent basis, please keep this information current and available to present each time you come in to establish a new account.

If you have any questions, please do not hesitate to call and speak with one of our Banking Center Managers by calling our Customer Care Center at 1-866-580-7262.

For each Legal Entity, domestic or foreign we are required to obtain the following business documentation:

 

Additional details and requirements

Aside from completing the Beneficial Ownership form, customers will need to provide the following information based on the type of business:

Corporation:

  1. Certificate of Formation /Articles of Incorporation
  2. Certificate of Incorporation/Filing
  3. Employer Identification Number
  4. Business Documentation (i.e. Corporate Resolution, Operating Agreement or K-1)
  5. Certificate of Authority for Non-Texas (if applicable)
  6. Assumed Name Certificate (if applicable)
  7. Organizational Meeting Minutes (if applicable)

Limited Liability Company (LLC/LC):

  1. Certificate of Formation of LLC/Articles of Incorporation
  2. Certificate of Filing of LLC
  3. Employer Identification Number
  4. Business Documentation (i.e. Company Agreement/Operating Agreement)
  5. Certificate of Authority for Non-Texas (if applicable)
  6. Assumed Name Certificate (if applicable)
  7. Company Meeting Minutes (if applicable)

Non-Profit Corporation:

  1. Certificate of Formation /Articles of Incorporation
  2. Certificate of Incorporation/Filing
  3. Employer Identification Number
  4. Business Documentation (i.e. Corporate Resolution / By-Laws or Operating Agreement)
  5. Certificate of Authority for Non-Texas (if applicable)
  6. Assumed Name Certificate (if applicable)
  7. Organizational Meeting Minutes

General Partnership:

  1. Business Documentation (i.e. Partnership Agreement)
  2. Assumed Name Certificate for GP/Joint Venture
  3. Employer Identification Number
  4. If GP is an entity (a Corporation or a LLC) provide documentation required of that entity
  5. Certificate of Authority for Non-Texas (if applicable)

Limited Liability Partnership (LTD/LP):

  1. Certificate of Filing of Limited Partnership
  2. Certificate of Formation of Limited Partnership
  3. Partnership Agreement
  4. Employer Identification Number
  5. Certificate of Authority for Non-Texas (if applicable)
  6. Assumed Name Certificate (if applicable)

Escrow:

  1. Agency or Escrow Agreement
  2. If Escrow is an entity (a Corporation or a LLC) provide documentation required of that entity
  3. Employer Identification Number

Business Trust:

  1. Trust Documents/Trust Summary (Certificate of Trust)
  2. Employer Identification Number for the Trust

Foreign Entities:

  1. Registro Federal de Contribuyentes (RFC)
  2. Acta Constitutiva/Acta de Asambleas (1)
  3. Dictamen Legal del Acta Constitutiva y Reformas de la Empresa (2)
  4. Documentación de la empresa que demuestre la tenencia accionaria