Velotrade has a straightforward and thorough onboarding process. Every user must complete the onboarding before they can get access to the platform. This measure prevents fraud and guarantees the safety of both sellers and investors.

On this guide, we will explain the necessary steps and lead you through the onboarding with Velotrade, whether you are onboarding as a business owner or as an investor. You will find the list of required documents needed to submit your application and to be successfully onboarded on the Velotrade platform.

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Table of Contents

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Apply as a seller

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Apply as an investor

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How does the application work?

Velotrade as a regulated financial institution

First and foremost, Velotrade is a Hong Kong-registered and regulated company. The company holds an SFC Type 1 license issued by The Securities and Futures Commission of Hong Kong. Furthermore, we have a Money Lender’s Licence.

Therefore, the verification process needs to comply with the regulatory requirements imposed by the regulators.

In simple words, it means we need to comply with rigid and strict regulations. All our clients on the platform must submit specific documentation. In this way, we can verify that the information provided is accurate and truthful. 

This process is known as KYC (Know Your Client or Know Your Customer). The background check is required to prevent access to counterparts that intend to conduct illicit activities such as money laundering. Moreover, this verification method deters illegal activities such as identity fraud and scams. 

The verification process only needs to happen once at onboarding.

Velotrade is a Trade Finance FinTech company operating in Hong Kong. As such, we embrace technology at our core. Our on-boarding process is entirely digital: from the signature of documents to submitting certificates and documents. We removed the limitations and the lengthy process caused by paper-based workflows. It all happens digitally: it is just a matter of a few clicks!

Platform users

There are two types of users of Velotrade’s platform; 

The Seller is the party that requires funding. 

The Investor is the party that provides capital to the sellers. 

The requirements vary from case to case. The following are the most common documents required for the  verification process. For the Seller and Investor’s verification, the company and its directors are assessed.

What are the documents required to finance via the Velotrade platform?

Firstly, any shareholder holding over 25% up to UBO (Ultimate Beneficial Owner) is required to provide the following documents:

  • Personal ID card or passport 
  • Personal proof of address such as utility bill
  • Corporate shareholders will identify themselves with company documents as well

The following documents are required to assess the company:

  • Business registration certificate or equivalent
  • Annual Return 
  • Audited Financials
  • Certificate of Incorporation
  • Memorandum and Articles of Association 
  • Company’s director(s) information 
  • Bank account details (can be provided at a later stage) 

Depending on the case, more documents could be required. For example, an organisational chart can further assist us to understand the company structure and its directors.

What are the documents required to be onboarded as an investor?

Firstly, investors are categorised into one of the following:

  • Non-professional investor 
  • Individual professional investors
  • Institutional, professional investors
  • Corporate professional investors

The following documents are generally requested for individual investor onboarding. The information collection process and documents required may differ from case to case. 

  • ID card or Passport copy
  • Proof of address such as utility bill
  • Bank statement
  • Details of the financial situation
  • Information about the investment objective and experience

The information collection process and documents for institutional and corporate investors are similar to the seller onboarding. The following are the set of documents (or information) generally requested: 

  • Annual return or equivalent
  • Business Registration certificate
  • Certificate of Incorporation
  • Memorandum and Articles of Association 
  • Company’s director(s) information (such as ID, Proof of Address, Bank statement, …)

The onboarding process step by step

Step 1: Fill Out The Sign Up Form

The onboarding method starts with a simple form in which you need to provide some preliminary information. Such as:

  • Name
  • Company Name
  • Website
  • Company email

You can insert the details directly here.

Your form is then submitted to our credit department for verification. 

Once the operator approves your request, you will have limited access to our platform. To have full access, you need to upload the required documents.

Step 2: Upload The Documents Requested

This stage of the verification process follows the KYC procedure. At this step, we validate the certificates and the ownership structure of your business. Here, you need to upload documents that allow Velotrade and its third-party partners to verify yourself and/or your business. 

 

Step 3: Wait For The Verification To Take Place

While we perform most of the verification processes internally, we also work with third-party risk management service providers. In this way, we can give a fair assessment of each case and make the decision accordingly.

Velotrade might, at any point, ask for extra documentation or information. If all the documents are cleared, the verification process should not take longer than a few weeks.

Good to go! 

Whether you are looking for financing or are ready to provide liquidity, you have full access to the Velotrade marketplace once your account is verified and approved.