Skip to main content
All CollectionsBusiness Accounts
How to create and verify a business account
How to create and verify a business account

You will learn how to create a business account and verify it.

Updated over a week ago

How to create a Shakepay for Business account

Follow these step-by-step instructions to create a business account:

  1. Open the sign up page on our site and start the flow on a computer.

  2. Select Business.

  3. Choose a shaketag. It’s like a username, but unique to Shakepay.

  4. Enter your email address and create a strong password.

  5. Check the box to agree to our Terms of Use and click Continue.

  6. Look for a verification email from Shakepay in your inbox.. Open the email and click Verify. If you didn’t receive the email, check your spam folder or click Resend email in the Shakepay sign-up page.

  7. Go back to the Shakepay sign-up page where you left off and click the button I clicked the link. You will see a message telling you your email has been verified.

  8. Enter your personal Canadian mobile number and click Submit

    Note: This number is used to authenticate your Shakepay account via two-factor authentication. You’ll provide a number for your business in a later step.

  9. You’ll receive a 6-digit verification via SMS. Enter the verification code in the Shakepay sign up page and click Continue.

  10. Your business account has been created! Read the disclaimers and check both boxes if applicable. Click Continue.

Next, you will need to complete the account verification process before you can start buying and selling crypto.

How to verify your business account

Follow these these step-by-step instructions to verify your business account:

  1. Answer the questionnaire Getting to know your business by selecting the most relevant responses for your business.

  2. Click Save and continue.

  3. Provide details about the account holder. If your business has multiple directors, you will have the option to add them later.

  4. Click Save and continue.

  5. Follow the instructions to verify your identity. You may need to provide a piece of ID and a security selfie.

  6. Enter information about your business.

  7. If your business has multiple directors, click Add director to enter their information.

  8. Click Save and continue.

  9. Download the Shareholder register form linked in the instructions. Fill it out, sign it, and upload it back using the sign-up page. If you can’t find the form, you can also download it here: Shareholder Structure - Fillable.pdf

  10. Click Submit.
    ​

That’s it! Our team will review your business information within 7 days and contact you if anything is missing or your account is all set.

Documents we might request

Corporations

  • Certificate of Incorporation

  • Articles of Incorporation

  • Shareholder register indicating each person’s percent ownership

    • If a company owns more than 25% of the equity, we will need the certificate of incorporation, articles of incorporation and shareholder register for each company owing more than 25%

  • Beneficiary owner/controlling individual identification (valid photo ID)

Partnerships

  • Partnership agreement

  • List of all partners, including the percentage of their ownership/contribution

  • Beneficiary owner/controlling individual identification

Trusts

  • Trust deed or similar document establishing the trust

  • Beneficiary owner/controlling individual identification

Cooperative

  • Articles of Association or similar founding documents

  • A list of the board of directors or governing body, including their positions and contact details

  • Membership register or a list of members, if applicable

  • Beneficiary owner/controlling individual identification

Sole proprietorships

  • Articles of Organization or similar formation documents

  • Operating agreement (if applicable)

  • Beneficiary owner/controlling individual identification

Limited Liability Company (LLC)

  • Articles of Organization or similar formation documents

  • Operating agreement (if applicable)

  • Beneficiary owner/controlling individual identification

We will need the account holder and directors owning more than 25% to verify their identity.

  • You can upload either a valid Passport or Driver’s License (front and back) of the company director.

  • All shareholders must be residents of Canada for tax purposes.

Common questions

Why is verifying my business required?

KYB (Know Your Business) is required to ensure compliance with legal and regulatory standards, prevent fraud, and verify the legitimacy of businesses using Shakepay. It helps create a secure environment by verifying the identity and activities of business entities, protecting against money laundering, illicit activities, and other risks.

What are the benefits of verifying my business?

Completing the KYB process gives you access to:

  • All platform features for Shakepay for Business accounts

  • Compliance with legal regulations

  • Personalized assistance from our Customer Care team for businesses
    ​

How long does it take to verify my business account?

The verification process typically occurs within 7 days, depending on the accuracy and completeness of the information you submitted. Delays may occur if additional documentation is needed or if the details you submitted require further review.

What information do I need to provide to complete the KYB process?

You’ll need to provide information about your business, such as the source of the funds your business plans to use, details about the account holder, information about and a shareholder registration form listing ownership details.

What types of businesses are eligible to create an account?

Most registered businesses, including sole proprietorships, partnerships, corporations, and non-profits, are eligible. However, eligibility may vary based on jurisdiction and the nature of the business. Restricted or high-risk industries may require additional scrutiny.

Can international businesses use Shakepay?

Businesses must be registered in Canada and meet our compliance requirements to have a Shakepay for Business account. Additional documentation may be required for cross-border businesses.

What happens if my application for my business is denied?

If your application for your business is denied, you’ll receive a notification with the reasons for the decision. In many cases, you’ll have the opportunity to resolve the issues, such as submitting additional documents or correcting discrepancies, and reapply.

How do I check the status of my business application?

Updates will be sent to you via email as soon as they’re available. If you need further assistance, you can contact our Support team for any other questions.

How does Shakepay ensure the security of my business information?

We use advanced encryption protocols, secure storage, and robust access controls to safeguard your data. Regular audits and compliance with industry security standards ensure your information remains private and protected from unauthorized access.

Is your platform compliant with Canadian regulations?

Yes, our platform is fully compliant with Canadian regulations, including those set by CIRO (Canadian Investment Regulatory Organization) and FINTRAC (Financial Transactions and Reports Analysis Centre of Canada). We continuously update our processes to align with evolving legal requirements.

Which features will I have access to after I complete verification?

Once you complete verification, you’ll be able to:

  • Buy, sell, send, and receive crypto

  • Deposit or withdraw funds via wire transfer

  • Deposit or withdraw funds via Interac e-Transfer to/from a business bank account in your company’s name

  • Schedule recurring buys

  • Set up custom orders

  • Unlock ShakingSats to earn sats by shaking your phone

  • Shakepay a friend

  • Shake it Forward

We’re also committed to continuing to enhance the experience for business customers by providing them additional tools and features tailored to their needs.

Troubleshooting

How to re-upload your director verification if it was rejected?

You will receive a new email containing a secure link to verify your identity again. Simply click the Verify identity button in the email and follow the steps.

How to verify other directors listed?

Each director you list will receive an email containing a secure link to verify their identity.

How to upload additional documents requested by the onboarding team?

If our team requests additional documents, you can log in your account and click Provide details in the Additional information required banner. You will be able to browse or drag and drop the documents needed and then upload the documents by clicking Submit.

Did this answer your question?