A Proof of Income is a document or set of documents that demonstrate a company's financial performance and revenue streams. Common examples include profit and loss statements, balance sheets, tax returns, bank statements showing regular business deposits, or audited financial reports. This information provides insight into the company's financial health and its ability to meet its obligations.
How to provide a proof of income
A proof of income can be any of the following documents:
Most recent financial statements or annual accounts of the organisation
Copy of the document filed with the tax office at the end of the last business period
Most recent accounting report for the General Assembly
After producing one of the aforementioned examples, it can be submitted to the document upload portal that is available in the web app.
Why is it necessary?
Financial institutions are bound by rules and regulations that govern their operations. A proof of income may be required as a part of our anti-money laundering (AML) and know-your-customer (KYC) procedures to increase transparency and verify income streams. The proof of income helps to establish whether the business activities correspond to those that have been listed for the company.