Once you’ve signed up with Yoco, you’ll be directed to complete your Yoco profile in the Yoco App (mobile or web). During this process, you’ll need to verify your email address, identity, bank and business details so that we can start paying you out.

Important: Please read the information related to your specific business structure carefully, as it outlines everything you’ll need to verify yourself and your business, and complete your Yoco profile.

Self-employed individual/sole trader/sole proprietor

This is someone who owns and operates a business on their own and is personally responsible for all debts, liabilities, and profits of the business. This is the simplest business structure and there’s no legal distinction between the owner and the business.

Verification requirements

Identity verification	Bank account
• Must be completed by the sole proprietor.	• Must be a personal bank account in the name of the sole proprietor. • No proof of account is required, unless the account is held with Finbond in which case a bank letter must be submitted.

Private Company (Pty) Ltd

This is any business/for-profit operation owned by one or more people/legal entities that has been registered as a (Pty) Ltd with the CIPC. It has one or more directors.

Verification requirements

Identity verification	Bank account	CIPC registration number	Confirmation of shareholding
• Must be completed by one of the directors of the company registered with the CPIC.	• Must be in the name of the company. • Proof of account may be required, depending on which bank the account is held with. • A bank letter is required as proof of account for all Finbond accounts.	• The CIPC number must be provided and can be found on the CIPC document in this format: (xxxx/xxxxxx/xx).	• The names, addresses, contact details and shareholding percentage of each of the shareholders must be provided.

✨ Can’t find your CIPC registration number? Visit the CIPC website here for more information.

Partnership

This is an unregistered business and represents the relationship between two or more people (partners/co-owners), who work together to generate a profit.

Verification requirements

Identity verification	Bank account	Partnership agreement
• Must be completed by one of the partners or co-owners of the business. • Must be a joint bank account in the name of the partnership. These do not need to be certified or independently verified.	• Identity documents are required for all partners in the partnership agreement. • Must have been opened by two or more people who are equally responsible for the business. • Proof of account (bank letter or statement) is required.	• A copy of the partnership agreement is required.

💡 Good to know: A partnership agreement is a legal document that outlines the terms and conditions of a partnership between two or more individuals. It defines the roles, responsibilities, and rights of each partner, and outlines how the business will be managed and operated.

✨ Don’t have a partnership agreement? Find out how to write one here.

Close Corporation (CC)

This is any business/for-profit operation that is owned by one or more people/legal entities (members) and that has been registered as a CC with the CIPC.

Verification requirements

Identity verification	Bank account	CIPC registration number
• Must be completed by one of the registered members of the CC.	• Must be in the name of the CC. • Proof of account may be required, depending on which bank the account is held with. • A bank letter is required as proof of account for all Finbond accounts.	• The CIPC number must be provided and can be found on the CIPC document in this format: (xxxx/xxxxxx/xx).

✨ Can’t find your CIPC registration number? Visit the CIPC website here for more information.

Non-Profit Organisation

This is a legal entity that operates for a charitable, educational, religious, scientific, or social purpose rather than to generate profit for owners or shareholders. Any revenue earned is reinvested into the organisation’s mission rather than distributed as profits. An NPO can be registered or unregistered.

Verification requirements: Registered NPO

Identity verification	Bank account	NPO Registration Certificate	Resolution
• Must be completed by one of the Directors, or the Chairperson, Treasurer or Secretary of the NPO.	• Must be in the name of the NPO. • Proof of account (bank letter or statement) is required.	• This document can be obtained from the Department of Social Development.	• This is a document that authorises you to apply to Yoco on behalf of the organisation – it can be the minutes of a meeting, in which you’re given the express permission. The resolution must be signed by all members.

✨ Need help creating a resolution? Use our template here.

Verification requirements: Registered NPC

Identity verification	Bank account	CIPC Registration Number	Resolution
• Must be completed by a registered Director of the NPC.	• Must be in the name of the NPC. • Proof of account (bank letter or statement) is required.	• The CIPC number must be provided and can be found on the CIPC document in this format: (xxxx/xxxxxx/xx).	• This is a document that authorises you to apply to Yoco on behalf of the organisation – it can be the minutes of a meeting, in which you’re given the express permission. • The resolution must be signed by all members.

✨ Can’t find your CIPC registration number? Visit the CIPC website here for more information.

Verification requirements: Unregistered NPO

Identity verification	Bank account	Resolution
• Must be completed by one of the Directors, or the Chairperson, Treasurer or Secretary of the NPO.	• Must be in the name of the NPO. • Proof of account (bank letter or statement) is required.	• This is a document that authorises you to apply to Yoco on behalf of the organisation – it can be the minutes of a meeting, in which you’re given the express permission. • The resolution must be signed by all members.

✨ Need help creating a resolution? Use our template here.

Trust

This is a legal arrangement in which a person or entity (the trustee) holds and manages assets on behalf of another person or group (the beneficiaries) according to specific instructions set by the person who created the trust.

Verification requirements: Trust

Identification	Bank account	Trust Letter of Authority	Trust Deed
• Must be submitted by one of the Trustees.	• Must be in the name of the Trust. • Proof of account (bank letter or statement) is required.	• Must detail the trustees and be stamped by the Master of the High Court.	• Must detail the beneficiaries of the Trust.