Subotiz Accounts applications involve KYC review, document preparation, and supplemental document requests. This article answers common questions about the application process, including review timelines, required documents, supplemental submissions, and application review.
Review Timelines and Fees
How long does review take after submitting an application?
- Review hours: The KYC team processes applications during Beijing Time (UTC+8) business hours.
- Standard timeline: Applications with complete, compliant documentation are typically reviewed within the same business day.
- Extended timeline: Incomplete submissions, unresolved questions, or additional verification requirements may extend the review period.
Is there a fee to apply for Subotiz Accounts?
- Application fees: Subotiz Accounts application, KYC review, and annual account fees are currently free.
- Service fees: Foreign exchange, global payouts, and other Subotiz Accounts services may incur fees. Refer to the applicable feature page for details.
Enterprise Application Documents
What if a Hong Kong company is less than one year old and does not have a NAR1?
- Alternative document: Hong Kong companies incorporated within the past year may upload an NNC1 in place of the NAR1 Annual Return.
When is a shareholding structure chart required?
When the system requests a shareholding structure chart, the document must meet the following requirements:
- Show ownership relationships: Clearly illustrate all direct and indirect shareholding relationships.
- State ownership percentages: Indicate the exact ownership percentage held by each entity or individual.
- Include a signature: Have a company director sign the document or affix the company seal.
- Include a date: Include the date the document was signed.
Why must Ultimate Beneficial Owners (UBOs) with 25% or more ownership be declared?
KYC and anti-money laundering (AML) regulations require businesses to identify their Ultimate Beneficial Owners (UBOs).
- Declaration requirement: Declare all individuals or entities that directly or indirectly own 25% or more of the company and upload the required identity documents for each.
How should a US sole proprietorship submit ownership documentation?
Sole proprietorships with 100% individual ownership do not need to provide a complex ownership structure chart.
- Complete the required information: Enter the director and shareholder information based on the actual ownership structure.
- Upload supporting documents: Provide documentation confirming 100% ownership together with the required business documents.
Which entity should be used to apply for Subotiz Accounts?
Keep the following entities consistent throughout the application:
- Subotiz store entity
- Acquiring or payment entity
- Subotiz Accounts applicant entity
- Bank account holder entity
Using consistent entity information helps speed up the review process and reduces additional risk verification during future fund management.
Supplemental Documents and Review Issues
What should I do if my application is returned?
Check the reason provided in the Subotiz Admin and upload the requested documents again.
Common reasons include:
- Blurry documents
- Expired identification documents
- Incorrect information
- Missing documents
- Missing signature or company seal
If your application is rejected and resubmission is unavailable, contact your account manager or Subotiz Support for further assistance.
I received a supplemental document request, but there is no upload option. What should I do?
Complete the following steps:
- Refresh the page: Reopen the application and check whether the upload option appears.
- Verify your account: Make sure you are signed in to the correct store account.
- Contact Subotiz Support: If the upload option is still unavailable, provide:
- Store ID
- Applicant entity name
- Screenshot of the page
Do I need to resubmit all documents after receiving a supplemental document request?
No. Only the requested documents need to be uploaded or replaced. Previously approved information does not need to be submitted again.
How can I improve my application approval rate?
Complete the following checks before submitting your application:
- Submit clear documents: Upload high-resolution, unobstructed photos or scans of all required documents.
- Verify entity information: Make sure the company name, registration number, and other information exactly match the business registration documents.
- Prepare UBO documents in advance: Have identity documents ready for all individuals or entities holding 25% or more ownership.
- Verify file format: Make sure all uploaded files meet the supported file format and size requirements.