Cannot signup as a business entity
Cannot sign up as a company
Root Cause (if applicable):
- VBit cannot verify legal identity of international business entity for Know Your Customer (KYC)/Anti-Money Laundering (AML)
- VBit is currently suspending ability to sign up as a business entity for US-residents
US-Base business entity:
On May 4th, 2021, VBit is suspending any application as a business entity until further notice.
International business entity:
International business owners who have not already signed up for a personal account may sign up their business entity as a personal (also known as an individual) account. The business owner, contact, or executor may signup on behalf of the entity as an individual as long as they do not already have an account.
VBit is not responsible for reporting income for international tax purposes. Since VBit does not support taxes preparation or report income for taxes for international members, VBit does not differentiate between individual or business entity accounts. It will be the account holder's responsibility to report taxes appropriately as a business entity or individual in their country.
- All non-USA members may only have 1 member account regardless of being individual or business.
- A non-USA person cannot sign up for 2 or more individual accounts where 1 is for private/personal and the other is for a business use.
- For example, if a non-US company's authorized agent (owner, contact, executor, etc.) already has an account, that agent cannot signup on behalf of the company; doing so will be in violation of having more than 1 account per person.
- All member IDs associated with the violation will be banned.
- Any affiliate who is found to be presenting, encouraging or acting on behalf of other members to commit any such acts in violation of sign up policy will be subject to review and may be banned.
References (if applicable):