How Entity Onboarding Works
This article explains how control persons can complete entity onboarding on behalf of all Ultimate Beneficial Owners (UBOs).
What is a control person?
A control person is the individual authorized to manage and make decisions on behalf of an investing entity. For family offices, trusts, and other entity types with multiple beneficial owners, the control person can complete the entity profile and manage each UBO's information on Sydecar.
What is a UBO?
An Ultimate Beneficial Owner (UBO) is any individual who owns 25% or more of an investing entity or exercises substantial control over it. Regulatory requirements mean every UBO must be identified and pass KYC before the entity can fund a deal.
How entity onboarding works
Onboarding happens in two steps.
Step 1: Complete the entity profile
Fill in the entity's details and save the profile. The entity is created in the system at this point.
Step 2: Add UBO information
For each UBO, choose one of two paths:
- Enter details directly. Input the UBO's personal information, ownership percentage, and other required fields on their behalf. If all details are provided, KYC runs immediately and the UBO may not need to interact with the platform at all.
- Send an email invite. Send the UBO an email invite to complete their own information. Use this path if the UBO needs to input details themselves, such as their Social Security Number.
Each UBO can use a different path.
What UBOs receive
When a control person submits information on a UBO's behalf, that UBO receives a notification email. The control person can edit only a limited set of personal details associated with the UBO.If you need to make a correction, contact operations@sydecar.io.
Tracking KYC status
The control person can see which UBOs have passed KYC in the platform. KYC runs as soon as full UBO details are submitted.
If a UBO doesn't pass KYC right away, or if the control person doesn't have all required details, Sydecar emails that UBO to complete or correct their information. As a reminder, all UBOs must pass KYC in order for an entity to participate in a deal.
Frequently asked questions
Can a designated teammate on Sydecar input/edit a UBO's information? Yes, provided they meet the following conditions:
- They are an account-level teammate of the account owner under whose account the entity is listed
- OR they are a profile-level teammate of the entity,
- AND, they can verify they know the UBO by entering in their (a) SSN/ID and (b) DOB at the time of edit
What if my UBO won't share their SSN with me? Use the email invite path. The UBO can complete their own form, including their SSN, without sharing it with the control person.
Can the UBO see what was submitted on their behalf? UBOs can see a masked version of their SSN (last 4 digits only). Sensitive personal information is not exposed. Major corrections go through Sydecar's operations team.
What if KYC doesn't pass right away? Sydecar will email the UBO to resubmit their information. In rare cases, all UBO fields need to be re-entered from scratch, with the email address preserved.
Can I still send a UBO their own form even if I have their details? Yes. You can choose the email invite path for any UBO.
Need help?
Contact operations@sydecar.io for questions about entity onboarding, KYC status, or corrections to submitted UBO information.