For those who intend to do Amazon, the European station has been the blue sea of many sellers because of the small number of sellers, little competitive pressure and high profit margin of single item. But because of the need of KYC and VAT two things during the application and operation of the European station,a lot of sellers uneasy on the application. If their account pass KYC, they will be happy, but they did not pass the KYC because of misconduct, means that many of the previous inputs are wasted.
So, what is KYC and what should we pay attention to during the KYC audit?
KYC is an abbreviation of "Know Your Customer". It refers to "know your customer". It refers to effectively discovering and reporting suspicious behaviors through the verification of customer identity and business practices, and avoiding customers involed in money laundering in actual operations.
For Amazon sellers, KYC audit requires us to provide a series of valid documents and information to verify the legitimacy of their operations. Amazon generally request the submission of information include:
1, the company business license;
2, the bank's public accounts;
3, legal persons and beneficiaries passport, ID card, account of this, proof of address, proof of bank account information;
4, proof of account receivables, such as WF card, P card and so on.
It should be noted that the structure of the company's shareholders should not be too complicated. The beneficiaries mentioned above are those shareholders who own more than 25% of the shares in the company. If the shareholding structure of the company is complex, shareholders all need to provide the corresponding information and it will be troublesome to handle.
Generally, the new account will be required to submit the KYC audit information shortly after it is registered. If you do not receive the notification of submitting the information, you can contact the customer service to apply for the KYC audit. Of course, this means that you have prepared all the information for the KYC audit.
Be sure not do that when asked to submit the KYC system you are not ready, because KYC generally have time-required, the sooner you provided the better it will be, and some of the information to prepare itself will take some time, So, for Amazon sellers, it's best to have all the information you need for a KYC review ready when you start applying for an account.
After completing the KYC audit, the account is basically could sell products, but some sellers may change the bound payment account for various reasons, and such changes often let the system to request a second KYC audit. Relatively speaking, the passing rate of the second KYC audit is lower than the first audit after the account registration is completed. Therefore, many sellers make various preparations while the account fails to pass the examination on the second KYC audit and their accounts been removed by the platform sales authority.
Since the secondary KYC audit is a hardest task, in order to avoid the account was removed sales authority in operation because of such problems, it is recommended that sellers consider post-operation to be used in the collection method to minimize the operation risk that the seller account be suspended because the information changes in operation.