Overview
Vistra’s digital onboarding experience allows you to seamlessly incorporate your company and set up a business account, all in one streamlined process. This guide walks you through the journey—from submitting your incorporation request to managing global transactions via Business Accounts, powered by Airwallex.
Incorporation and Business Account Setup KYC Process Workflow
🚀 Key Takeaway: Quickly incorporate your business and gain immediate access to multi-currency business accounts for global transactions.
Incorporate Your Company in a Few Clicks
Vistra’s On-Ramp Incorporation simplifies company registration in jurisdictions like the British Virgin Islands, Cayman Islands, Hong Kong, and Singapore.
Step-by-Step Guide
1. Select Your Incorporation Jurisdiction
Choose from British Virgin Islands, Cayman Islands, Hong Kong, or Singapore.
2. Choose a Company Name
Input up to three preferred names to check availability.
3. Pick a Package & Complete Payment
Select an incorporation package that meets your needs.
Securely pay via Stripe.
4. Submit Company Information
Provide company details such as:
Industry type
Reporting currency
Directors
Shareholders
Share allocation
5. Complete KYC Requirements
Submit required Know Your Customer (KYC) details, including:
Proof of identity (passport or ID)
Proof of address (utility bill, bank statement)
Company Structure and Shareholder Details
Vistra will then pre-fill the respective jurisdiction-specific KYC forms using the collected information and email them to you for completion.
6. Vistra KYC Review & Registry Submission
Once you submit the completed KYC forms via email, Vistra will review and verify your KYC details.
Once verified, Vistra submits your incorporation request to the local registry.
7. Receive Incorporation Confirmation
Once the local registry confirms and approves the incorporation request, you will receive:
Certificate of Incorporation (COI)
Company Kit (digital documents for compliance and setup)
8. Commence KYC with Airwallex
Once your company is incorporated, Vistra initiates the process of opening a Business Account:
Vistra commences Airwallex’s KYC process, passing KYC data of the newly incorporated company to Airwallex.
You will receive an email notification prompting you to review and acknowledge your Airwallex KYC details and accept Airwallex’s Terms & Conditions on the Vistra Platform.
9. Airwallex KYC Approval & Business Account Activation
Airwallex reviews and approves KYC (subject to Airwallex KYC verification).
Once approved, your Business Account is activated.
You gain access to entity-linked multi-currency wallets, global accounts, and global transfer features.
🔹 Next Step: Proceed to Business Account Setup.
Setting Up Your Business Account
Once your company is incorporated, you can instantly open a Business Account. This allows you to manage multi-currency transactions and global transfers.
Step-by-Step Guide
1. Access Business Accounts
Navigate to the Business Accounts section on the Vistra platform.
View wallets created for each of your legal entities.
2. Check Your Balances
In the Balances Tab, view available funds across multiple currencies.
3. Receive Payments (Open a Global Account)
Navigate to the Global Accounts Tab and click Create New Global Account.
Input the account name and location, then click Create.
Instantly access banking details (account number, bank name) for inbound transfers.
4. Convert Currencies Instantly
Go to the Conversions Tab.
Select the currency to convert and the target currency.
View real-time exchange rates and complete the conversion.
5. Add Payout Recipients
Before sending funds, create a Recipient under the Recipients Tab.
Input the recipient’s bank details, business type, and payout rail.
Ensure the account name is 100% accurate to avoid payment failures.
6. Make Outbound Transfers
In the Transfers Tab, select a recipient and enter the transfer amount.
Review transfer fees and final amount received.
Confirm transfer details, including the payment reference (ensures the beneficiary recognises your transfer).
7. Track Transactions
View conversion and transfer history in the Transactions Tab for full transparency.
Key Benefits
Global Multi-Currency Support 🌍 – Receive and send payments in multiple currencies.
Instant Account Creation ⚡ – Open a business account immediately after incorporation.
Real-Time FX Conversions 🔄 – Convert funds at competitive rates.
Secure and Compliant 🔒 – Fully KYC and regulatory compliant.
FAQs
Incorporation Process
Q: How long does the incorporation process take?
A: The process typically takes a few business days, but exact timing depends on the jurisdiction and how quickly KYC documents are verified.
Q: What jurisdictions are supported for online incorporation?
A: Currently we support online incorporation for the British Virgin Islands (BVI), Cayman Islands, Hong Kong, and Singapore, with more jurisdictions to come.
Q: Can I change my selected jurisdiction after starting the incorporation process?
A: No, once an incorporation request has been submitted, the jurisdiction cannot be changed. You would need to start a new application if you wish to incorporate in a different country.
Q: What happens if my preferred company name is already taken?
A: You will be notified immediately during the name selection process. You can then choose an alternative name before proceeding.
Q: Do I need a local director or office in my chosen jurisdiction?
A: This depends on the jurisdiction:
British Virgin Islands (BVI)
No local director required—directors can be individuals or corporate entities.
A registered office in BVI is mandatory (provided by registered agents).
Hong Kong (HK)
At least one natural person is required as a director, but they can be of any nationality and do not need to be a Hong Kong resident.
It is also mandatory in Hong Kong to have a Local Company Secretary. They must be either:
A Hong Kong resident (if an individual), or
A corporate entity with a registered office in Hong Kong and a valid Trust and Corporate Service Provider (TCSP) license.
If the company has only one director, they cannot also be the company secretary.
A local registered office is required.
Singapore (SG)
At least one director must be a Singapore resident (per the Companies Act).
A registered office in Singapore is mandatory.
Cayman Islands (CAY)
No local director required, but independent/non-executive directors may be beneficial for regulated entities.
A registered office in the Cayman Islands is required (provided by licensed service providers).
Q: What documents do I need for KYC verification?
A: You will need:
Proof of identity (e.g., passport or national ID)
Proof of address (e.g., utility bill, bank statement)
Company structure and shareholder details
Q: How do I submit my KYC documents?
A: Once you completed the incorporation request, Vistra will pre-fill jurisdiction-specific KYC forms using the collected information and email them to you for completion. You can submit the completed documents by replying to the email.
Q: What happens after I submit my KYC documents?
A: Vistra will review your KYC submission and verify your details. If additional information is required, you will receive a request for more details. Once approved, the incorporation process moves to registry confirmation.
Airwallex KYC & Business Account Setup
Q: When can I open my Business Account?
A: You can begin the Business Account setup immediately after your legal entity is successfully incorporated. Once Vistra completes the company registration, your KYC data will be sent to Airwallex to commence the Business Account KYC process.
Q: What happens after Vistra submits my KYC details to Airwallex?
A:
Airwallex initiates KYC verification, reviewing your company details.
You review & acknowledge the Airwallex KYC details and accept Airwallex’s Terms & Conditions.
Airwallex finalises verification and approves your Business Account (subject to Airwallex's discretion).
Q: How long does Airwallex KYC verification take?
A: The process is usually completed within 1-3 business days, contingent on all required information is correct and that the user is opening a Wallet for a supported jurisdiction.
Q: What if Airwallex requires additional KYC documents?
A: If additional verification is needed, you will be notified via email by the Vistra Team. You will be required to submit the additional documents for further review.
Q: When can I start using my Business Account?
A: You can access your account immediately after incorporation and Airwallex KYC approval.
Q: Can I start using my Business Account before KYC approval?
A: No, your Business Account will only be activated once Airwallex completes KYC verification.
Using Business Accounts
Q: What currencies are supported?
A: Your Business Account supports major global currencies, with real-time FX conversion available. A full list of supported currencies can be found here.
Q: What are Global Accounts, and how do they work?
A: Global Accounts are local bank accounts in multiple currencies, allowing you to:
Collect payments in 13 major locations in 22 currencies.
Avoid forced FX conversions by holding funds in their received currency.
Ensure faster settlement times using local banking networks.
Q: How do I open a Global Account?
A:
Navigate to the Global Accounts Tab in Business Accounts.
Click Create New Global Account.
Enter an account name and location, then click Create Account.
Your Global Account will be instantly generated, and you can start receiving payments.
Q: How do I convert currencies in my Business Account?
A:
Navigate to the Conversions Tab.
Select the currency to convert and the target currency.
View the real-time FX rate.
Confirm the conversion to update your wallet balance.
Q: What happens if I send a payment in an unsupported currency?
A: If the recipient’s currency is not supported via local payment rails, your transfer will be processed through SWIFT, which may incur higher fees and take longer to settle.
Q: Can I set up recurring payments?
A: Currently, recurring payments are not yet available, but automation features for scheduled payments are in the roadmap.
Making International Transfers
Q: What payment methods are available for sending money?
A: You can send payments using:
Local payment rails (e.g., SEPA, FAST, GIRO) allow faster transactions with lower fees.
SWIFT is used when local payment rails are unavailable—this incurs higher fees and may take 3-5 days.
Q: How do I ensure my transfer is recognised by the recipient?
A: Always include your company name in the payment reference field. If left blank, the payment may appear as originating from “Airwallex HK” or “Airwallex SG”, which could confuse the recipient.
Q: What happens if a transfer fails?
A: Transfers may fail due to:
Incorrect recipient details (account number, name mismatch)
Insufficient funds
Compliance checks by the recipient’s bank
If a payment fails, you will be notified by a transaction failed status in your dashboard, and funds will be returned to your account.
Security & Compliance
Q: Is my Business Account secure?
A: Yes, your Business Account is protected with bank-grade security, including:
End-to-end encryption on all transactions
Regulatory compliance with international financial laws
Q: What compliance regulations does my Business Account meet?
A: Airwallex is compliant with global KYC, AML (Anti-Money Laundering), and CTF (Counter-Terrorism Financing) regulations, ensuring safe and legal financial transactions.
Troubleshooting & Support
Q: Who do I contact if I experience an issue with my Business Account?
A: If you encounter any issues, please contact Vistra Support at [email protected]
Q: What should I do if I can’t access my Business Account?
A: Ensure that:
Your KYC verification is fully completed.
Your account is activated (Airwallex KYC approved).
You are using the correct login credentials.
Still experience issues? Feel free to reach out to us at [email protected].