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Frequently Asked Questions
All new investors will be subject to CRS self-certification on Funding Souq’s website.
CRS information is mandatory for the account opening process and an investor account cannot be opened without providing the relevant information.
As per CRS requirements, Funding Souq needs to share the below information;
- Name
- Address
- Jurisdiction(s) of tax residence
- TIN(s)
- Name of Reporting Financial Institution
- Account number
- Account balance
- Gross proceeds paid or credited to the account
Funding Souq is required to share the information with the local tax authority which will in turn share the information with the corresponding tax authorities where the client is a tax resident.
Generally, information needs to be provided on a one-off basis unless there is a change in tax residency status. However, Funding Souq may request documents as it deems necessary.
Please contact a professional tax advisor or check the OECD website. For more information on how to determine your tax residency.
As per CRS requirements, local tax authorities require financial institutions to collect information relating to the tax status of their clients. Due to this our investor registration process, includes a “self-certification” question. Financial institutions are required to identify clients who are tax residents outside the country where their accounts are domiciled and further relay the information to the local tax authorities. The tax authority may share the information with the authorities in the country where you are classified as a tax resident.
CRS is an information gathering and reporting requirement for financial institutions to help fight against tax evasion and protect the integrity of tax systems. For more information, please refer to the OECD website.
Financial institutions are required to identify clients who are tax residents outside the country where their accounts are domiciled and further relay the information to the local tax authorities. The tax authority may share the information with the authorities in the country where you are classified as a tax resident.
Financial institutions are required to identify clients who are tax residents outside the country where their accounts are domiciled and further relay the information to the local tax authorities. The tax authority may share the information with the authorities in the country where you are classified as a tax resident.
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