ScrapAd’s priority as a digital platform for buying and selling waste is to guarantee that the operation you carry out as a company is a success from start to finish, as well as to ensure that all these operations are carried out in complete security. For this reason, it is an indispensable requirement within the platform that, if you register, you verify your company in order to avoid worries and possible fraud.
To help you understand the types of verifications within ScrapAd and the documentation you need, we have prepared this article so that you can take a look at it whenever you need to.
Types of ScrapAd checks
As mentioned above, ScrapAd only works with verified professionals and companies to avoid fraud and potential problems, so if you are not verified, you will not be able to buy or sell scrap materials. Below, we explain the two existing verifications and the documentation required to obtain them.
Basic or simple verification
The basic verification is very simple and, if you only want to buy scrap or recyclable materials, it is the only one you need. In this case, it is the ScrapAd team that is responsible for verifying the documentation you provide in this step, which allows us to confirm that you are a company that can operate with waste. The documents we ask you for are as follows:
- Company registration number document. This way we will know that you are a registered company.
- Waste related documentation: certificate that authorizes the company as a waste carrier, broker or dealer.
Full verification
If your business needs to sell scrap or recyclable materials, you will need to comply with the requirements of the full verification. This verification is carried out by Lemonway‘s team, our financial partner, since purchases are made within the platform through deposits. For this, we require the following documents:
- Double-sided Identity Document or passport. Both of the legal representative of the company that owns the payment account and of all the beneficiary with more than 25% shareholding in the company.
- Extract from the Central Registry less than 3 months old (indicating that the company is active).
- Statutes or notarial deeds.
- Act of beneficial ownership or Capital Breakdown. These documents are intended to identify the shareholders holding more than 25% of the company’s shares. A document signed by the legal representative of the company can also be provided indicating the shareholders of the company. The document can have the structure of the attached document (see attached document).
The importance of verification in ScrapAd
Security is very important to us in all transactions, and we only want you to be successful from the beginning of a transaction to its completion. Nowadays, fraud in the recycling and recovery sector is becoming more and more common, such as the Trafigura nickel fraud or the London Metal Exchange fraud. At ScrapAd we make sure that this does not happen, but to do so we need you to provide us with all the documentation we explain.
If you have any questions, contact us and we will be happy to answer them. We are here to make the whole process easier for you.
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