What are the documents required to open an Association of Persons (AOP) account?
Association of Persons (AOP) is the integration of persons for a mutual benefit or a common purpose. As AOP is a body of individuals similar to a partnership account; the documents are the same as the partnership account with few exceptions.
As an Association of Persons, the Authorized Member(’s) are required to provide certain documents and undertakings to open an account with Zerodha.
The account may be opened under any one of the Authorized Member names or the name of all the Authorized Members. The required documents to be sent are:
2 . Duly filled Annexures required for an Association of Persons. (with the Authorized Member(’s) signature and the firm's seal affixed on the Authorized Member(’s) signature).
3. A copy of the Association of Persons Deed, which is duly attested by a public notary. (Investment clause must be included in the deed). The first 3 pages of the deed (on all pages if lesser) should have the seal and signature of the Authorized Member.
4 . The PAN card copy of the Association of Persons and the PAN card copies of each individual Partner of the firm (Individual PAN to be self-attested respectively without the seal and sign of the Authorized Member.
5. Additional copy of PAN and address proof of the authorised members with firm's seal and signature.
6 . Address proof copy of the Association of Persons and the address proof copy of each of the Member(’s) of the Association of Persons. (Individual address proof to be self-attested respectively without the seal and sign of the Authorized Signatory).
7. Proof of bank account (A copy of a cancelled cheque leaf/ bank statement/ bank passbook/ letter from the Bank)
8. A copy of the Balance Sheet of the Association of Persons for the last two financial years, which is to be submitted every year and if the firm is newly incorporated, then a net worth certificate from a Chartered Accountant is required. (The balance sheet should have the seal and signature of the Authorized Signatory on all the pages)
9 . Income proof documents of the firm, which shall include:
* 6 months Bank statement/passbook of the partnership bank account.
* Latest audited Profit and loss statement.
* If it is a newly formed Association of Person’s firm, then a net worth certificate from a Chartered Accountant and an Income Tax Return declaration is required. If the return hasn't been filed, a declaration of Income Tax returns has to be submitted.
Note: If any of the Authorized Member(’s)is a foreign national or an NRI, then the individual KYC page required and documents (Pan, Indian & Overseas address proof) have to be notarised by Authorised officials of overseas branches of scheduled commercial banks registered in India, public notaries, court magistrate, judge, or the Indian embassy/consulate general in the country that they reside.
10 . A Foreign Account Tax Compliance Act ( FATCA ) Declaration from the Firm and all the Authorized Member(’s) of the firm.
11 . A copy of the Certificate of Registration (For Registered Association of Persons only).
12. A physical verification, as part of the mandatory IPV requirement for all brokers, is required for non-individual accounts. Either a representative of the client would need to visit a Zerodha branch office OR a representative of Zerodha would be required to visit the offices/residence of the client to complete the IPV procedure.
13. Individual KYC form filled and signed by each (Authorized Member(’s) have to sign without the stamp on individual KYC's and supporting docs)
14. If an individual has more than 15% of the profits of the applicant, the individual should identify as an ultimate beneficiary and is required to submit Annexure A . In case no natural person is identified, the senior managing official may be considered a natural person.
15. Certificate of incorporation with authorised director seal and signature.
16. Object of the association.
17. Powers of the Managing Committee.
18. Copy of the Bye-Laws.
19. Account opening cheque favouring "Zerodha Broking Limited":
(a) Rs. 500 towards equity trading account opening charges
(b) Rs. 300 towards commodity trading account opening charges
Additional Documents to be provided for opening an Association of person account in case a company is a partner-
A. In case the company is KYC registered, a Board Resolution is required to verify the authorised signatories.
B. In case the company is not KYC registered, the following documents and annexures should be signed by authorised directors with the company's stamp:
1. KYC of the company and the Promoters/Directors of the company
2. Pan card and address proof of the company
You can courier the document to the address mentioned here .
Please raise a ticket below in case you have any queries regarding the documents required and our support representative will get in touch with you.