When working on a transaction involving a corporation, you need to disclose the corporation's directors in section A1 of the Corporate Identification Information Record (CIIR).
To avoid rejected records due to errors in disclosing directors, follow this guidance:
Consult the Articles of Incorporation: The names of the corporation's directors will be listed on the company's Articles of Incorporation. Make sure to verify the list with your client to confirm accuracy.
Enter the director's names into the "directors" field: Simply type the director's name and then hit "enter". This will add the director's name to the CIIR.
Accuracy is crucial: When entering the names of the directors, ensure to match the spelling of the director's names to the Articles of Incorporation exactly. Any difference in spelling will result in a rejected record.
Complete an Individual Identification Information Record (IIIR) for each director: You need to verify the identity of any director of a corporation involved in your transaction. For instructions on how to complete the IIIR, consult this article.
Complete the Shareholder Registry: You need to declare beneficial ownership information for all directors of the corporation. To facilitate this process, Zolo has created the shareholder registry, which is a mandatory document for all CIIRs.