In order to withdraw your money as an influencer working with brands on inzpire me, you need to go through the KYC (Know Your Customer) process. The KYC process is essential for ensuring that the money you're withdrawing from inzpire me goes to the right person. This process may seem complicated, but it’s designed to keep your transactions secure, protect against fraud, and ensure compliance with legal regulations.
Whether you’re registered as a sole trader or as a business, the documents you need to upload and the verification process will differ slightly.
Below is a breakdown to help you understand the difference and figure out which KYC process applies to you.
What is the difference between a sole trader and a business?
Sole Trader (Enkeltpersonforetak / Enskild Firma)
What it is: As a sole trader you're self deployed, meaning your business and personal identity are legally the same. You are personally responsible for your business's finances, and there’s no distinction between you and your business for tax and legal purposes.
KYC process: When undergoing the KYC process as a sole trader, the verification will primarily focus on you as an individual. This means that the required documents will largely be related to your personal identity, like uploading your government-issued ID (passport, driver's license, etc.) and a proof of business registration showing your sole trader status. Read our step-by-step guide on the KYC submission process for sole traders here.
Business (AS, AB, ApS, Oy)
What it is: A business, like an AS in Norway or an AB in Sweden, is a separate entity from the people who own it. This means the company itself is responsible for its debts and finances, not the owners personally. The owners' risk is limited to the money they’ve invested into the business.
KYC process: When registered as a business, the KYC process involves verifying both the company and the authorized individual (such as a director or owner). Read our step-by-step guide on the KYC process for businesses here. Unlike a sole trader, a business must provide additional documents to prove the legal structure of the company, which is the Articles of Association, shareholder declaration, and business registration proof. Read our step-by-step guide on how to do the KYC submission for a registered business here.
Understanding these differences will help you know which process applies to you, making it easier to provide the correct documents and complete the KYC process smoothly. By undergoing this process, you also protect your own earnings and personal information on inzpire me. And remember: you only have to do it once!