Sample article: written to demonstrate the ASK blog. It will be reviewed or replaced by the ASK team.
When a company applies for funding, the lender needs to understand who owns the business, how it is performing and whether it can comfortably meet repayments. Having the right documents ready, current and consistent with each other is one of the simplest ways to avoid delays.
Company and ownership documents
- A valid trade licence for the company and, where the company is owned by another company, the parent company’s licence
- The Memorandum of Association, including any amendments
- Identity documents for the partners or shareholders, such as Emirates IDs, passports and visa pages
Lenders check that the ownership shown in these documents matches the application, so make sure recent changes of partners or shareholdings are reflected everywhere.
Financial documents
- Company bank statements, usually for at least the last six months
- Audited financial statements, often for the last few years
- VAT registration and recent VAT returns, where the company is registered
- Credit reports for the company and, in many cases, its partners
Consistency matters. If the turnover shown in your financial statements, VAT returns and bank statements tells different stories, expect questions, so it helps to be ready with a short explanation of any differences.
Information about the funding itself
Be clear about how much you need, what it is for and how it will be repaid. Working capital needs are often linked to the business’s cash-flow cycle, so lenders may ask about payment terms with customers and suppliers. Funding for a specific purchase may need quotations or contracts.
Tips before you apply
- Check that licences and identity documents are valid for the whole period of the application
- Prepare documents as clear, complete PDF scans
- Note any existing facilities and their outstanding amounts
- Expect follow-up requests: requirements vary by lender and by the type of funding
How ASK can help
ASK reviews your situation, explains the types of business funding that may suit it and tells you which documents your case will need. The exact requirements are confirmed by the lender, and any funding decision is the lender’s.