List of Verifiable Credentials to be issued
The following sections describe the list of credentials which will be issued in the first implementation phase and those proposed for the 2nd implementation phase.
Phase 1 Credentials
During the first implementation phase of the project, the credentials will be focused on verifying the legal existence of the entity, either the holder (startup) or the verifier (the investor). The verifiable credential will be a combination of both the KYB attributes to verify the legal existence of the company and the KYC type attributes which will verify the identity of the founders and legal representatives of the company.
The attributes decided on in the table below were based on a study of the basic legal existence attributes checked by FundingBox through their legal check of beneficiaries of funding programmes and startups within the Investment fund and from the checks done by BIA (Bulgarian Industrial Association).
These attributes will be converted to a EBSI compatible data schema.
| Information type | Scope | Type of VC | Source of Information | Source of Verification | Issuer Profile | Time/Cost Required | |
|---|---|---|---|---|---|---|---|
| Company information: | Verification of the existence of the company, its legal form, address, tax number, representation, shareholders (if applicable) and other attributes of the company | ||||||
| Attribute | Nature of Attribute | ||||||
| Company Legal name | Fixed | ||||||
| Employer Identification Number(EIN) (if any) | Fixed | ||||||
| Tax Number | Fixed | ||||||
| Status (Active / Inactive) | Variable | ||||||
| Company Type (e.g. SME, Corporation) | Variable | ||||||
| Nature of business | Variable | ||||||
| Date of incorporation | Fixed | ||||||
| Registered office address | Fixed | ||||||
| Company structure | Variable | ||||||
| KYB (Legal Existence) | Data provided by the company | Verification of the provided information in free and public databases - if available, otherwise paid databases, depending on the country | SSH Type profile (Does Not need to be a legal profile) | Up to 30 mins Person month/hour. Cost will be different depending on the database and scope of the data - EUR 1,5 - 30 (approx/per company) | |||
| Company Representatives | Individuals who hold positions of authority and responsibility within a corporation. Founders and Legal representatives | ||||||
| Attribute | Nature of Attribute | ||||||
| Full name | Fixed | ||||||
| Date of birth | Fixed | ||||||
| Nationality | Fixed | ||||||
| Country | Fixed | ||||||
| Occupation | Variable | ||||||
| Appointed on | Fixed | ||||||
| Correspondence address | Variable | ||||||
| Role | Variable | ||||||
| Status | Variable | ||||||
| KYC | Data provided by individual | Walt.id identity proofing solution + 3rd party KYC solutions | SSH Type profile (Does not need to be a legal profile) | Depending on the tool/method to be used. |
Phase 2 Credentials
The second phase attributes will focus more on the type of information that could enable the investor to make an investment decision. It consists of attributes associated with the size and turnover of the company and additional information around the company venture readiness momentum.
| Information type | Scope | Type of VC | Source of Information | Source of Verification | Issuer Profile | Time/Cost Required | |
|---|---|---|---|---|---|---|---|
| SME Check | Verification of the size of the company against SME DEFINITION - https://ec.europa.eu/growth/smes/sme-definition_en , covers verification of the financial viability check, number of employees, relations with other entities shareholders structure | ||||||
| Attribute | Nature of Attribute | ||||||
| Number of employees | Variable | ||||||
| Annual Turnover | Variable | ||||||
| Revenue so fat (Total since start and first 3 months) | Variable | ||||||
| KYB (SME Check) | Data provided by the company (data, statements, copies of the documents, financial statements) | Verification of the provided information in free and public databases - if available, otherwise paid databases, depending on the country | SSH Type profile (Does Not need to be a legal profile) | Time to complete whole form - 1-3 hours (plus time to collect the data) | |||
| Venture Readiness Momentum (Investability indicators) | Refers to the speed and direction with which a startup company is progressing towards its goals. | ||||||
| Attribute | Nature of Attribute | ||||||
| Team | Variable | ||||||
| Customer Insight | Variable | ||||||
| Customer Engagement | Variable | ||||||
| Funds raised so far (Public/Private) | Variable | ||||||
| Company investors (Public/Private) | Variable | ||||||
| Participation in other programmes | Variable | ||||||
| Technology Area | Variable | ||||||
| KYB (VRM) | Self claims by the startups | Online assessment | Accelerator or similar profile | To be assessed |