Business Ownership
- 17 Apr 2024
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Business Ownership
- Updated on 17 Apr 2024
- 1 Minute to read
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Business Ownership
This is populated from a Create Individual request with Type=KEY_INDIVIDUAL. In the Merchant Portal this would be done in the screen shown below.
.png "Business Ownership(1).png")
When Merchants add individuals in the portal, they select Add Person, and they will see the pop up, which with API boarding is populated by the Create Individual call. Note this is one of four places in the onboarding journey when you can use this call to create different individuals:
Business owner
The billing contact
The support contact
The application contact.
It is common to confuse users and individuals in the onboarding process. Remember that when you create a merchant, you invite a user with the Invite User Call.
Note the Role drop down, which appears when the Organisation Type is Limited Company or Public Sector Organisation.
Depending on the Organisation Type, you will need to add specific types of owners. The table below shows the owners required for each Organisation Type. For example, a Limited Company could have many beneficial owners, each with small stakes, i.e. less than 25%. In this case we conduct due diligence on all beneficial owners regardless of the percentage of ownership.
Limited Company owned by a different company, Trust or other legal entity
A Limited Company can also be owned or partially owned by another entity. If the merchant is a Limited Company as the Organisation Type, they would see the My business is owned by another company, Trust or other legal entity checkbox on this page.
Key individuals required at application submission:
Ownership type | API values | individuals/subtype required |
Sole Trader/ Private Individual | SOLE_TRADER | SOLE_TRADER |
Public Sector Organisation | PUBLIC_SECTOR_ORGANIZATION | DIRECTOR or APPROVED_PERSON​ |
Limited Company | LIMITED_COMPANY | BENEFICIAL_OWNER or PSC |
Limited Liability Partnership | LIMITED_LIABILITY_PARTNERSHIP | PARTNER |
Foundation | FOUNDATION | FOUNDER or MEMBER |
Charity - Please ontact us if you want to API onboard charities or other more complex organisations | CHARITY | TRUSTEE |
Trusts | TRUST | TRUSTEE |
Others | OTHER | APPROVED_PERSON |
For each Key individual the following details are mandatory:
Individual details | Field names |
First Name | merchant/individuals/firstName |
Last Name | merchant/individuals/lastName |
Date of Birth | merchant/individuals/dateOfBirth (not required for HEADTEACHER) |
Nationality | merchant/individuals/nationality |
Whether Politically Exposed | merchant/individuals/politicallyExposed |
Individual type | merchant/individuals/type (e.g. KEY_INDIVIDUAL.) |
Individual subtype | merchant/individuals/subtype ( (e.g. BENEFICIAL_OWNER or PSC (Person of Significant Control) |
Ownership Percentage | merchant/individuals/ownershipPercentage (only for BENEFICIAL_OWNER and PARTNER with ownership >= 25% ) |
merchant/individuals/emailAddress | |
Phone | merchant/individuals/email/phone |
Address Line 1 | merchant/individuals/registeredAddress/line1 |
Post Code | merchant/individuals/registeredAddress/zipCode |
City | merchant/individuals/registeredAddress/city |
Country (ISO 3 char) | merchant/individuals/registeredAddress/countryCode |
Resident from date | merchant/individuals/registeredAddress/dateFrom |
ID Type | merchant/individuals/identityDetails/identityType (PASSPORT or DRIVING_LICENCE) |
ID number | merchant/individuals/identityDetails/identityNumber |
ID expiry date. | merchant/individuals/identityDetails/identityExpiryDate |
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