Help CentreIn most cases, we need to verify the ultimate beneficial owners of your business prior to enabling you to authorise payments. beneficial owners are individuals that:
- Own or control 25% or more of the entity's shares or voting rights - this can be directly or indirectly, such as through being a shareholder of another shareholding entity.
- Exercise significant control over the entity's finances or management
Where possible, we identify beneficial owners using records from the Australian Securities and Investments Commission (ASIC) to save you time.
See below for details specific to your business entity type:
Private Companies
For private companies, we obtain officeholder and shareholder records from ASIC, so beneficial owners are typically pre-filled during onboarding.
You can add associated individuals if the company structure has recently changed, or if an individual is missing but you will later be asked for evidence of their connection to the business.
Public Companies
For public companies, we do not need to verify shareholders, but similar to private companies, we usually obtain officeholders from ASIC. This means that you do not need to manually enter any shareholders, only the officeholders.
For public companies, we obtain officeholder records from ASIC, so their details are typically pre-filled during onboarding.
You will not need to add shareholders for public companies.
You can add associated individuals if the company structure has recently changed, or if an individual is missing but you will later be asked for evidence of their connection to the business.
Sole traders
For sole traders, the beneficial owner is the sole trader themselves. We obtain this information from ASIC, so there is no need for you to manually enter any individual.
Trusts
For trusts, we cannot obtain details for beneficial owners from ASIC so we'll ask you to provide them.
This includes all individual trustees, as well as the beneficial owners of any corporate trustees.
You will not need to include the beneficiaries of the trust.
For corporate trustees, the beneficial owners are individuals who ultimately own or control that entity:
- Own or control 25% or more of the company’s shares or voting rights
- Exercise significant control over the company's finances or management
Partnerships
For partnerships, we cannot obtain details for beneficial owners from ASIC so we'll ask you to provide them.
This includes all individual partners, as well as the beneficial owners of any corporate partners.
For corporate partners, the beneficial owners are individuals who ultimately own or control that entity:
- Own or control 25% or more of the company’s shares or voting rights
- Exercise significant control over the company's finances or management