Use this guide to help you gather the correct documents and information to complete your Luno Business account application for a South African entity.
Note
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Private Company requirements
1. Nature of business
What we need: A description of what your business does and how it generates revenue.
2. Resolution
What we need: A resolution signed by the directors that confirms which individuals have authority to act on behalf of the business and operate the Luno account. These individuals are known as the Authorised Officials.
Template: Download and fill in this Resolution template to help ensure you meet all requirements below. See a completed example here.
Detailed requirements:
The resolution must:
- Be signed and dated by all directors;
- State it is a director's resolution;
- Contain the business's full name and registration number;
- Contain the full name, ID number, residential address, email and phone number of all the Authorised Officials;
- Clearly state the specific authority delegated to the Authorised Officials; and
- Contain the provisions quoted below
“The Luno Business account, including any Luno products or services related to the account, will not be operated by any person that is resident (whether permanently or temporarily) in the United States or its territories, nor shall the account be managed, directed, or controlled by any U.S Person, such as a corporation or partnership organised or incorporated under the laws of the United States nor any trust, of which any trustee is resident (whether permanently or temporarily) in the United States or its territories.”
“It is confirmed that no coalitions or agreements exist whereby such a group or coalition of beneficial owners jointly hold the controlling ownership interest control over the company other than those confirmed to Luno. In the event a coalition or agreements exist whereby such a group or coalition of beneficial owners jointly hold the controlling ownership interest control over the company, the entity will inform Luno.”
3. Shareholding / ownership
What we need: A signed and dated ownership chart or recently issued CIPC Documentation confirming all shareholders and their respective shareholding percentage in the business. This should also include identity details of any shareholder with 5% or more.
Template: You can download this shareholding confirmation template to provide these details. For reference, see this example shareholding confirmation or this example ownership structure chart.
Detailed requirements:
For each natural person holding 5% or more effective shareholding in the business (directly or indirectly through the chain of ownership), your submitted document should include their i) full name, ii) percentage of shareholding, and iii) confirmation of residential address. In addition:
- If any of the above shareholders is not a natural person, the ownership of that shareholder must be disclosed to identify all natural persons with significant control or ownership (i.e. 5% or more) of the business;
- The list must be signed and dated by all directors; and
- If a Trust also has an interest in the business, we'll need the stamped Trust Deed and the Letter of Authority issued by the Master of the High Court. We'd also require proof of identity and confirmation of address for all beneficiaries, trustees, and the founder of the trust.
4. Proof of identity
What we need: A clear, colour copy of the official government-issued identity document for every Authorised Official, and every Shareholder with 5% or more effective ownership or control of the business.
Accepted documents: Find our accepted identity documents here. Please ensure you provide both the front and back of the document, if applicable.
Co-Operative requirements
1. Nature of business
What we need: A description of what your business does and how it generates revenue.
2. Resolution
What we need: A resolution signed by the Members that confirms which individuals have authority to act on behalf of the business and operate the Luno account. These individuals are known as the Authorised Officials.
Template: Download and fill in this Resolution template to help ensure you meet all requirements below. See a completed example here.
Detailed requirements:
The resolution must:
- Be signed and dated by all members;
- State it is a members' resolution;
- Contain the co-operative's full name and registration number;
- Contain the full name, ID number, residential address, email and phone number of all the Authorised Officials;
- Clearly state the specific authority delegated to the Authorised Officials; and
- Contain the provisions quoted below
“The Luno business account, including any Luno products or services related to the account, will not be operated by any person that is resident (whether permanently or temporarily) in the United States or its territories, nor shall the account be managed, directed or controlled by any U.S Person, such as a corporation or partnership organised or incorporated under the laws of the United States nor any trust, of which any trustee is resident (whether permanently or temporarily) in the United States or its territories.”
“It is confirmed that no coalitions or agreements exist whereby such a group or coalition of beneficial owners jointly hold the controlling ownership interest over the business other than those confirmed to Luno. In the event a coalition or agreements exist whereby such a group or coalition of beneficial owners jointly hold the controlling ownership interests over the business, the business will inform Luno.”
3. Shareholding / ownership
What we need:
A signed and dated ownership chart confirming all members and their respective shareholding, indicated by percentage (%), in the business. This should also include identity details of any shareholder with 5% or more effective ownership or control of the business.
Template: You can download this shareholding confirmation template to provide these details. For reference, see this example shareholding confirmation or this example ownership structure chart.
Detailed requirements:
For each natural person holding 5% or more effective shareholding in the business (directly or indirectly through the chain of ownership), your submitted document should include their i) full name, ii) percentage of shareholding, and iii) confirmation of residential address. In addition:
- If any of the above shareholders is not a natural person, the ownership of that shareholder must be disclosed to identify all natural persons with significant control or ownership (i.e. 5% or more) of the business;
- The list must be signed and dated by all members; and
- If a Trust also has an interest in the business, we'll need the stamped Trust Deed and the Letter of Authority issued by the Master of the High Court. We'd also require proof of identity and confirmation of address for all beneficiaries, trustees, and the founder of the trust.
4. Proof of identity
What we need: A clear, colour copy of the official government-issued identity document for every Authorised Official, Member, and every Shareholder with 5% or more effective ownership or control of the business.
Accepted documents: Find our accepted identity documents here. Please ensure you provide both the front and back of the document, if applicable.
Closed Corporation requirements
1. Nature of business
What we need: A description of what your business does and how it generates revenue.
2. Resolution
What we need: A resolution signed by the members that confirms which individuals have authority to act on behalf of the business and operate the Luno account. These individuals are known as the Authorised Officials.
Template: Download and fill in this Resolution template to help ensure you meet all requirements below. See a completed example here.
Detailed requirements:
The resolution must:
- Be signed and dated by all members;
- State it is a members' resolution;
- Contain the business's full name and registration number;
- Contain the full name, ID number, residential address, email and phone number of all the Authorised Officials;
- Clearly state the specific authority delegated to the Authorised Officials; and
- Contain the provisions quoted below
“The Luno business account, including any Luno products or services related to the account, will not be operated by any person that is resident (whether permanently or temporarily) in the United States or its territories, nor shall the account be managed, directed or controlled by any U.S Person, such as a corporation or partnership organised or incorporated under the laws of the United States nor any trust, of which any trustee is resident (whether permanently or temporarily) in the United States or its territories.”
“It is confirmed that no coalitions or agreements exist whereby such a group or coalition of beneficial owners jointly hold the controlling ownership interest over the business other than those confirmed to Luno. In the event a coalition or agreements exist whereby such a group or coalition of beneficial owners jointly hold the controlling ownership interests over the business, the business will inform Luno.”
3. Member ownership
What we need: A signed list or recently issued CIPC Document confirming all members and their respective ownership, indicated by percentage (%), in the business. This should also include identity details of any shareholder with 5% or more effective ownership or control of the business.
Template: You can download this shareholding confirmation template to provide these details. For reference, see this example shareholding confirmation or this example ownership structure chart.
Detailed requirements:
For each natural person holding 5% or more effective ownership in the business, the list must include: i) the full names, ii) the percentage of ownership, iii) confirmation of residential address, and iv) contact details (phone number and email address).
4. Proof of identity
What we need: A clear, colour copy of the official government-issued identity document for every Authorised Official, and every Member with 5% or more effective ownership or control of the business.
Accepted documents: Find our accepted identity documents here. Please ensure you provide both the front and back of the document, if applicable.
Sole Proprietorship requirements
1. Nature of business
What we need: A description of what your business does and how it generates revenue.
2. Proof of trading name
What we need: A website or letterhead with logo showing your business's trading name.
3. Income tax number
What we need: A SARS-issued document confirming your income tax number.
4. Proof of identity
What we need: A clear, colour copy of the official government-issued identity document for the sole owner.
Accepted documents: Find our accepted identity documents here. Please ensure you provide both the front and back of the document, if applicable.
5. Sole proprietor details
What we need: Confirmation of the residential address, phone number and email address of the Sole Proprietor.
Partnership requirements
1. Nature of business
A description of what your business does and how it generates revenue.
2. Partnership agreement
A signed and dated Partnership Agreement.
3. Resolution
What we need: A resolution signed by the Partners that confirms which individuals have authority to act on behalf of the business and operate the Luno account. These individuals are known as the Authorised Officials.
Template: Download and fill in this Resolution template to help ensure you meet all requirements below. See a completed example here.
Detailed requirements:
The resolution must:
- Be signed and dated by all partners;
- State it is a partners' resolution;
- Contain the Partnership's full name and registration number;
- Contain the full name, ID number, residential address, email and phone number of all the Authorised Officials;
- Clearly state the specific authority delegated to the Authorised Officials; and
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Contain the provisions quoted below
“The Luno business account, including any Luno products or services related to the account, will not be operated by any person that is resident (whether permanently or temporarily) in the United States or its territories, nor shall the account be managed, directed or controlled by any U.S Person, such as a corporation or partnership organised or incorporated under the laws of the United States nor any trust, of which any trustee is resident (whether permanently or temporarily) in the United States or its territories.”“It is confirmed that no coalitions or agreements exist whereby such a group or coalition of beneficial owners jointly hold the controlling ownership interest control over the Partnership other than those confirmed to Luno. In the event a coalition or agreements exist whereby such a group or coalition of beneficial owners jointly hold the controlling ownership interest over the Partnership the entity will inform Luno.”
4. Partner Ownership
What we need: A signed ownership chart confirming all Partners to the Partnership and their respective percentage (%) held. The list must be signed and dated by a minimum of two partners.
Template: You can download this shareholding confirmation template to provide these details. For reference, see this example shareholding confirmation or this example ownership structure chart.
Detailed requirements:
- For each natural person identified as a Partner, the document must include: i) the full names, ii) the role held, and iii) confirmation of residential address.
- For each legal entity identified as a Partner, the document must include: i) the full legal name/ trust name, ii) trading name, if different from legal name, iii) registration/ trust number, iv) confirmation of operating address. If the Partner is a trust, please also provide a stamped copy of the Letter of Authority and the signed Trust Deed.
5. Proof of identity
What we need: A clear, colour copy of the official government-issued identity document for all Partners and Authorised Officials.
Accepted documents: Find our accepted identity documents here. Please ensure you provide both the front and back of the document, if applicable.
Trust requirements
1. Nature of Trust
A detailed overview of the nature of the Trust, with specific reference to the nature of the activity conducted by the Trust in order to generate revenue.
2. Founding document
A copy of the signed trust deed or founding document.
3. Letter of Authority
A copy of the Letter of Authority issued by the Master of the High Court in terms of Section 7 of the Trust Property Control Act 1988, for each trustee to act in such capacity.
4. Residential addresses
Please provide us with confirmation of residential address for the Founder, Trustees, and Named Beneficiaries of the Trust.
5. Resolution
What we need: A resolution signed by the trustees that confirms which individuals have authority to act on behalf of the business and operate the Luno account. These individuals are known as the Authorised Officials.
Template: Download and fill in this Resolution template to help ensure you meet all requirements below. See a completed example here.
Detailed requirements:
- It must be signed and dated by all trustees (sole trustees need only provide written confirmation that they are the only person authorised to act on behalf of the Trust);
- It must state that it is a trustees’ resolution;
- It must contain the trust’s full name and registration number;
- It must contain the full name, ID number, residential address and contact details (phone number and email address) of the Authorised Officials;
- It must clearly state the specific authority delegated to the Authorised Officials; and
- It must contain the following provisions:
“The Luno business account, including any Luno products or services related to the account, will not be operated by any person that is resident (whether permanently or temporarily) in the United States or its territories, nor shall the account be managed, directed, or controlled by any U.S Person, such as a corporation or partnership organised or incorporated under the laws of the United States nor any trust, of which any trustee is resident (whether permanently or temporarily) in the United States or its territories.”
“It is confirmed that no coalitions or agreements exist whereby such a group or coalition of beneficial owners jointly hold the controlling ownership interest control over the company other than those confirmed to Luno. In the event a coalition or agreements exist whereby such a group or coalition of beneficial owners jointly hold the controlling ownership, interest control over the company, the entity will inform Luno.”
6. Proof of identity
What we need: A clear, colour copy of the official government-issued identity document of every Trustee, Founder, Named Beneficiary and Authorised Official of the Trust.
Accepted documents: Find our accepted identity documents here. Please ensure you provide both the front and back of the document, if applicable.
Where one of the persons mentioned above is a company, we would require:
- Confirmation of the nature of the company’s business;
- Confirmation as to the natural person authorised to act on behalf of the business, along with a colour copy of ID and confirmation of address;
- A signed and dated confirmation of shareholding, reflecting all natural persons holding 5% or more, direct or indirect, shareholding in the entity. In the event another entity or trust falls within the structure, additional items may be required; and
- A colour copy of ID and confirmation of address for each natural person identified as per the above.