Documents and Information
This article outlines the requirements for the documents you must submit during the account verification process.
The following information provided during account verification must be confirmed by supporting documentation:
Proof of business
Identity verification of beneficial owners
Proof of residential address of beneficial owners
Business Details
Company verification document
Due to regulatory requirements, we are obligated to verify the information provided during your account verification. Therefore, we require proof of company registration.
Depending on your selected legal structure, verification is carried out using different official registration documents. The table below outlines the specific documents and details required to verify each legal form:
Einzelperson
Einfache Gesellschaft
Commercial register extract, business registration/license, tax registration, or official registration confirmation
Proof is optional, but mandatory in Switzerland for an annual revenue of CHF 100,000.00 or more.
Aktiengesellschaft
Gesellschaft mit beschränkter Haftung
Kommanditgesellschaft
Kollektivgesellschaft
Kommanditaktiengesellschaft
Genossenschaft
Holding
Commercial register extract or certified registration document
Proof is mandatory.
Verein
Articles of association (deed of incorporation, bylaws), commercial register extract (optional)
Submitting the articles of association is mandatory.
Stiftung
Articles of association (deed of incorporation, bylaws), commercial register extract
Submitting the articles of association is mandatory. A commercial or association register extract is additionally mandatory if the foundation is registered in Switzerland.
Öffentliche Verwaltung
Entry in a public register or commercial register extract
Proof is optional.
Personal Details
In compliance with Anti-Money Laundering (AML) regulations, we are legally required to verify the identity of key individuals behind your business. As a merchant, you must provide information for the following roles:
Authorized representatives: The individual(s) with official signing authority for the company. If your company requires joint signatures, at least two authorized representatives must be submitted.
Beneficial Owners (Ultimate Beneficial Owners with > 25% Ownership): Any individuals who directly or indirectly hold 25% or more of the company’s shares or voting rights.
Senior Managing Officials (Persons Exercising Control): If no individual holds a stake of 25% or more (e.g., due to widely distributed ownership), you must identify a person in ultimate control instead. This refers to a member of senior management (such as the CEO or Managing Director) who exercises operational and financial control over the business.
We are aware that the legal definition of beneficial owners is not always easy to understand. For better clarification, we have compiled some concrete examples in the following table:
Individuals with 25% or more company shares (UBO)
In a company, individuals who own 25% or more of the company shares can be considered as ultimate beneficial owners (UBOs).
Example 1: The example company "Example & Partners" has divided all shares equally among four shareholders, each holding 25%. This entitlement to profits makes them all UBOs of the organization. Therefore, they would all need to be reported (including documents). If only one person owned 25% or more of the shares, that person would be the sole UBO.
Example 2: Tom is the sole member funding the "Yoga Studio Example" company and therefore owns 100% of the company shares. He has no formal role in the company but acts as its external stakeholder. In this case, Tom is a UBO due to the actual control (including profit claim) he exercises over the company.
If no one owns 25% or more of the company shares, the controller must be designated as a fictitious UBO.
Individuals exercising actual control in other ways (controller, fictitious UBO)
If a company has no UBO, it is necessary to designate one or more fictitious UBOs. A fictitious UBO is a natural person who can actually decide on the company's affairs and dispose of the corresponding assets.
Example: The purpose community "Organization of the Example Festival," organized as a Simple Society, consists of 5 members, each owning 20% of the shares. However, the manager is authorized to make decisions alone and has control over the existing assets. In this case, the manager would be a fictitious UBO.
Individuals with 25% or more company shares (UBO)
In a company, individuals who own 25% or more of the company shares can be considered ultimate beneficial owners (UBOs).
Example 1: "Example GmbH" has distributed all its shares equally among four shareholders, each holding 25%. This profit entitlement makes all four UBOs of the organization. Therefore, all shareholders must be reported (including documents). If only one person owned 25% or more of the shares, that person would be the sole UBO.
Example 2: Tom is the sole member funding "Example AG" and thus owns 100% of the company shares. He does not have a formal role in this company but acts as its external stakeholder. In this case, Tom is a UBO due to the actual control (including profit claim) he exercises over "Example AG."
If no one owns 25% or more of the company shares, the controller must be declared as a fictitious UBO.
Individuals Exercising Actual Control in Other Ways (Controller, Fictitious UBO)
If a company has no UBO, it is necessary to determine one or more fictitious UBOs. A fictitious UBO is a natural person who can actually decide on the company's affairs and control the corresponding assets.
Example: "Sample AG" has more than 150 shareholders, none of whom own 25% or more shares. However, the manager is authorized to make decisions and controls the existing assets. In this case, he would be a fictitious UBO.
Associations fundamentally do not have beneficial owners. Therefore, all members of the association's board who hold 25% or more of the voting rights must be reported.
If no board member meets this criterion, a board member must be reported who can exercise control over the association and have disposal over the association's assets. We recommend indicating the president of the association.
Foundations fundamentally do not have beneficial owners. Instead, they must report their legal representatives. Furthermore, a written statement (only the personal details without proof documents) of the following individuals or organizations is necessary:
Founders of the foundation (individuals or organizations)
Designated beneficiaries (individuals or organizations)
All members of the foundation council who hold 25% or more of the voting rights
The written statement will be linked in your Payrexx account and can be completed entirely online. All relevant details for the written statement can be found in the foundation certificate.
Public administrations do not have beneficial owners by design. Public administrations shall only indicate the legal representatives. In addition, the persons indicated must be listed on the official website of the respective public administration.
The following documents and information must be submitted for all individuals:
First name and surname
Date of birth
Email address
Phone number
Colored copy of an identity document (only ID card, passport, or driver’s license are acceptable)
Residential address and country
Proof of residential address (valid documents: electricity or water bill, bank or credit card statement, telecom bill, or official government document)
Specification of at least one (or two for collective signatures) legal representatives
Identity verification
The following documents are accepted for identity verification:
Passport
ID card
Driver's license
Confirmation of residential address
The following documents are accepted for residential address confirmation:
Electricity or water bill
Bank or credit card statement (amounts may be redacted)
Official state document
Telecom bill
Bank Account Details
For the bank account to which Payrexx will make payouts, we need the following information:
Currency of the account
Country of the bank
Account holder's name
IBAN number
Payout Descriptor
Banks have strict guidelines and generally only accept payments when the payee's name matches the registered account holder 100%. Therefore, it is important to provide the correct payment information and the correct type of business:
Sole proprietorships are considered natural persons. Therefore, the bank account must be in the personal name of the individual, not the business name.
Other types of businesses, such as GmbH or AG, are considered legal entities. The bank account must therefore be in the business name and not registered to a natural person.
Non-profit organizations, such as associations or non-profit organizations, must have an account in the name of the organization.
For more information about payouts and bank accounts, see the following article:
Product and Billing Details
We need information about what products are sold or what services are offered:
Description of the products or services sold in your shop
Estimated monthly sales
Company name
Recurring transactions (e.g., whether products or services are offered against monthly, quarterly, annual, etc. payments)
Link to the website
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