Changing the legal entity of your business can be stressful, but we’re here to help make this process as smooth as possible. Here, we will outline the steps you need to take to complete this process.
In order to change your legal entity (whatever entity you're changing to), please give us a call on 08001032959 (UK) / 01 696 8393 (ROI) to get started.
Please note: do not continue to transact if your business is dissolved as your funds will go to the Crown.
- You will be asked a series of questions in relation to the new nature of your business, such as:
- Your existing merchant number and security questions to access your existing account
- The trading name and address for the new legal entity
- Your new bank details
- Your predicted annual turnover
- Average transaction amount
- All the directors' (or your) personal information, including:
- - Name
- - Date of birth
- - Nationality
- - Home address
- - Email and contact number
- You'll then be asked to provide proof of your new bank details. This proof of bank can be one of the following:
- Void cheque
- Paying in slip
- Bank statement date within 3 months
- Bank welcome or communication letter dated within 3 months
Once you have sent us this proof of bank (POB) we will review this to check if it will be accepted by the acquiring bank. Some key things to remember when sending your POB are:
- The name of the account holder must clearly reflect the registered/legal name eg. A sole trader using a business account will need a POB that showed “Joe Bloggs T/A Joe Bloggs Shop”
- For Sole Traders: Format must be Merchant Name T/A Trading Name
- For Partnerships: Merchant Name, Merchant Name T/A Trading Name
- For Limited Companies: Limited Company Name (exactly as it appears on Companies House – Must have “LTD” or “Limited” at the end)
- We cannot accept screenshots of any kind. The document must be PAPER or PDF format (These can be scanned and emailed to us)
- We cannot accept anything showing your bank card for data protection reasons. If you send us a photo of your card we will have to delete your case and open a new one.
- This is where we take over. We will send you some new agreements to sign electronically. Don’t worry, nothing will change on your agreements with us other than the new information you’ve provided. Our Admin team will keep you updated every step of the process so you never have to worry about what’s happening.
Note: Your acquirer may request further information to support your new application. Don’t worry, we will help you with this as well.
- When the change of legal entity has been approved by the acquirer, we’ll send you your brand new merchant ID and the instructions on how to change this on your terminal. And that’s it.