When you open a business account with Kontist, you’ll be asked during the sign-up process to provide information about the legal representatives and beneficial owners of your company.
What does that mean exactly?
Legal Representative:
This is the person who is officially allowed to act on behalf of the company — for example, the managing director (CEO).
Only a legal representative can open a business account with Kontist.
Beneficial Owner:
This is the person who directly or indirectly owns more than 25% of the company — or the person for whom a transaction is actually carried out.
In small companies or sole proprietorships, the legal representative is often also the beneficial owner.
What information do you need to provide?
If there are several legal representatives or beneficial owners, you need to provide details for all of them.
In startups or small businesses (SMEs), beneficial owners are often the founders or investors.
Good to know:
You’ll find all details about beneficial owners and company owners in the company declaration.