During the second step of your KYC process, you need to define the business structure of your company. The required legal information and documents are based on the selected business structure. If the incorrect structure is selected, Payyo will request that you to change it. Additional documents may be requested.
Individual
Individual entrepreneurship, proprietorship, Sole Trader, or Freelancer, a type of enterprise that is owned and run by one person and in which there is no legal distinction between the owner and the delivery of their products/services.
Ex. Single walking tour provider, Sole scuba diving instructor, 2nd hand online retail app seller, Owner of one property or parts renting for vacations, etc.
Registered Business (Single owner)
Legal entity with a single owner that holds more than 51% of the business’ shares.
Registered Business (Multiple owners)
A legal entity is made up of an association of people, be they natural, legal, or a mixture of both, for carrying on a commercial or industrial enterprise. There is no one shareholder that has more than 51% of the shares of the business.
Non-profit Organization
Businesses with tax-exempt status due to their social cause and provision of a public benefit.
Ex. Governmental entities, municipalities, public childcare, public institutions like thermal baths, museums, etc.
Partnership
A partnership business, by definition, consists of two or more people who combine their resources to form a business and agree to share risks, profits, and losses.
Ex. Group of farmers selling products together, group of teachers, Wineries, Group together providing multiple activities, etc.
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