No Beneficial Owner
Hello,
I am trying to open an Amazon seller account for a privately owned company. However, we do not have a beneficial owner as the largest owned share in the company is 13.3%.
I have tried to submit verification with no beneficial owner, but Amazon would not accept it.
I have also wrote an appeal to them explaining that there is no person who owns 25% or more, who I can list as the beneficial owner, but am not receiving any responses.
What should I do?
0 replies
Seller_f5cnodyVjLD4S
.gov.uk 2019 pdf (linked below).
You can not leave the Beneficial Owner section blank.
As points 1 and 2 do not apply because everyone is under 25% you should enter your details (see points 3, 4 or 5) as it is you applying for the selling account on behalf of the company.
Beneficial Ownership Definition:
A beneficial owner in respect of a company means the natural person(s) who directly or indirectly ultimately owns or controls the corporate entity, with control defined consistently with the interpretative provisions applying to the public register of people with significant control of UK companies introduced in the Small Business, Enterprise and Employment Act 2015 (the “PSC Register”). Meaning of person with significant control: A person with significant control over a company is defined as an individual that (either alone or as one of a number of joint holders of the share or right in question) meets one of the following conditions:
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The individual holds, directly or indirectly, more than 25% of the shares in the company. The 25% threshold is calculated with reference to the nominal value of the shares in the case of a company with share capital. If the company does not have a share capital, the condition is met by an individual holding a right to share in more than 25% of the entity’s capital or profits.
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The individual holds, directly or indirectly, more than 25% of the voting rights in the company. Voting rights held by the company itself are disregarded for this purpose.
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The individual holds the right, directly or indirectly, to appoint or remove a majority of the board of directors of the company.
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The individual has the right to exercise, or actually exercises, significant influence or control over the company. TheDepartment for Business, Energy and Industrial Strategy has issued guidance on the meaning of ‘significant influence or control’ and regard must be had to that guidance in interpreting this condition.
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The individual has the right to exercise, or actually exercises, significant influence or control over the activities of a trust or a firm, which in turn satisfies any of the first four conditions.
Hope this helps.
Seller_L0YqVO4UXmXUN
Hey guys,
I have submitted my info in the beneficial owner section. However, still received the bellow email. Do you, perhaps have any other advise on how to deal with this? I have wrote to eBay numerous times explaining that there is no one person who owns 25% or more of the company, but this is still the only response I receive:
Dear Seller,
We are contacting you, as we require the beneficial owners of your business to be registered on your account.
A beneficial owner is a natural person who directly or indirectly owns more than 25% of the shares or voting rights in your business.
To continue with your account verification, please update the number of beneficial owners by following the instructions below.
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Go to the "Identity Information" section of Seller Central
https://sellercentral-europe.amazon.com/sw/SSR/BusinessKYCInfo/spaDashboard
2. Click “+Add beneficial owner” which is located at the bottom of the screen, in blue font.
3. Enter the beneficial owners’ details.
4. Click “Submit for Verification”.
If you have questions about this policy or your account, please contact us (https://sellercentral-europe.amazon.com/cu/contact-us?skipHelpHubRedirect=true&uid=QTMxWkNMSTUyTjdXSlgtMTU4MDAyOTE3MDAwNw%3D%3D).
Seller_L0YqVO4UXmXUN
Hi Guys,
I did what you suggested and provided the info for several of the company shareholders, so that they represent more than 25% in total. However, as I have previously mentioned, the majority of this company is owned by an investment fund with thousands of shareholders in it.
Amazon has now asked us to provide the details of the person who heads the said investment fund, which I am not sure we can provide. Do you have any suggestions on what to do here? I have tried explaining that the CEO of the Investment fund that owns the rest of our company does not hold all shares, but am not getting anywhere with this.
Appeals and emailing do not work.
Would be very very grateful to any suggesitons!
