Company account onboarding
Process of creating a new company account holder, and opening a new Swan account for that account holder.
Self-employed users hold company accounts. Refer to the country requirements section for more information about identification for self-employed users.
Process overviewâ
Company onboarding supports different types of organizations, including:
- Several types of companies
- Self-employed workers
- Associations or not-for-profit organizations
Your main action is to create a company onboarding link. The link leads your user to a multi-step form through which Swan collects essential information to open the account.
When creating an onboarding link for your users, you can pre-fill most of the information for them. When your user goes through the form, they'll confirm that the information you entered is correct. Users can also fill in this information themselves.
Collecting onboarding informationâ
Company onboarding information can be sumbitted with the API or through Swan's onboarding form.
| Method | Details |
|---|---|
| Onboarding form | The onboarding form collects:
|
| API | The API collects the same information as the onboarding form. Please review the requirements explained on this page throughly, then follow the guide to create a company onboarding link. |
Expected monthly volumeâ
Swan uses the expected monthly volume provided during onboarding to monitor the account. It's essential to select the range that corresponds to the company's actual volume, and to notify Swan if that expected monthly volume changes during the account's lifecycle.
If you use Swan's onboarding form, this information is collected by default. If you design your own form, please offer the following ranges:
- Less than 10 000âŦ (
LessThan10000) - Between 10 000âŦ and 50 000âŦ (
Between10000And50000) - Between 50 000âŦ and 100 000âŦ (
Between50000And100000) - More than 100 000âŦ (
MoreThan100000)
Ultimate beneficial owners (UBOs)â
Providing information for at least one UBO is mandatory for all companies. Swan allows two types of UBOs:
- Ownership of capital UBO
- Legal representative UBO
Ownership of capital UBOâ
An ownership of capital UBO is anyone holding more than 25% of that company's value, whether directly or indirectly. Providing information for all UBOs owning 25% or more of a company is a legal requirement.
Direct ownership is the most straightforward form of ownership and means the UBO owns shares or stakes directly in the company. They are listed as a shareholder on company records. Indirect ownership means the UBO owns shares or stakes through other entities, such as trusts or parent companies. They may control or have rights to the company without their names being listed directly on company records.
With the API, set type to HasCapital.
On the onboarding form, choose Ownership of capital for type of control exercised.
Always include how much capital they own and whether they own it directly or indirectly.
Legal representative UBOâ
A legal representative UBO serves as the company's default UBO if a company doesn't have any UBOs who hold more than 25% of the company. Providing information for one legal representative UBO is required if the company has zero ownership of capital UBOs.
With the API, set type to LegalRepresentative.
On the onboarding form, choose Legal representative for type of control exercised.
No other additional information is required in the UBO section for legal representative UBOs.
Country-specific informationâ
Requested information can change based on your account country. Refer to the tables later on this page for country-specific requirements.
Identification recommendationsâ
Swan must verify the identity of the legal representative for each company. Swan supports multiple identification processes, and some require a first transfer. For company onboarding, the following levels are recommended based on the account country.
| Account country | Recommended level for legal representative | Other supported levels |
|---|---|---|
| đĢđˇ France | â Expert | QES PVID |
| đŠđĒ Germany | â Expert | QES |
| đŽđš Italy | â QES | Expert + first transfer |
| đŗđą Netherlands | â Expert | QES PVID |
| đĒđ¸ Spain | â Expert | QES PVID |
- đĢđˇ France self-employed: PVID
- đŠđĒ Germany self-employed: QES + first transfer
Country requirements for company accountsâ
Requirements vary country to country when opening any type of Swan account. Requirements for company accounts are different than for individual accounts, and there is also a different mutation.For company accounts, use the onboardCompanyAccountHolder mutation to collect the following information according to your desired account country.
Note that this section is broken up into company and account holder information, information about the UBO, and information about the legal representative.
All have required fields. If the cell is empty, the field is optional.
Company and account holder informationâ
| API field | đĢđˇ France | đŠđĒ Germany | đŽđš Italy | đŗđą Netherlands | đĒđ¸ Spain |
|---|---|---|---|---|---|
accountCountry | â Required (FRA) | â Required (DEU) | â Required (ITA) | â Required (NLD) | â Required (ESP) |
accountName | |||||
businessActivity | â Required | â Required | â Required | â Required | â Required |
businessActivityDescription | â Required | â Required | â Required | â Required | â Required |
companyType | â Required | â Required | â Required | â Required | â Required |
email | â Required | â Required | â Required | â Required | â Required |
isRegistered ^ | â Required | â Required | â Required | â Required | â Required |
language | â Required | â Required | â Required | â Required | â Required |
monthlyPaymentVolume | â Required | â Required | â Required | â Required | â Required |
name (company name) | â Required | â Required | â Required | â Required | â Required |
redirectUrl | |||||
registrationNumber ^ | â Required | â Required | â Required | â Required | â Required |
residencyAddress.addressLine1 | â Required | â Required | â Required | â Required | â Required |
residencyAddress.addressLine2 | |||||
residencyAddress.city | â Required | â Required | â Required | â Required | â Required |
residencyAddress.country | â Required | â Required | â Required | â Required | â Required |
residencyAddress.postalCode | â Required | â Required | â Required | â Required | â Required |
residencyAddress.state | |||||
taxIdentificationNumber | â Required (â 90 days) | īš Conditional | |||
typeOfRepresentation | â Required | â Required | â Required | â Required | â Required |
vatNumber |
^
isRegisteredmust betrueand theregistrationNumberprovided for all onboardings wherecompanyTypeisCompany. This also applies whencompanyTypeisSelfEmployedand the account country isFrance. Swan overridesisRegisteredif the provided value isfalsebut it should betrue.â If the
accountCountryis Germany, the account holder has 90 days to provide their Tax ID Number when opening an account. Otherwise, the account isSuspended. Share Swan's Support Center article if your account holders have concerns.īš Required if both the
accountCountryandresidencyAddress.countryare Spain.
UBO informationâ
If your company has a legal representative UBO, most of these fields can be left empty.
However, for individualUltimateBeneficialOwners.type, please indicate LegalRepresentative.
UBO stands for a portion of the API field: individualUltimateBeneficialOwners.
| API field | đĢđˇ France | đŠđĒ Germany | đŽđš Italy | đŗđą Netherlands | đĒđ¸ Spain |
|---|---|---|---|---|---|
UBO.birthCity | â Required | â Required | â Required | â Required | |
UBO.birthCityPostalCode | â Required | â Required | â Required | ||
UBO.birthCountryCode | â Required | â Required | â Required | â Required | â Required |
UBO.birthDate | â Required | â Required | â Required | â Required | |
UBO.direct | â Required | â Required | â Required | â Required | â Required |
UBO.indirect | â Required | â Required | â Required | â Required | â Required |
UBO.firstName | â Required | â Required | â Required | â Required | â Required |
UBO.lastName | â Required | â Required | â Required | â Required | â Required |
UBO.residencyAddress.addressLine1 | â Required | â Required | â Required | ||
UBO.residencyAddress.addressLine2 | |||||
UBO.residencyAddress.city | â Required | â Required | â Required | ||
UBO.residencyAddress.country | â Required | â Required | â Required | â Required | â Required |
UBO.residencyAddress.postalCode | â Required | â Required | â Required | ||
UBO.residencyAddress.state | |||||
UBO.taxIdentificationNumber | īš Conditional | â Required | |||
UBO.totalCapitalPercentage | â Required | â Required | â Required | â Required | â Required |
UBO.type | â Required | â Required | â Required | â Required | â Required |
īš Required if both the accountCountry and the UBO's residencyAddress.country are Germany.
Legal representative informationâ
lr stands for a portion of the API field: legalRepresentative.
| API field | đĢđˇ France | đŠđĒ Germany | đŽđš Italy | đŗđą Netherlands | đĒđ¸ Spain |
|---|---|---|---|---|---|
lrPersonalAddress.addressLine1 | â Required | â Required | â Required | ||
lrPersonalAddress.addressLine2 | |||||
lrPersonalAddress.city | â Required | â Required | â Required | ||
lrPersonalAddress.country | â Required | â Required | â Required | ||
lrPersonalAddress.postalCode | â Required | â Required | â Required | ||
lrPersonalAddress.state |
User flow diagramsâ
End-user perspective of a company account onboarding
Guidesâ
Use the following guides to start and complete the company onboarding process.