Company Ownership: Difference between revisions
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(Created page with "Bittylicious needs to know who its customers are, and will only deal with the customer ''directly''. Customers attempting to use the platform on behalf on anyone else are not permitted to trade. Bittylicious also needs to know how customers made the money they use on the platform. This is to ensure that funds used on the platform were not gained through crime or in connection with any activity considered illicit under Isle of Man law (see Prohibited Use of our Ser...") |
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* company business requires a company account, not an individual account. Individual customers are not permitted to use their personal accounts to conduct company business, whether theirs or anyone else's. | * company business requires a company account, not an individual account. Individual customers are not permitted to use their personal accounts to conduct company business, whether theirs or anyone else's. | ||
* companies are required to submit information on all directors, owners and controllers, both on registration and periodically throughout the lifetime of the account. This information must be easily and reliably verifiable, through independent national company register extracts, for example. If company information cannot be independently verified, a company will not be permitted to trade on Bittylicious. | * companies are required to submit information on all directors, owners and controllers, both on registration and periodically throughout the lifetime of the account. This information must be easily and reliably verifiable, through independent national company register extracts, for example. If company information cannot be independently verified, a company will not be permitted to trade on Bittylicious. | ||
* companies are required to submit information on the nature of their business activities, both on registration and periodically throughout the lifetime of the account. Companies that do not comply with requests for information will not be permitted to trade on Bittylicious. | * companies are required to submit information on the nature of their business activities, both on registration and periodically throughout the lifetime of the account. Companies that do not comply with requests for information will not be permitted to trade on Bittylicious. | ||
* trusts, investment companies, special purpose vehicles or similar companies often handle other people's money. This makes establishing ownership and control of funds of such companies difficult, if not impossible. Therefore, such companies will not be permitted to trade on Bittylicious. | * trusts, investment companies, special purpose vehicles or similar companies often handle other people's money. This makes establishing ownership and control of funds of such companies difficult, if not impossible. Therefore, such companies will not be permitted to trade on Bittylicious. | ||
Revision as of 10:23, 10 May 2023
Bittylicious needs to know who its customers are, and will only deal with the customer directly.
Customers attempting to use the platform on behalf on anyone else are not permitted to trade.
Bittylicious also needs to know how customers made the money they use on the platform. This is to ensure that funds used on the platform were not gained through crime or in connection with any activity considered illicit under Isle of Man law (see Prohibited Use of our Services).
Individuals own themselves, but companies can be owned and controlled by different people at different times.
This is why:
- company business requires a company account, not an individual account. Individual customers are not permitted to use their personal accounts to conduct company business, whether theirs or anyone else's.
- companies are required to submit information on all directors, owners and controllers, both on registration and periodically throughout the lifetime of the account. This information must be easily and reliably verifiable, through independent national company register extracts, for example. If company information cannot be independently verified, a company will not be permitted to trade on Bittylicious.
- companies are required to submit information on the nature of their business activities, both on registration and periodically throughout the lifetime of the account. Companies that do not comply with requests for information will not be permitted to trade on Bittylicious.
- trusts, investment companies, special purpose vehicles or similar companies often handle other people's money. This makes establishing ownership and control of funds of such companies difficult, if not impossible. Therefore, such companies will not be permitted to trade on Bittylicious.