Adding a Beneficial Owner to your business on Forwardly is a simple process. You have the option to either add yourself or invite someone else. By following these steps, you can easily invite a beneficial owner to your business.
| Reminder: Beneficial owners are individuals, who own, directly or indirectly, 25 percent or more of the equity interests of the legal entity customer (e.g., each natural person that owns 25 percent or more of the shares of a business). Forwardly only supports payments for US businesses, but does accept beneficial owners from a variety of international countries. |
How to Add a Beneficial Owner
- Open the business you would like to remove access from.
- Click on Business Settings on the sidebar navigation.
- Click on Beneficial Owner.
- Click on Invite Owner.
- Enter the required details for the invite, including the beneficial owner's name, email address, position, and ownership percentage. All beneficial owners must be over the age of 18 at the time of registration.
Warning: If the beneficial owner you're adding already has a Forwardly account, make sure to add the email address they're already using with Forwardly. An SSN can only be used for one Forwardly account, and they may experience issues with verification if you add a different email address. Please contact support if this happens.
- Click Send Invite.
- The new user will receive an email invitation to join your team.
| Tip: The invite will remain pending until it's accepted by the beneficial owner. |
How do I create my Beneficial Owner account on Forwardly if I don't already have an account?
If you don't have an existing Forwardly account and you've received an invite to join a business, it's easy to create a Beneficial Owner account on Forwardly.
- Open your email invite and click on Get Started.
- Fill in your details, like your name and phone number. You'll then need to verify your phone number with a one-time password.
- After verification, you'll need to share personal information to confirm your identity. You can't change your ownership percentage, but you can update your position to a new title if needed.
- Upload your proof of identification. Acceptable documents include a valid Driver's License, Passport or Passport Card, or Military ID.
- Upload your proof of address. Acceptable documents include the latest copies of a utility bill, bank statement, or phone bill.
- Once all steps are completed, click on Visit My Dashboard to finish the process.
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Tip: Remember to have separate and up-to-date proof of identification and proof of address documents. Make sure they're both unique and the most recent versions, updated within the last three months. |
What if I already have a Forwardly account?
If you're already a Forwardly user and are a Beneficial Owner of another business, the process is even more simple to connect your account to the business.
- Open your email invite and click on Get Started.
- On the Business List, find the business you were invited to and click Accept.
- Confirm your ownership details.
- If you haven't already verified your account, you'll need to upload documentation as in the steps above.
- After that, you're all done! You'll be directed to the dashboard of the business.