To keep your business account safe and comply with South African laws (FICA Section 21B and PCC 59), Stitch Express needs to verify your business’s Ultimate Beneficial Owners (UBOs) during onboarding.
Here is a quick guide to what a UBO is and what documents you will need to get verified.
What is an Ultimate Beneficial Owner (UBO)?
A UBO is always a natural person - a real individual - who ultimately owns, benefits from, or exercises effective control over a business. A UBO cannot be a company, trust, partnership, nominee, or the merchant entity itself. If your business is owned by another entity, we may need to trace the ownership chain until we reach the real individual(s) behind it. An individual is considered a UBO if they:
- Owns or controls the relevant ownership interest, voting rights, member’s interest, partnership interest, or similar rights in the business. Depending on the business’s risk rating, Stitch may need to identify UBOs at various percentage threshold.
- Exercises control through other means, even without formal ownership - for example through voting arrangements, shareholder agreements, veto rights, nominee arrangements, powers of attorney, appointment or removal rights, funding influence, or other informal control.
- If no natural person can be identified through ownership or other control, Stitch may need to identify the natural person(s) who exercise control over management, such as directors, executive officers, the CEO, managing director, or other senior managing officials.
Which documents do I need to upload?
For registered South African companies, the easiest combination is usually a recent CIPC company extract plus at least one document that clearly shows ownership, shareholding, voting rights, or control. The document should be current, legible, and show the names of the relevant owners/controllers and their percentages or roles.
1. Most common documents (standard verification)
In most cases, one or more of the following documents can be used, provided the document clearly confirms the ownership or control structure and allows Stitch to identify the natural-person UBOs: following will fulfill our verification requirements:
- Share Certificate
- Signed Shareholder Agreement
- Share Register
- Signed Beneficial Ownership Declaration
- Auditor Letter confirming ownership
2. Alternative acceptable documents
If standard documents are unavailable, we can also accept:
- Organogram signed by a director or senior manager
- Board Resolution detailing ownership
- Notarised Declaration of Ownership
- Annual Report or Regulatory Filing
- Nominee Shareholder Agreement
- Memorandum of Incorporation (MOI)
3. Entity-specific requirements
Different entity types may need different documents. Please upload the documents that best show who ultimately owns, benefits from, or controls the business.
| Business Structure | Required Verification Document(s)
|
|---|---|
| Private Company (Pty) Ltd | Share certificate, share register, MOI, shareholders’ agreement, or a signed beneficial ownership declaration. |
| Close Corporation (CC) | Founding Statement (CK1 or CK2) |
| Trust | Signed Trust Deed and Letter of Authority from the High Court |
| Partnership | Signed Partnership Agreement |
| Foreign Entity | Official Registry Extract from your home country |
| Complex/Multi-layered Ownership | Signed Organogram showing parent entities down to the real owners |
Downloadable Templates
If you don't have standard documents ready, you can download, complete, and upload these templates during sign-up:
- Beneficial Ownership Declaration: Core form to declare your business owners (5%+ ownership).
Quick Tips for Uploading
- Make sure it's clear: Upload full-page, clear photos or scans with all four corners visible.
- Match your details: Double-check that names, ID numbers, and percentages match your documents exactly.
Need help? If you get stuck, our support team is ready to guide you through the process!
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