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Changing the legal entity type

Learn how to change an account holder's legal entity type.

This feature is supported from v5 and later of /updateAccountHolder endpoint.

Sub-merchants sometimes sign up with the incorrect legal entity type. To fix this, you can change the legal entity type with an /updateAccountHolder request.

When you change the legal entity type, you keep the accountHolderCode, accountCode, and the transaction history of the current account holder.

To change the legal entity type, you need to:

Migrating existing details

If you choose to migrate existing details, we also migrate the identity check KYC status and the passport verification from the previous legal entity to the new one. We will perform the bank account verification again if required for the new legal entity.

After we complete the update, you get the ACCOUNT_HOLDER_VERIFICATION notification, containing the migrated KYC check statuses and of new KYC check statuses or requirements.

Changing from Individual to Business

To change from Individual to Business, make an /updateAccountHolder request and provide the following parameters:

{
  "accountHolderCode": "YOUR_UNIQUE_ACCOUNT_HOLDER_CODE",
  "accountHolderDetails": {
    "businessDetails":{
      "legalBusinessName": "ACCOUNT_HOLDER_BUSINESS_NAME",
      "registrationNumber": "ACCOUNT_HOLDER_BUSINESS_NAME"
    }
  },
  "legalEntity": "Business"
}

Changing from Business to Individual

You can only migrate data if the business account holder has only one shareholder. If the account holder has multiple shareholders, the request is rejected.

To change from Business to Individual, make an /updateAccountHolder request and provide the following fields:

{
  "accountHolderCode": "YOUR_UNIQUE_ACCOUNT_HOLDER_CODE",
  "legalEntity": "individual"
}

Providing new details

Alternatively, you can provide new details when changing the legal entity of an account holder.

After we complete the update, you get the ACCOUNT_HOLDER_VERIFICATION notification, containing new KYC check statuses or requirements.

Changing from Individual to Business

To change from Individual to Business, make an /updateAccountHolder request and provide the following parameters:

{
  "accountHolderCode" : "YOUR_UNIQUE_ACCOUNT_HOLDER_CODE",
  "legalEntity": "Business",
  "accountHolderDetails":{
    "businessDetails": {
      "legalBusinessName": "ACCOUNT_HOLDER_BUSINESS_NAME",
      "registrationNumber": "ACCOUNT_HOLDER_BUSINESS_NAME",
      "shareholders": [
        {
        "address": {
          "city": "San Francisco",
          "country": "US",
          "houseNumberOrName": "9",
          "postalCode": "10621",
          "stateOrProvince": "CA",
          "street": "AwesomeStreet"
        },
        "email": "test@email.com",
        "name": {
          "firstName": "Simon",
          "gender": "UNKNOWN",
          "lastName": "Hopper"
        },
        "personalData": {
          "dateOfBirth": "1990-09-30",
          "documentData": [
            {
              "number": "fa141fa2",
              "type": "ID"
            }
          ]
        }
      }
    ]
  }
 }
}

Changing from Business to Individual

To change from Business to Individual, make an /updateAccountHolder request and provide the following parameters:

{
  "accountHolderCode" : "YOUR_UNIQUE_ACCOUNT_HOLDER_CODE",
  "legalEntity": "Individual",
  "accountHolderDetails":{
    "individualDetails": {
      "name": {
        "firstName": "Simon",
        "gender": "UNKNOWN",
        "lastName": "Hopper"
      },
      "personalData": {
        "dateOfBirth": "1990-09-30",
        "documentData": [
          {
            "number": "fa141fa2",
            "type": "ID"
          }
        ]
      }
    }
  }
}