Add a legal entity and apply for its bank account

Goal

Record a new legal entity in Mezzanine, then apply to 1Money for its operating bank account.

How it works

You create the entity with its basic details. Then you complete its bank application, called Advanced Onboarding: five sections covering your team, the company, its owners and its documents. You submit it, and 1Money reviews it. The app says most decisions come back in 1 to 3 business days.

Before you start

• You have the Manage entities permission. (Who can use it)
• For the entity: its official legal name, country and state or province of formation, tax ID, registered address, operating address if different, and incorporation date.
• For the application, have these ready:
  • A business description, website, business email and industry.
  • How you’ll use the account: its purpose, estimated annual revenue and anticipated monthly activity in USD, and your source of funds and source of wealth.
  • Any parent or holding companies between the entity and its ultimate owners, with their country and ownership %.
  • For every owner, director and authorized person: first and last name, email, date of birth, nationality, home address, tax country and tax ID, and a government ID (passport, driver’s license, national ID or residence permit) with its number and issuing country.
• Documents: the Supporting documents section lists the ones 1Money needs for your entity and for each person. Files must be 10 MB or smaller.

The application needs at least one control person and one authorized person; this can be the same person. Anyone owning more than 25% must be included.

Part A: Add the entity

1. In the sidebar, click Legal & Compliance → Entities.
   You see the list of your entities.
2. Click Actions at the top right, then Add Entity.
   A window opens titled Add Entity, with five steps across the top: Basic info, Legal details, Banking, People, Documents.
3. Choose the Entity Type, enter the Official Legal Name, and optionally a Name (DBA). Click Continue.
4. Under Jurisdiction, pick the country and state or province, and enter the Tax ID. Under Registered Address, fill in the address. Click Continue.
   The button reads Creating…, then the Banking step says the entity was created.
5. Tick Start the bank application now if you want to go straight into the application when you finish. Click Continue.
6. Click Add person to add each officer, director, owner and authorized person, choosing their roles. Click Continue, or Skip to add them later.
   People you add here are carried into the bank application.
7. Add any formation and governance documents, then click Complete.
   If you ticked the box in step 5, the bank application opens. If not, the new entity opens on its Advanced Onboarding tab.

Not ready to apply yet? Leave the box in step 5 unticked. You can start any time: open the entity from the list and click Start Advanced Onboarding at the bottom of its Advanced Onboarding tab.

Part B: Fill in the application

The application opens on a page titled “Advanced Onboarding for entity name”, with five sections. Each shows Not started, In progress, Complete or Action needed. Fill in the first three in any order. Supporting documents and Review & submit open up once Owners & companies is complete.

1. Click Get started.
2. Under People, click Add person to add teammates who should also be able to work on this application. You’re already included.
3. Under Terms of service, read the linked 1Money terms, turn on Accept 1Money Terms, and click Accept →.
   You see Terms of service accepted, and the box reads Terms accepted.
4. Click Save & continue.
   The Company information section opens.
5. Fill in Business details and How you’ll use the account. Fields marked as required must be filled in. If the operating address is the same, tick Same as Registered Address. Click Save & continue.
   The Owners & related companies section opens.
6. Under Owners, directors & authorized persons, click Add a person for each one. Choose a teammate from the list, or click Add a person not listed, enter their name and email, and click Add.
   Anyone you added when creating the entity is already listed.
7. Click each person to open their details. Fill in every field, and under Role in the business tick what applies: Owns ≥25% (beneficial owner), Control person, Authorized person, Director.
   A person with gaps shows how many fields are missing. When everything is filled in, they show Complete.
8. Under Parent & holding companies, add any company that sits between the entity and its ultimate owners, with its Country and Owns %.
9. Click Save & continue.
   When everything is complete, you see Application created. and the Supporting documents section opens. If something’s missing, you see what, for example Saved. 1 person still needs details.
10. In Supporting documents, click Add file on each document and upload it. Each is marked Required or Optional, and there’s a list under Company documents and one for each person.
    Each file shows Uploaded when it’s done.
11. Click Save & continue.
    The Review & submit section opens.
12. Check the summary, then click Submit for review.
    You see Application submitted and We’re reviewing it. Most are done in 1 to 3 business days. In the entity list, the status reads Awaiting approval.

Until the application is created in step 9, the personal details you type for people are kept in your browser. Finish Owners & companies on the same computer and browser you started it on.

Part C: After you submit

You don’t need to keep the page open. You’ll get an email if more is needed.

• To check for news, open the entity and click Refresh status on its Advanced Onboarding tab.
• If 1Money asks for more, the entity’s status changes to Action needed. Open it. Each request is listed under What is needed. Click Resolve in section → to fix it, then go to Review & submit and click Re-submit for review.
• When it’s approved, the status reads Approved and the tab says Your account is open. The operating account appears on the entity’s Accounts tab. It may say Approved. The account is being set up. for a short while first.

If something goes wrong

You see	Why	What to do
Official Legal Name is required.	The legal name is empty	Enter it and click Continue
Failed to create entity. Please try again.	The entity couldn’t be saved	Try again. If it keeps happening, contact support
Failed to save documents. The entity was created — please try adding them again.	The entity was saved, but some documents weren’t	Open the entity and add them with Add document or link on its Overview tab
Access restricted	You don’t have Manage entities and aren’t a contributor on this application	Ask a contributor or an organization admin to add you
Supporting documents or Review & submit is greyed out	The application hasn’t been created yet	Complete Get started, Company information and Owners & companies first
Accept the Terms of Service to finish this section.	The terms weren’t accepted	Go back to Get started and click Accept →
Terms of service session has expired. Please re-sign to continue.	Your terms acceptance timed out before the application was created	You’re taken back to Get started. Accept the terms again, then save Owners & companies again
At least one person must be marked as a control person. or …as an authorized person.	No one has that role	Open a person and tick the role under Role in the business
All parent companies must have a country selected.	A parent company has no country	Pick one, then save again
File type not supported. Allowed: …	The file isn’t an accepted format	Company documents: PDF, JPG, PNG, CSV or XLSX. Personal documents: PDF, JPG or PNG
File exceeds 10 MB limit.	The file is too large	Compress or split it, then upload again
Please complete all sections before submitting.	A section isn’t complete yet	Go back to the overview and finish any section not marked Complete
Status reads Rejected	1Money declined the application	This entity can’t re-apply. Contact your 1Money representative