After activating your account, to be able to share documents via CoorpID you first set up the Ownership structure of your corporation. CoorpID will already create a Task for you which you will see on the Tasks overview on the homepage after you login.
(When you see an invitation from a partner on your ‘Tasks’ overview on the homepage after activating your account, check out this article about creating Relationships)
The Ownership structure in CoorpID focuses on the legal structure of your organisation. It contains entities and individuals and shows how these are related in terms of ownership and voting rights.
CoorpID will ask you to start with the primary entity of your organisation. The primary entity usually is the entity on the parent level of your organisation. However, you can also start with one of the entities on a lower level.
(Please note that the primary entity cannot be deleted, whereas other entities can be deleted)
To set up your ownership structure, follow the steps as described below:
- Create the primary entity, fill in the legal name, the country of incorporation and the legal form of the entity.
- Add entities and owners to the primary entity. Click ‘Add or edit entities and owners’.
- To add an owner of the entity (Individual or Entity), click the plus symbol above the entity. To add a subsidiary of the entity, click the plus symbol below the entity.
- Fill in the required information for the owner/subsidiary to complete this step.
While building your ownership structure, you can see more detailed information about the individual/entity on the right-hand side of the screen. Here you can also edit or delete information.
Please find below some more information about several components of the entity information.
Owner: Any natural person who ultimately owns or controls the company via direct or indirect interest of 10% or more in the assets (ownership) and/or voting rights.
Executive member: Members of a group of persons chosen to control or govern the affairs of an entity.
Ownership: % interest in the asset.
Voting: % voting rights in the decision making other than day-to-day management (ownership %).
UBO: The UBO tag is automatically generated when an individual has at least 10% in ownership,
voting rights and/or has factual control.
Factual control: Apart from Legal Control, Factual control of a corporation exists where a person
has ‘directly or indirectly in any manner whatever’ influence that, if exercised, would result in control in fact of the corporation.
Repeat the aforementioned steps to complete your ownership structure. You don’t have to complete the structure at once, you can build it according to your needs and always proceed at a later time.
When you’re done, it’s time to upload your entities’ first documents. See the Documents article on how to upload documents in CoorpID.