Australia merchant onboarding guide

Before using Genstore Payments in Australia, you need to understand the required personal and business information, as well as supporting documents. These requirements ensure compliance with local regulations and help prevent financial crimes.

This guide will help you:

1. Identify your business entity type
2. Understand the documents required for each entity type (ABN, ACN, etc.)
3. Ensure your bank account (BSB) and Ultimate Beneficial Owner (UBO) information meets the requirements

Entity types

Depending on local laws and regulations, you must provide information about yourself and your business. This allows Genstore (hereafter "we") to verify your store's identity, confirm the beneficial owners of the company, and comply with anti-money laundering (AML), counter-terrorism financing (CTF), and other financial crime prevention rules. As regulations evolve, Genstore and our partners may request additional information.

In Australia, you can register for Genstore Payments under the following entity types:

Type	Sole Trader	Corporation
Legal status	Not a separate legal entity; owner and business are the same	Separate legal entity regulated by ASIC
Key identifiers	Australian Business Number (ABN)	Australian Business Number (ABN) & Australian Company Number (ACN)
Liability	Unlimited liability of owner	Limited liability of shareholders
Taxation	Reported under personal income tax	Corporate tax return
Name examples	- John Smith - DBA: John's Cafe	- TechVision Pty Ltd - Global Trade Ltd

Common requirements

Minimum age

• All associated individuals (e.g., owners, directors, authorized signatories) must be at least 18 years old.

Bank account

• The account must be opened in Australia and denominated in Australian Dollars (AUD).
• You must provide the BSB code (6-digit number) and account number.
• The account name must match the registered entity:
  • Sole proprietorship → bank account name = owner's full name
  • Corporation → bank account name = registered legal name

Ultimate Beneficial Owners (UBOs)

Under Australian anti-money laundering laws, we must identify:

• Ownership-based UBOs: Individuals who directly or indirectly own 25% or more of shares or voting rights in the company.
• Control-based UBOs: Individuals who exercise ultimate effective control. If no one owns more than 25%, senior management (e.g., CEO or director) must be identified.

Required documents by entity type

1. Sole Trader

• Personal documents:
  • Australian driver's license (preferred) or passport
• Business documents:
  • ABN registration information page or ABN confirmation document
• Address proof (optional):
  • Utility bill, bank statement, or tax bill from the last 3 months
• Bank documents:
  • Bank statement showing BSB, account number, and account name

2. Corporation

• Company documents:
  • ABN registration information page or ABN confirmation document
  • Certificate of Incorporation or company extract (optional)
• Personal documents:
  • ID/passport of at least one director and all UBOs with 25% or more ownership
• Address proof (optional):
  • Utility bill, bank statement, or tax bill from the last 3 months
• Bank documents:
  • Bank statement under the company name

Ownership and control chart

If Genstore or Adyen cannot automatically verify your complex ownership structure through official databases (e.g., with multiple layers of foreign ownership), you must provide an ownership and control chart that includes:

• Ownership percentages of all legal entities and natural person UBOs
• Official names and registered countries of entities
• Ownership percentages and control relationships between entities
• Explanation of how UBO criteria are met (e.g., individual holding 25% of shares)
• Signature, job title, and signing date (valid within 6 months)

Note: During the application process, we will verify information through the Australian government's ABN Lookup and ASIC databases. Please ensure the information you provide matches official records exactly.