Why is a User marked as Business Owner or Business Representative?

As a Reap user, you may come across terms such as Owner, and Representative. These roles are important in understanding who has access to certain features and actions within the platform.

Reap requires Know Your Customer (KYC) verification for certain roles, but not for others. Here's a breakdown of which roles require KYC:

The Business Representative is the person who submitted the company's application.

Ultimate Beneficial Owners are individuals who own more than 25% of shares in the entity.

Significant Controllers are individuals who might not necessarily own more than 25% of shares but are the main controllers of the company's decisions.

Only Business Representatives, Ultimate Beneficial Owners, or Significant Controllers can perform the following actions:

1. Request to Increase Credit Limit

2. Request to Decrease Credit Limit

3. Request to Close the Account

You can find the owners and significant controllers marked on the Teams page of the Reap dashboard. The business representatives are not marked with a label for now, but if you are unsure, feel free to contact the support team and we're happy to share the information for your follow-up.

When your entity is planning to change any information (e.g. email address, phone number, name) of the Business Representatives, Ultimate Beneficial Owners, or Significant Controllers, it is important to contact the support team at hello@reap.global. Our team will require 5-10 working days to process your request, and we may perform necessary KYC checks again if required.