Monzo Business Account Structure Chart Certification by a UK Solicitor

Are you opening a Monzo Business account and Monzo has asked you to provide a corporate structure chart certified by a solicitor?

Ginkgo Advisory can help.

We provide UK solicitor verification and certification of corporate structure charts for Monzo Business account applications. We can assist with both simple and complex ownership structures, including UK companies, overseas holding companies, subsidiaries, trusts, trustees, corporate shareholders and individual ultimate beneficial owners.

Most importantly, we do not simply sign or stamp a structure chart.

We carry out the necessary due diligence before we certify it.

Therefore, if Monzo has asked you to provide a solicitor-certified corporate structure chart, you can send us the chart, Monzo’s request and the supporting corporate documents for review.

Why might Monzo ask for a corporate structure chart?

When you apply for a Monzo Business account, Monzo needs to understand who owns and controls the business.

Monzo states that it verifies people with significant control, or PSCs, when limited companies apply for a business account. A PSC will often be someone who owns or controls more than 25% of the shares or voting rights. However, other forms of significant control can also apply.

For a straightforward company owned directly by one or two individuals, the ownership structure may be easy to establish.

However, some companies have a more complicated ownership chain.

For example, your UK company may sit below:

• a UK holding company;
• an overseas holding company;
• several intermediate companies;
• a corporate shareholder;
• a trust;
• an individual or corporate trustee;
• several shareholders with different percentages; or
• a combination of companies, trusts and individuals.

In these cases, Monzo may need more information to understand who ultimately owns or controls the applicant company.

Monzo has explained that corporate ownership can involve long chains of companies and that it needs to understand each stage of the chain and the ultimate beneficiaries. Monzo also says that, in some cases, it may ask customers for more information about their ownership structure.

This is where a clear and properly supported corporate structure chart can become particularly important.

Monzo asked for a solicitor-certified structure chart – what should I do?

If Monzo has specifically asked you for a corporate structure chart certified by an SRA-regulated solicitor or a solicitor in England and Wales, you can send us:

1. the corporate structure chart;
2. Monzo’s request or message;
3. the corporate documents supporting the structure; and
4. details of the accountant, auditor or professional adviser who prepared the chart, if applicable.

We will first review the structure.

Next, we will identify what evidence we need.

We will then carry out the necessary checks before deciding whether we can provide the requested solicitor certification.

This approach is important because solicitor certification should have a proper evidential basis.

What does a corporate structure chart for Monzo show?

A corporate structure chart gives Monzo a clear visual picture of how the applicant company fits into the wider ownership structure.

Depending on the business, the chart may show:

• the Monzo Business account applicant;
• its parent company;
• intermediate holding companies;
• direct shareholders;
• indirect shareholders;
• ownership percentages;
• ultimate beneficial owners;
• persons with significant control;
• trusts;
• trustees;
• corporate trustees;
• overseas companies; and
• other relevant ownership relationships.

For example, a UK company may be wholly owned by an Australian company. That Australian company may, in turn, have several corporate and individual shareholders.

Alternatively, the ownership chain may contain a trust or corporate trustee.

The chart should make each level easy to follow.

Therefore, someone reviewing the document should be able to understand how ownership passes from the ultimate owners through the holding structure to the UK company applying for the Monzo Business account.

Can Monzo Business accept a company owned by another company?

Monzo states that it can accept applications from eligible limited companies that are majority owned by other companies. It introduced support for corporate-owned businesses in 2024. However, the applicant must still meet Monzo’s current eligibility criteria and pass its checks.

This is particularly relevant to companies with:

• overseas parent companies;
• group holding structures;
• venture capital investors;
• intermediate holding companies; or
• several layers of corporate ownership.

However, Monzo decides whether to accept each application.

Our role is different. If Monzo asks you for a solicitor-certified corporate structure chart, our role is to review the evidence, verify the relevant ownership information and provide appropriate certification where we can do so.

Can you certify a structure with overseas holding companies?

Yes, subject to satisfactory evidence.

Your ownership chain does not have to consist entirely of UK companies.

We can review corporate structures involving companies incorporated in different countries.

For example, a Monzo Business applicant in England may have an immediate shareholder incorporated in:

• Australia;
• the United States;
• Hong Kong;
• Singapore;
• an EU jurisdiction;
• the British Virgin Islands;
• the Cayman Islands; or
• another jurisdiction.

However, each country has different company records and filing systems.

Therefore, the evidence we require will depend on the jurisdiction.

For one company, we may be able to check an official public company register.

For another, we may need a company extract, register of members, certificate of incumbency or documents from a registered agent.

In addition, we may ask an accountant, lawyer or corporate services provider to confirm the documents and information they relied on.

The country of incorporation does not, by itself, prevent us from considering the structure for certification.

Instead, we focus on whether reliable evidence supports the ownership chain shown on the chart.

Can the ownership structure include a trust?

Our solicitor certification service can also review ownership structures that contain trusts.

For example, a company’s shares may sit within a structure involving:

• a family trust;
• a discretionary trust;
• an individual trustee;
• joint trustees; or
• a corporate trustee.

However, trust ownership requires careful review.

A trustee may hold legal title to shares while acting in a trustee capacity. Therefore, the relationship does not always fit neatly into a standard company-to-company ownership chart.

We may ask for appropriate trust or trustee documents so that we can understand the ownership relationship and check how the chart describes it.

It is also important to distinguish the ownership structure of an eligible limited company from the type of business applying for the account. Monzo’s current eligibility guidance says that it does not offer Monzo Business accounts directly to trusts or funds as business types.

Therefore, where trusts appear within a company’s wider ownership chain, Monzo will decide whether the applicant meets its requirements.

Our certification does not guarantee that Monzo will accept the structure or approve the account.

Can the structure include both companies and individuals?

Yes.

Many ownership structures contain a mixture of companies and individuals.

For example:

Individuals → Holding Company → Overseas Parent Company → UK Company

Alternatively:

Individuals / Trust → Corporate Shareholder → Parent Company → UK Company

Several ownership branches can also meet at the same holding company.

We can review these structures as long as we can obtain enough evidence to verify the relevant relationships.

Can an accountant prepare the corporate structure chart?

Yes.

Your accountant, auditor, company secretary or another professional adviser may already have prepared the chart.

You do not necessarily need us to recreate it.

However, an accountant’s signature does not automatically give us enough information to provide our own solicitor certification.

Therefore, we may ask the accountant to provide the records and information that they used when preparing the chart.

For example, this may include:

• company registry searches;
• corporate extracts;
• shareholder records;
• registers of members;
• business register searches;
• trust information; and
• information supplied by the client.

Where appropriate, we may ask the accountant or professional adviser to send this information to us directly.

We will then carry out our own review before providing certification.

What due diligence do we carry out?

The scope of our due diligence depends on the ownership structure.

A company with one individual shareholder will usually require fewer checks than a multinational group with several holding companies and trusts.

However, our basic approach remains the same.

First, we identify the ownership chain.

Next, we check the supporting evidence.

We then compare that evidence with the corporate structure chart.

Where appropriate, we may check:

• Companies House records;
• overseas company registers;
• company extracts;
• incorporation records;
• registers of members;
• shareholder records;
• ownership percentages;
• parent and subsidiary relationships;
• trust and trustee documents;
• beneficial ownership information; and
• information supplied by professional advisers.

If we find a gap, we ask for more evidence.

Likewise, if the chart conflicts with a corporate record, we ask for an explanation.

Only after completing the necessary review will we consider providing the solicitor certification.

Why can’t a solicitor simply stamp the chart?

Because the solicitor needs a proper basis for the certification.

If Monzo asks for a chart certified by a solicitor, the purpose is not simply to obtain another signature on the document.

Instead, the certification should provide an independent professional check based on appropriate evidence.

Therefore, we do not provide rubber-stamp certification of an unverified ownership chart.

We need to understand what the chart shows and what evidence supports it.

This protects the value of the certification and helps us provide wording that accurately reflects the review we carried out.

What if the corporate structure is very complex?

That does not necessarily prevent certification.

We regularly consider documents involving international corporate structures.

A structure might include several levels such as:

Ultimate owners → Trusts or holding entities → Intermediate companies → Parent company → UK subsidiary

Alternatively, several separate ownership branches may lead into one company.

We work through the structure one level at a time.

First, we identify each relevant person, company, trust or entity.

Then, we establish the relationship between each level.

Next, we review the supporting evidence.

Finally, we compare the evidence against the chart.

This step-by-step approach allows us to review structures involving different countries and different forms of ownership.

What if Monzo needs information about the ultimate beneficial owners?

Monzo states that it verifies people with significant control when eligible limited companies apply for Monzo Business accounts. It may therefore require identification details for relevant PSCs.

A corporate structure chart can help explain how an individual ultimately connects to the UK applicant company through one or more holding entities.

However, a certified structure chart does not replace any separate identity verification that Monzo requires.

For example, Monzo may still ask the applicant to provide identification or other information concerning a PSC.

Therefore, our solicitor certification supports the ownership verification process, but it does not replace Monzo’s own KYC and account-opening checks.

Does every Monzo Business application need a solicitor-certified structure chart?

No.

You should not obtain solicitor certification simply because you are applying for a Monzo Business account.

Monzo’s standard published application guidance asks limited companies to provide business information and says that it will check people with significant control. It does not state that every business applicant must provide a solicitor-certified corporate structure chart.

Instead, you may receive a specific request for additional evidence if Monzo needs more information about your company’s ownership structure.

Therefore, if Monzo has specifically asked you for a corporate structure chart certified by a solicitor, send us the exact request.

We can then review what Monzo requires and determine the appropriate next steps.

What should I send for Monzo Business structure chart certification?

For an initial review, please send us:

1. Monzo’s request

Send us the email, message or screenshot showing exactly what Monzo has requested.

2. Your corporate structure chart

Please provide the latest version.

3. Supporting corporate documents

Send any documents you already have that support the ownership structure.

4. Details of the person who prepared the chart

If your accountant, auditor or another professional prepared it, please provide their details.

After reviewing the materials, we will tell you whether we need anything further.

Can you deal directly with our accountant?

Yes.

In many cases, direct communication with the accountant or corporate adviser can make the verification process easier.

For example, your accountant may already hold the company searches, registers and other records used to prepare the ownership chart.

We may therefore ask them to send the supporting materials directly to us.

This can help us understand the basis of the chart and identify any further checks that we need to carry out.

Can you certify an electronic corporate structure chart?

Potentially, yes.

Many modern business account applications operate electronically.

Therefore, where appropriate, we can consider electronic solicitor certification.

However, Monzo’s exact request should guide the format.

If Monzo asks for a particular form of certification, signature or wording, please send us that request before we proceed.

Does solicitor certification guarantee that Monzo will open the account?

No.

Monzo makes the final decision about every Monzo Business account application.

Monzo itself states that meeting its eligibility criteria does not guarantee that it will offer an account.

Likewise, providing a certified corporate structure chart does not guarantee approval.

Monzo may ask further questions or request additional KYC information after receiving the document.

Our role is to provide a properly supported solicitor certification where the evidence allows us to do so.

Solicitor certification for corporate-owned Monzo Business applications

Corporate ownership can make a Monzo Business application more complicated because the direct shareholder of the UK company may not be the ultimate owner.

For example, the applicant may sit below:

• one overseas parent company;
• several holding companies;
• institutional or corporate investors;
• trusts;
• several individual shareholders; or
• a combination of these arrangements.

In these situations, a clear ownership chart can help show the complete chain.

Therefore, if Monzo asks for independent solicitor certification, we can review the structure and the supporting records before certifying the chart.

UK solicitor certification of a Monzo Business corporate structure chart

Ginkgo Advisory assists companies that have received a request from Monzo for a solicitor-certified corporate structure chart.

We can consider structures involving:

• UK and overseas companies;
• corporate shareholders;
• parent companies;
• subsidiaries;
• multi-layer holding structures;
• trusts;
• individual and corporate trustees;
• individual shareholders;
• ultimate beneficial owners; and
• entities incorporated across several jurisdictions.

The structure does not have to be simple.

Likewise, all holding entities do not have to come from the same country.

What matters is whether we can obtain sufficient reliable evidence to verify the relevant ownership information.

Therefore, we carry out appropriate due diligence before providing certification.

Frequently Asked Questions about Monzo Business Structure Chart Certification

Monzo has asked for a corporate structure chart certified by a solicitor. Can you help?

Yes. Send us Monzo’s request, the current structure chart and the supporting corporate documents. We will review the structure and confirm what further evidence we need.

Can a UK solicitor certify a structure chart for a Monzo Business account?

Yes, where the solicitor can obtain enough evidence to support the certification. The precise wording will depend on Monzo’s request and the documents available.

Can you certify a Monzo structure chart containing overseas companies?

Yes, subject to appropriate evidence. We can consider UK and overseas entities within the same ownership chain.

Can the ownership chart contain trusts?

Yes. We can review a structure involving trusts and trustees. However, we may need additional documents to understand and verify the trust relationship. Monzo will separately decide whether the applicant company meets its account eligibility requirements.

Does the structure chart have to come from an accountant?

No. However, if an accountant prepared it, we may ask the accountant for the records and information they relied on.

Can you certify a complicated international structure?

Potentially, yes. The number of entities or jurisdictions does not automatically prevent certification. However, complex structures usually require more supporting evidence.

Will you certify a chart without checking the ownership?

No. We carry out appropriate due diligence first.

Does a certified chart guarantee my Monzo Business account will open?

No. Monzo controls its own onboarding and compliance decisions. Certification supports the information you provide but does not guarantee approval.

What should I send you first?

Send us the Monzo request, current corporate structure chart and any supporting corporate documents you already have. We can then identify the next steps.

Contact Ginkgo Advisory for Monzo Business Structure Chart Certification

If Monzo Business has asked you for a corporate structure chart certified by a solicitor, Ginkgo Advisory can review the request and assist with the certification process.

Please send us:

• Monzo’s exact request;
• the current corporate structure chart; and
• the supporting documents you already have.

We will review the ownership chain and identify any further evidence that we require.

Once we have completed the necessary due diligence and have a sufficient basis for certification, we can provide the appropriate UK solicitor certification of the corporate structure chart for submission to Monzo.

Ginkgo Advisory is an independent legal services provider and is not affiliated with or endorsed by Monzo Bank Limited. Monzo determines its own eligibility, KYC, AML and account-opening requirements.