Director vs Beneficial Owner

[Deskorpio]

Hi All,
I am the only shareholder of a Pty Ltd, while hubby is the sole Director. Amex Business card application states you have to be either a director or Beneficial Owner to be eligible. Do I fit into the category of a Beneficail Owner? (Hubby won’t qualify for bonus points as he currently hold Amex Explorer). Does anyone know if they can access ASIC data to confirm company structure?

Thank you!

 

[Doctore1003]

This is very strange, having one spouse as the sole shareholder while the other is the director.
In my experience financial institutions will absolutely look through the ASIC data. For example, if there’s a trust involved, they will know that and who the relevant people are.

 

[elanshin]

Hi All,
I am the only shareholder of a Pty Ltd, while hubby is the sole Director. Amex Business card application states you have to be either a director or Beneficial Owner to be eligible. Do I fit into the category of a Beneficail Owner? (Hubby won’t qualify for bonus points as he currently hold Amex Explorer). Does anyone know if they can access ASIC data to confirm company structure?

Thank you!

Well they'd at the very least be aware they have a card already issued to your company. There's a good chance they'd then ask questions about it.

This is probably likely one thats better for credit card churning or ausfin guys than AFF.

 

[RooFlyer]

If you are the sole share holder then on a nonprofessional observation I’d say yes, you are the beneficial owner.

in fact, I would say that you are the owner.

 

[Deskorpio]

This is very strange, having one spouse as the sole shareholder while the other is the director.
In my experience financial institutions will absolutely look through the ASIC data. For example, if there’s a trust involved, they will know that and who the relevant people are.

Thanks Doctore1003.

Post automatically merged: Monday at 9:42 AM

Well they'd at the very least be aware they have a card already issued to your company. There's a good chance they'd then ask questions about it.

This is probably likely one thats better for credit card churning or ausfin guys than AFF.

Neither of us had applied for business credit cards yet, only Amex personal card. But yeah I guess I gotta be prepared for their questioning lol

 

[Deskorpio]

If you are the sole share holder then on a nonprofessional observation I’d say yes, you are the beneficial owner.

in fact, I would say that you are the owner.

Thanks! That’s what I believed too and the argument I will use if I need to.

 

[SYD]

Putting aside sign up bonuses, I found AMEX easy to deal with getting a Biz CC off the back of my existing personal card (and very long history with them with Corp cards, charge cards over the years).

The banks wanted 3 yrs trading history before considering issuing a CC…

 

[JackMiles]

FWIW, I agree with RooFlyer that you appear to be the sole owner - and thus are most certainly also a Beneficial Owner. Your spouse, as sole Director, has some measure of control. This may, however, be getting too far into the weeds for your purposes. In any case, here's what AUSTRAC says on the subject:

A beneficial owner is an individual who ultimately owns or controls an entity such as a company, trust or partnership.

• ‘Owns’ in this case means owning 25% or more of the entity. This can be directly (such as through shareholdings) or indirectly (such as through another company’s ownership or through a bank or broker).
• ‘Controls’ in this case means having the power to make decisions about the entity’s finances and operations. They may exert control through trusts, agreements, arrangements, understandings, policies or practices.

 

[SeatBackForward]

Well they'd at the very least be aware they have a card already issued to your company.

Can also be in a personal name. AMEX bonuses aren't available if you've held ANY Amex in your name for the previous 18months.

 

[Deskorpio]

Putting aside sign up bonuses, I found AMEX easy to deal with getting a Biz CC off the back of my existing personal card (and very long history with them with Corp cards, charge cards over the years).

The banks wanted 3 yrs trading history before considering issuing a CC…

From what I read, many people had been successfull in getting Biz CC with them regardless the ABN being dormant. Fingers crossed!

Post automatically merged: Tuesday at 8:47 AM

FWIW, I agree with RooFlyer that you appear to be the sole owner - and thus are most certainly also a Beneficial Owner. Your spouse, as sole Director, has some measure of control. This may, however, be getting too far into the weeds for your purposes. In any case, here's what AUSTRAC says on the subject:

A beneficial owner is an individual who ultimately owns or controls an entity such as a company, trust or partnership.

• ‘Owns’ in this case means owning 25% or more of the entity. This can be directly (such as through shareholdings) or indirectly (such as through another company’s ownership or through a bank or broker).
• ‘Controls’ in this case means having the power to make decisions about the entity’s finances and operations. They may exert control through trusts, agreements, arrangements, understandings, policies or practices.

Thanks Jackmiles!