Merchant Definition Category

Sole Trader

a person who is the exclusive owner of a business, entitled to keep all profits after tax has been paid but liable for all losses.

Limited Liability Partnership

Limited liability partnerships (LLPs) are a flexible legal and tax entity that allows partners to benefit from economies of scale by working together while also reducing their liability for the actions of other partners.

Private Entity

A private entity can be a partnership, corporation, individual, nonprofit organization, company, or any other organized group that is not government-affiliated

Cooperate entity

means a bank, corporation, partnership, limited liability company, association, joint venture or other organization, whether an incorporated or unincorporated organization

Government Entity/ Ministry Departments

means any government or any agency, bureau, board, commission, court, department, official, political subdivision, tribunal or other instrumentality of any government, whether federal, state or local, domestic or foreign.

Money Transfer Organization

Money transfer operators (MTOs) are financial companies (but usually not banks) engaged in cross border transfer of funds using either their internal system or access to another cross-border banking network.

Public Limited Liability Company

A PLC designates a company that has offered shares of stock to the general public. The buyers of those shares have limited liability, meaning that they cannot be held responsible for any business losses in excess of the amount they paid for the shares.

Listed Entity

An entity whose shares, stock or debt are quoted or listed on a recognized stock exchange, or are

marketed under the regulations of a recognized stock exchange or other equivalent body.

Non-Governmental Organization (NGO)

A nongovernmental organization (NGO) is a not-for-profit organization that is independent from state or international governmental organizations.

They are usually funded by donations but some avoid formal funding altogether and are run primarily by volunteers. NGOs are highly diverse groups of organizations engaged in a wide range of activities, and take different forms in different parts of the world. Some may have charitable status, while others may be registered for tax exemption based on recognition of social purposes. Others may be fronts for political, religious, or other interests

Company Pension fund

A Pension Fund Administrator (PFA) is a company licensed by the National Pension Commission to manage and invest the pension funds in the employee’s Retirement Savings Account (RSA).

Registered Charity

is an organization whose primary objectives are philanthropy and social well-being (e.g. educational, religious or other activities serving the public interest or common good).

Regulated Banks

means any insured depository institution that is regulated by foreign, federal or state banking regulators, including, without limitation, the United States Office of the Comptroller of the Currency, the Federal Deposit Insurance Corporation or the Board.

a bank, trust company, or similar financial institution that is regulated, supervised, and subject to periodic examination by a state or Federal agency.

Regulated Non-Bank Financial institutions

Super national & Intergovernmental bodies

An Intergovernmental organization or IGO is an organization composed primarily of sovereign states, or of other intergovernmental organizations. IGOs are established by treaty or other agreement that acts as a charter creating the group. Examples include the United Nations, the World Bank, or the European Union.

Trust

Special Purpose Vehicle (SPV)

A special purpose vehicle, also called a special purpose entity (SPE), is a subsidiary created by a parent company to isolate financial risk. Its legal status as a separate company makes its obligations secure even if the parent company goes bankrupt. For this reason, a special purpose vehicle is sometimes called a bankruptcy-remote entity.

Incorporated Trustees

An incorporated trustee (also referred to as a "corporate trustee") is a corporation, usually a trust company, which is named as the trustee of an account such as a private trust or another fiduciary account.

Incorporated trustees stand in contrast to an individual person or "natural trustee," who may also be selected as the trustee of such an account. In both cases, the trustee's role is to execute t

Cooperative Society

What is a Co-operative Society?

A Co-operative Society is an organization that is formed by a group of people whose primary objective is the promotion of the economic interests of its members. This is achieved by the Cooperative sharing its profits amongst its members, in proportion to their contribution to the Cooperative’s business, from which its overall profits are derived

Free Trade Zone company

A free trade zone is any location where goods can be shipped, handled, manufactured, reconfigured and re-exported without the involvement of customs agencies. A major seaport, an international airport or a border facility between two or more countries may be designated a free trade zone.

Customs duties are applied when goods are shipped outside the free trade zone