GoSolo Terms and Conditions
Terms of Service
Version 1.6
01 May 2024
Who is GoSolo
These legal terms (English law applies and disputes will be settled by English courts) are between you and GoSolo Financial Limited (GoSolo /us/we) and you agree to them by using the GoSolo app and website (the terms app and website also include any associated servers, databases, and other software) .
You should read this document along with our Privacy Policy
How to contact us
You can contact us through the GoSolo app, email us at we@GoSolo.net or WhatsApp us on +44 7483 901626
Or send a letter to:
GoSolo Financial Limited
128 City Road
London, EC1V 2NX
United Kingdom
How we'll contact you
We'll contact you in English through the app or by email. We may also write to you at the address you have given to us. Please let us know if any of these change!
We may also send you instant notifications when you spend or receive money.
Where is your money?
For accounts with sort code 04-29-28, opened before 22/04/2024:
GoSolo Financial Limited is registered with the Financial Conduct Authority as an EMD Agent to distribute or redeem electronic money (Register number 902961). GoSolo brings you the mobile app and the website which enable you to access your money. We do not hold your money or provide a card for you to spend your money with. We operate via our partner, PayrNet Limited, which is authorised by the Financial Conduct Authority (register number 900594) as an Electronic Money Institution. PayrNet Limited ("PayrNet") provides a "safeguarded" e-money account where your funds are held (your account). PayrNet provides regulated financial services in the UK, including regulated payments, e-money, banking services or arrangements with a view to transactions in investments. Your agreement with PayrNet is listed here: PayrNet Terms.
The funds in your account will not earn any interest. We will have no liability or responsibility for your money or any failure by PayrNet to provide services to you, unless that failure is due to a breach by us of these terms and conditions.
For accounts with sort code 04-29-57, opened after 22/04/2024:
Business Accounts are offered by Adyen N.V. which is authorised by the Prudential Regulation Authority and Financial Conduct Authority (reference number: 779800) as an overseas branch of an EEA-credit institution in the UK and is authorised to issue electronic money. Business Accounts include issuance of electronic money. Electronic Money is not a deposit. The Financial Services Compensation Scheme does not cover electronic money products. No other compensation scheme exists to cover losses from your electronic money account. Adyen is however subject to stringent capital and liquidity requirements in order to ensure its financial resilience in periods of economic stress.
The Financial Services Compensation Scheme does not cover electronic money products. No other compensation scheme exists to cover losses from your electronic money account. Your funds will be held in one or more segregated bank accounts with a regulated third party credit institution, in accordance with the provisions of the Electronic Money Regulations 2011.
Your card
For accounts with sort code 04-29-28, opened before 22/04/2024:
Payrnet Limited ("PayerNet") provides your company with a debit card or a virtual card which can be managed in the secure area of our app or website. The card is for the use of UK companies (newly registered companies or existing businesses). If a GoSolo Card is not used for the stated purpose, we may be required to restrict or terminate the Card and/or the Account, refuse to issue or replace a Card or refuse to authorise a Transaction.
Your agreement with PayerNet is here: Card terms. It sets out when your payments can be blocked, when your card can be blocked and what happens if you lose the card, or would like a refund on a transaction. We will have no liability or responsibility for any failure by Payrnet to provide services to you, unless that failure is due to a breach of us of these terms and conditions.
You need to keep enough money in your account to make payments, including any additional fees. If there is no money in your account services may be disabled and transactions may be rejected until there are sufficient funds.
This card is issued by PayerNet Limited pursuant to license by Mastercard International. PayrNet Limited, is authorised by the Financial Conduct Authority (register number 900594) as an Electronic Money Institution.
For accounts with sort code 04-29-57, opened after 22/04/2024:
The cards are issued by Adyen N.V. pursuant to license by Mastercard International.
The card is for the use of UK Limited/LTD companies (newly registered companies or existing businesses). If a GoSolo Card is not used for the stated purpose, we may be required to restrict or terminate the Card and/or the Account, refuse to issue or replace a Card or refuse to authorise a Transaction.
We will have no liability or responsibility for any failure by Adyen NV to provide services to you, unless that failure is due to a breach of us of these terms and conditions.
You need to keep enough money in your account to make payments, including any additional fees. If there is no money in your account services may be disabled and transactions may be rejected until there are sufficient funds.
Company Formation
We are an Authorised Agent of the Companies House. Should you choose to register a new Limited Company in England and Wales, the data you give us is sent to and exchanged with the Companies House via electronic interfaces. All the registration processes are being handled by the Companies House. They might contact you directly or via us if they need to.
Making payments
You must have enough money in your account to make payments. However, certain transactions may still go through in which case we will let you know the amount that you will need to repay before the end of the day.
We may block your payments if:
- your instructions are unclear
- we suspect there is criminal activity on your account
- we are not legally allowed to make the transfer
- it exceeds your payment limits and may change over time
If this happens, we will let you know as soon as possible.
Fees and charges
You can find our fees for GoSolo business account here. You may be required to pay other costs, taxes or charges in relation to your GoSolo business account, which are outside of our control and not charged by us. For example, you may be charged by other banks for sending money to a GoSolo account.
We remain in our right to change this in the future, but be rest assured we will notify you at least 28 working days before that.
Refund policy
The following information applies to applicable fees for GoSolo business account opening services; company registration and GoSolo business account opening services; subscriptions to our partner services if purchased alongside GoSolo account application
Once you submit your GoSolo application and complete a payment, the main refund terms are as follows:
- If your application is unsuccessful for any reason other than fail of check of Proof of Residency, then payment will be refunded within 20 working days;
- If your Proof of Residency check fails, you have an opportunity to re-send the document for 3 working days; after the specified period expires, your application will be automatically cancelled, and payment will get refunded within 20 working days after that;
- If refund is applicable, the funds will be transferred to the card originally used when submitting an application. If the card originally used is no longer able to receive a refund, we will contact you via registered email to arrange an alternative method for return of funds. If we do not hear from you during the 30 calendar days after we’ve contacted you, we will not be able to process a refund after this period expires.
You agree not to use these Services in a fraudulent manner or provide any incorrect or fraudulent information; should we have suspicion of such conduct we will cancel GoSolo services with immediate effect and there will be no refunds any fees/ payments received.
Eligibility criteria
We would like to serve every entrepreneur and type of business possible, but we need to start somewhere, so below is the list of eligibility criteria to use GoSolo:
- You have a Limited company, are the only Director and sole shareholder, registered with Companies House OR You want to register a new Limited company in England & Wales with GoSolo, where you will be the only Director and sole shareholder
- You are above 18 years old, we will have to ask you for your valid ID and proof of address as part of the onboarding process.
- You are a resident of one of the United Kingdom.
- Your business does not fall into a category classified as prohibited, high risk, sanctioned or illegal under our Terms and Conditions or International Law, as listed below:
- Unregulated financial services (where licensing required)
- Pyramid or Ponzi scheme or multi-level marketing programs
- Hawala
- Un-licensed FX broker
- Binary options
- Debt restructuring, credit repair, debt settlement, providing credit, debt collections,
- Gambling and any similar activity with an entry fee and/or monetary prize, including, but not limited to casino games, sports betting, horse or greyhound racing, fantasy sports, lottery tickets, other ventures that facilitate gambling
- Get rich quick scheme (short term investment for very high return)
- Crypto-currency issue or trading (no digital ledger /trading, only payment gateway (for Bitcoin, Bitcoin Cash, Ethereum, Tether, Litecoin & Ripple) into GBP via UK Faster Payments)
- Activities aimed at circumventing security controls (software, hardware)
- Unregulated pharmaceuticals / food supplements (e.g. "nutraceuticals"); Drugs, narcotics, steroids, other products with danger to health; homemade alcoholic beverages, cigarettes and tobacco
- Piracy or illegal streaming
- Counterfeit goods and violation of intellectual property, items that violates someone's privacy
- Arms / dual use goods/ human organs
- Unlicensed charities
- Shell companies
- Companies formed of Bearer Shares
- Remittances funded in cash
- Businesses performing offshore bank transactions / Shell banks. Offshore refers to the EU commission tax evasion blacklist and greylist https://ec.europa.eu/taxation_customs/tax-common-eu-list_en
- Adult services connected to human trafficking; intermediation of prostitution; production, visual broadcasting of pornography or striptease clubs (the approach does not include literature, toys, DVD's, educational or scientific material or dating sites )
- Fourth party payment & multi-layered MSB arrangements
- Businesses that transact with goods subject to export prohibition/restrictions
- Businesses that transact with for goods with living animals
- Political / religious organisations engaged in hate speech. Entities that engage in selling, hosting, distributing, producing or promoting offensive materials, including materials that incites racial hatred or promotes discrimination based on gender, race, religion, national origin, physical ability, sexual orientation, or age
- Sanctioned entities
Virtual Business Address
Virtual Business Address is an optional service, included together with new company registration via GoSolo. For more questions, contact us at we@gosolo.net
Virtual Business Address is managed by our partners Virtually There and includes the following services:
- Ability to use this address as the registered business address at Companies House.
- Sorting of your business mail and forwarding 10 mail scans per month.
- Scanned mail will be available for view and download via the Virtually There app.
If you subscribe to this service and your application is successful, you will receive an email to your registered GoSolo email with information about how to access the Virtually There app once your company is registered and GoSolo business account is opened.
These services are valid for 1 year, after which you will be able to renew them directly at the Virtually There app. You can also request additional services provided by Virtually There (such as mail forwarding) directly through their app.
Your virtual business address will be in Fitzrovia, London. You will receive full details about your address after your company is registered and GoSolo business account is opened - available to view in My Company details in GoSolo App and in Companies House.
See terms & conditions for Virtual Business Address by Virtually There Offices Limited here: https://virtually-there.net/terms-and-conditions/
You agree to us using your information
We collect information with our partner, Veriff, which is needed to verify your identity. The information we collect is: proof of identity (photo of passport, ID, and/or driver's licence); proof of address (photo of utility bill or bank statement); selfie; and the information contained on them (name, address, birth date). We also request verifications from the Companies House regarding your company name, business address, nature of business, ownership and directors details.
With our banking-as-a-service partners we will share your:
- name
- address;
- birth date;
- country of residence; and
- know your customer / know your business details.
We may also share a review regarding politically exposed and/or high-risk individuals from our KYC/sanctions data provider at the time. We will also be providing our banking-as-a-service partner, with transaction data from users, e.g. transaction amounts, recipients, target account numbers, etc.
If you are not happy for us to use your information, we'll have to close your account. But we may keep your personal data and use it where we have lawful grounds to do so. For more details regarding our use of your information, please find our Privacy Policy here https://gosolo.net/privacy-policy
If something goes wrong
Please keep your phone, card and PIN safe at all times. If we discover any security issues affecting your account, we'll contact you as soon as possible in the most secure way.
If you lose your card or it is stolen or see transactions in the app that look wrong, freeze your card if you are able and tell us as soon as possible.
Save for our obligation to be the first point of contact for any initial complaints (before you are directed to PayrNet or Adyen) we shall have no obligation or responsibility for the operation and provision (or lack of operation or provision) of services in connection with your account.
Closing your account
Once this agreement has started it won’t end until you or we end it.
If you'd like to close your account, please get in touch with us. You will need to repay any money you owe us before we can close your account. After you’ve repaid any money you owe us, any remaining funds on the account will need to be transferred to an alternative account before we can close your account. After you have contacted us asking to close your account and you have completed all the required payments, you will have 30-day grace period, when you will no longer be able to make payments but you would still be able to download your bank account statements and invoices. If you change your mind about closing your account during the 30-day grace period, you must notify GoSolo support team, and your GoSolo access will be restored. After 30-day grace period, once we've closed your business account, your card won't work and you won't be able to access your account.
GoSolo only offers business accounts for UK companies (newly registered companies or existing businesses). The purpose of GoSolo business account is to facilitate business-related transactions. If a GoSolo account is not used for the stated purpose, we may be required to close it.
We can close your account by giving you at least two months' notice. We may close your account or stop you using your card and app immediately if we believe you've:
- broken the terms of this agreement
- put us in a position where we might break the law
- broken the law or attempted to break the law
- given us false information at any time
- had a change in circumstances which means you’re no longer eligible for a GoSolo account
- given a third party control of your account, phone, card or PIN (unless you’ve formally agreed this with us or are legally permitted to do this)
- been abusive to anyone at GoSolo or a member of our community.
Making a complaint
We want all of our users to have a fantastic experience when using GoSolo, so when we hear that we have not provided a service to that standard, we want to do all that we can to make things right.
We hope that most matters can be resolved through an email or online chat conversation with one of the members of our team.
However, we appreciate that some matters sometimes require further escalation. That is what this section is for.
Should you find that you need to make a complaint, we can assure you that it will be addressed swiftly, fairly and efficiently, so that we can find a resolution as quickly as possible.
If you have a complaint, we ask that you do the following:
- Write an email addressed to we@GoSolo.net
- Enter the subject line: “I have a complaint” and add your company name (or the account that complaint relates to on the platform)
- In the body of the email, please describe as much as possible the nature of the complaint, including when the issue happened and who you had been dealing with in our team
After you send your complaint email, you will receive an acknowledgement email from us within 7 business days. A senior member of our organisation will review the complaint and will respond within a few days. This initial response may offer a resolution or may begin a dialogue in an attempt to reach the best possible outcome.
We will try to resolve any complaints you have about your payment instrument or the service we provide to you within 15 business days of receiving your complaint and in exceptional circumstances, within 35 business days (and we will let you know if this is the case)
If we were unable to resolve your issue or our suggested resolution does not satisfy you, you can refer your complaint to the Financial Ombudsman Service. For more details you can visit their website at www.financial-ombudsman.org.uk.
Making changes to this agreement
This agreement will always be available in the app and on our website.
We can make changes to it for any reason. If we make changes to it then we'll tell you once we've made them.
If you don't agree to these changes, you can let us know and we'll close your account. We'll transfer any money in the account to another account of yours, and you'll need to pay back any money you owe us. If we don't hear from you, we'll assume that you're happy with the changes we've made.
Using the App and Website
You undertake not to adapt, modify, copy, reproduce, reverse engineer, publish, redistribute, sell, sub-license, exploit, or otherwise part with or make any other use of the app or the website, the intellectual property in the app or website , any data on the app or website, or the concept of the app or website more generally except for internal business purposes or to the extent required by law, nor to authorise, enable or assist any third party in doing so.
Our Responsibility for Loss or Damage Suffered by You
To the fullest extent permissible by law, we exclude and disclaim all warranties, terms, conditions and representations that might otherwise be implied by law in relation to our app. In particular, we do not represent or warrant that the app will be error-free, free of viruses or other harmful components, or that defects will be corrected. You must take your own precautions in this respect.
In any event, we will not be liable for any loss or damage caused by an attack from hackers or other malicious third parties (on the user, account, the app, website or the overall system), a distributed denial-of-service attack, viruses or other technologically harmful material that may infect your computer equipment, computer programs, data or other proprietary material due to your use of our app and website.
We do not accept liability for any failure to maintain the app and website.
Please note that we only provide our app and website for personal and private use, and you agree not to use our app and website site for any commercial or business purpose.
We do not accept any liability for the following types of loss, even if the loss is foreseeable: loss of income or revenue, loss of business, loss of profits, loss of anticipated savings, loss of data or waste of management of office time.
The app and/or website may contain inaccuracies and typographical errors. We do not warrant the accuracy or completeness of the website or app.
We shall not be liable for any loss caused as a result of your actions or inactions based on the app and/or website. However, nothing in these terms and conditions shall affect your statutory rights, and nothing in these terms and conditions shall exclude our liability for death or personal injury arising through negligence, for fraud or fraudulent misrepresentation and/or anything else that cannot be excluded or limited by us under English law.
