There are mainly 3 requirements to apply for WhatsApp Business API apart from the Business Registration:
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1. A Business Website with all your Business details
Note: To apply for WhatsApp Business API, ensure that you add your business' legal name in the footer of your website.
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2. A fresh phone number on which WhatsApp Business API will be procured. Fresh Number implies that the number shouldn’t be registered on any WhatsApp App at the moment.
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3. A legal document of your business (GST/ MSME/ Incorporation)

There is an application form for the WhatsApp Business API. One just needs to fill that in on behalf of the company. This includes basic details of the Business and some specific entries related to the WhatsApp Business API. Click here for the WhatsApp Business API application form.
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Check out the complete guide on how to apply for WhatsApp Business API with AiSensy.

Yes, some companies are restricted from procuring the WhatsApp Business API. These are essentially those companies that deal in illegal products & services, unsafe indigestible supplements, alcohol etc.
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Check the complete document in WhatsApp Legal Commerce Policy here.