COMPLETE PACKAGES
- Turnkey White-Label EBANQ Software
- Optional Mobile Apps for iOS and Android
- Financial License & AML/CFT Compliance
- Optional Digital Currency Features
- Issue Branded VISA/MC Cards
- Extensive Open API
- The Latest in KYC
FAST-TRACK SETUP
We can provide turnkey packages allowing you to start a NeoBank within weeks or even days rather than years. By combining more than one jurisdiction we can cherry-pick the best legal entity options and expand your range of permissible financial activities without subjecting you to prohibitive regulatory requirements and delays. The combination of a US or Canadian Money Service Business (MSB) license with a EU Asset Management Company provides you with a legal foothold on both sides of the Atlantic while avoiding cumbersome entry barriers and capital requirements on either side of the ocean.
Activities can include but are not limited to
● Payment/Money Transfer Services
● Debit Card Services
● Foreign Exchange (FOREX)
● Merchant Processing/Acquiring
● Cryptocurrency Exchange
● Crypto/Fiat Wallet/Accounts
● Asset Management
If you would have only a EU Asset Management/Trust Company and your core activity could be considered too focused on payment services, crypto, forex, or other activities auxiliary to Trust Management, the regulators might suggest (require) that you obtain separate licensing for such activities, for example as a Electronic Money Institution (EMI), Payment Institution (PI) or Forex broker. Such licenses would come at a high cost and with extensive initial and ongoing regulatory requirements. On the other hand, if you would have only a MSB license and your activities would include trust management, investments, custody services etc, it could also be argued that you are operating outside the scope of your legally authorized activities since an MSB is expected to be focused on payment services, forex, crypto exchange etc and not on trust management, custody etc.
MULTI-JURISDICTIONAL POWER
Now imagine combining the EU Trust Company with an MSB. You obtain a solid multi-jurisdictional structure with the widest possible range of permissible activities while avoiding dependency on any one single jurisdiction or regulatory regime. You can now offer a wide range of financial services without being subjected to formal capital or qualification requirements in either jurisdiction. Your customers access all services seamlessly through your EBANQ Online Banking Platform and optional white label mobile apps for iOS and Android, while from a legal perspective your MSB is offering the payment services, forex, crypto/fiat exchange and wallet services and your Swedish Trust Company operates as the underlying custodian and trust management provider. The entities complement each other in perfect synergy to form a strong multi-jurisdictional financial group with the widest possible range of permissible financial activities.
THE ‘BANK’ IN NEOBANK
We have described how the Trust Company can hold client assets in its capacity as Trustee while the associated MSB provides forex, crypto, money transfers and related services. Some clients also add an optional third entity to the mix, namely a Connecticut Statutory Trust. A statutory trust is different from the ‘regular’ common law trust concept. While the latter is typically just a contract/deed, an agreement for a settlor/grantor to transfer an asset to the trustee to be managed for the benefit of the beneficiaries, the statutory trust is an actual corporate body in itself but with the same legal characteristics as a trust. A statutory trust is a type of hybrid between a corporation and a trust and often referred to as a ‘Business Trust’ in jurisdictions such as Delaware, Wyoming, South Dakota, Florida and others.
WHY CONNECTICUT?
Connecticut (CT) adopted sweeping new trust legislation in 2020 making it a world leading jurisdiction for statutory trusts. It’s straightforward to structure a trust and to get it registered with the Secretary of State. The Trustee can very well be a non Connecticut-resident, e.g. the Swedish Trust Company. It’s possible to include the word ‘Bank’ in the name of a CT Statutory Trust, meaning that this addition to your multi-jurisdictional structure will allow you to use ‘Bank’ in your business name and consequently also on websites and in domains etc. Needless to say, your CT Trust should not engage in any activities requiring a state or federal bank charter. However, considering the wide range of permissible bank-related financial activities available to the MSB-Trust Company hybrid, the ability to include ‘Bank’ in the business name could make operational sense and can add substantial optical value.
FEE INDICATION
The cost for a complete package with all three entities complete with EBANQ Core Option A would total EUR/USD 67,000 . Fees specified per entity package can be found below.
Our Swedish Trust Company package includes:
● Company Registration Certificates in Swedish and English
● Registration as Fiduciary/Trust Company in accordance with the
Money Laundering and Terrorist Financing Prevention Act of 2017
(AML Compliance)
● AML/CFT Policy and Compliance Program
● Trust Deed Templates for the Creation of Unlimited Trust Accounts
Total cost for legal entity package: EUR/USD 28,000
Our MSB Package includes:
● Company documentation in English
● Registration with IRS for Employer Identification Number (EIN)
● Registration with FINCEN as Money Service Business (MSB)
● AML/CFT Policy and Compliance Program
● Resident Agent and registered office fees (year 1)
Total cost for legal entity package: EUR/USD 18,500
Our Connecticut Statutory Trust Package includes:
● Statutory Trust Deed, Certificate of Trust etc in English
● Registration with the Secretary of State
● Registered Agent and registered office fees (year 1)
● ‘Bank’ in the registered name (if required)
Total cost for legal entity package: EUR/USD 9,500
Any of the above three entities can also be acquired separately. EBANQ Core Option A is offered together with our entity packages for EUR 11,000 after a EUR 5,900 package discount. Please inquire if you have not received complete EBANQ pricing for mobile apps and other optional modules.
Debit Card Issuing
All entity packages are offered with an introduction to a leading debit card issuing and program provider. You can sign up for a generic card program using an existing already approved neutral card design or pursue your own white-label with your own design. The provider is crypto friendly and familiar with the legal structures we provide, making onboarding easier and less time consuming.
Payment of fees
50% payment of legal entity fees are due upon ordering, with the remaining balance due upon the finalized registration of the Company in accordance with your instructions. The EBANQ system can be deployed while the Company or Companies are being formed, to ensure that you can commence operations without unnecessary delays. Payment of our fees is accepted in EUR, USD, GBP, USDT, ETH, BTC and XRP.
Questions? Please send a message to info@gmcswedishtrusts.com.
Any information contained in this document is intended to be general in nature and should not be taken as tax, financial, or legal advice in any jurisdiction. The recipient should obtain legal, tax and financial advice in any jurisdiction in which they or the company intends to transact business. Trademarks are the property of their respective owners. No affiliation or endorsement is intended or implied.
