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.
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.
Total cost for legal entity package would be 9,500.00 EUR ONLY!
The cost for a complete package with all three (3) entities complete and with EBANQ Core Option A (per our https://EBANQ.com) would total 75,000.00 EUR. And fees specified per each entity (either the Swedish Trust, the Montana M.S.B. or the Connecticut Trust) should be specified as follows:
✔ Swedish Trust @ 28,000.00 EUR
✔ U.S. Money Service Business Company M.S.B (State of Montana) @ 25,000.00 EUR
✔ U.S. Statutory Trust (State of Connecticut) @ 9,500.00 EUR
✔ The EBANQ platform should be offered at a reduced rate if combined with any (or all) of the above
Payment of Fees
50% payment of legal entity fees are due upon ordering, with the remaining balance due upon the finalized registration of the entity (or entities) in accordance with your instructions. The EBANQ system can be deployed while the Company or Companies & Trusts are being formed, to ensure that you can commence operations without unnecessary delays.
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.
Questions? Please send a message to firstname.lastname@example.org.
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.