- Joined
- Jan 9, 2013
- Messages
- 7
Rep Bank
$90
$90
User Power: 100%
Hey all,
I need a bit of advice, hopefully one of you knows how I should proceed.
As my first fastlane-business I'm planning to establish an online payment processing service. (I don't want to bother you with the details right now, but it's technically using a form of electronic currency.)
I have not yet incorporated, first I wanted to figure out which country would be suitable the most. Since I want to target the US and EU markets, I started researching the current emoney regulations - unfortunately I got more frustrated with each minute I delved deeper... Things are way more complicated than I expected.
In the US everything is regulated on a state level, that's definitely not an option for me. Too much bureaucracy too many possible pitfalls.
In Europe things are regulated with an EU-wide "E-Money Directive" that's interpreted differently by each member country, for example:
- in the UK you need to have at least €350000 in security assets.
- in Germany (and most other places) you need to have a full banking licence.
Both are obviously not options for a small one-man show like me. :bgh:
I could ignore regulations for some time and get licensed when I gather enough funds but that's probably just asking for trouble.
Does anyone of you have experience with this? Maybe even put together something similar?
Any advice or even ideas would be really appreciated... Thanks in advance!
-- Cedric
I need a bit of advice, hopefully one of you knows how I should proceed.
As my first fastlane-business I'm planning to establish an online payment processing service. (I don't want to bother you with the details right now, but it's technically using a form of electronic currency.)
I have not yet incorporated, first I wanted to figure out which country would be suitable the most. Since I want to target the US and EU markets, I started researching the current emoney regulations - unfortunately I got more frustrated with each minute I delved deeper... Things are way more complicated than I expected.
In the US everything is regulated on a state level, that's definitely not an option for me. Too much bureaucracy too many possible pitfalls.
In Europe things are regulated with an EU-wide "E-Money Directive" that's interpreted differently by each member country, for example:
- in the UK you need to have at least €350000 in security assets.
- in Germany (and most other places) you need to have a full banking licence.
Both are obviously not options for a small one-man show like me. :bgh:
I could ignore regulations for some time and get licensed when I gather enough funds but that's probably just asking for trouble.
Does anyone of you have experience with this? Maybe even put together something similar?
Any advice or even ideas would be really appreciated... Thanks in advance!
-- Cedric
Dislike ads? Become a Fastlane member:
Subscribe today and surround yourself with winners and millionaire mentors, not those broke friends who only want to drink beer and play video games. :-)
Access Restricted: Unlock 1,000,000+ Posts
Stop Peeking Through the Keyhole.
Open the Door.
You hit a wall because the best advice isn't free—it's earned. Since 2007, MJ DeMarco has been active here daily (99.9% active rate), building a war room for entrepreneurs who refuse to settle for mediocrity.
- Active Daily: Life-changing content posted dozens of times every day. No dead threads.
- MJ's Inner Circle: Direct access to the author of The Millionaire Fastlane.
- Vetted Network: Connect with founders scaling to 7 and 8 figures.
- Proven Roadmaps: Strategy over motivation. Execution over "hustle porn."
"SCALED TO 6-FIGURE MONTHS"
"Tips and advice here saved me from huge mistakes, others allowed me to scale my business to 6-figure months."— User MitchC
"INSANE QUALITY OF PEOPLE"
"The number of high quality people I've met from this forum has been insane. All of it predicated on building real value."— User Richard Peck
"You are the average of the five people you surround yourself with."
Are you surrounding yourself with success?
