If you are starting a money services business (MSB), you need to take even more careful steps than other types of businesses. This is because there are many regulations and requirements that apply to MSBs that do not apply to other companies. It is important that you have a professional business strategy consultant guiding you through this process.
Every business should have an airtight business plan. This plan will help your organization toward success in many different ways, including:
In order for your business plan to be effective, you need to make sure it is properly considered and drafted, and our professional team can walk you through this process.
While it can vary from business to business, there are some important components of a business plan, which are:
As an entrepreneur, you might have an idea of all of these issues, but you might not know how to communicate them in a detailed and concise manner to give others an accurate understanding of your business. Our team can help you design a business plan that not only benefits your company’s leaders, but also helps you obtain the financing and other resources your company needs from outside sources.
When it comes to your company’s financial accounts, you might assume that you can simply walk into a bank and open up the accounts that you need and obtain financing. However, banks have to be extremely careful in this legal landscape, as they must take proper precautions against the risk of money laundering and other illegal financial activities using their accounts.
At Bates Group LLC, our team can make introductions between your MSB and banks. We can ensure that your company has the right anti-money laundering policies in place to demonstrate to banks that you take compliance very seriously. We also assist in completing all paperwork in compliance with “Know Your Client” requirements and ensure that you present all necessary supporting documentation. This can help guarantee that you will have the banking support your business needs.
At Bates Group LLC, we provide many different types of services and support for money services businesses, including assisting with business plan development and MSB bank introductions. If your company needs help with these matters, please contact us to learn more about how our experienced consultants can help.
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