Denied Emmet - Financial Institution Registration

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Emmet

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Emmet99
Emmet99
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Apr 6, 2025
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Username Emmet99

Company Name Ryze

Company Type Commercial Bank

With this registration, you are also applying for a tax exemption. Do you understand you are subjected to all requirements and obligations set out by the Taxation Act? Yes

In-Game Trading Name Emmet99

Company Description My company Ryze will be holding 1 account per person in which they can deposit and withdraw money from we will also be integrating a 1% interest after we hit our donation goal of 2 million dollars They will be able to deposit and withdraw from different banks aswell and I will strive to be the quickest bank to pay out and accept withdraws my bot was made by voyager development and is super secure.
 
How would donations work? How are you planning on getting people to donate? Seeing that you will only offer interest after you reach the donation goal, do you plan on even investing depositor funds? How will you fund interest payments?
 
People can donate by using transfer to the official Ryze account I plan on advertising my bank and giving reminders on how far we are away to getting interest and that should motivate people to donate. I am in works of hiring a investor who I can allocate money to and let them invest in what they think will make us money and funding interest will be used firstly on the 2 million dollar donation and then more investing of depositor funds.
 
Will the bank operate to make a profit or will it operate as a credit union? If its to make a profit, what is the incentives of people to donate to a for-profit bank?
 
The bank will operate to make a profit. The main incentive to donating is the interest we will be integrating with enough profit I also am going to put money into upgrading our discord bot to allow more then 1 account per person.
 
@Emmet Have you looked into investment to start the company with capital instead of donations?
 
No not yet but is something I would be open to
 
?
 
Do I have a financial Institution then? I am trying to open my bank ASAP
 

Denied

The Department of Commerce is not willing to allow a commercial bank that is designed to make a profit to get donations before it starts giving out interest and operating at full capacity. We recommend you reapply as a regular bank once you have secured enough investment capital for the bank.

 
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