Q: Can I open a company that charges people a monthly fee of 50$ only to return them the money minus 5%
I want to setup a company that does that but does it require any special approvals, I don't want to be a bank or something, I am selling a service to people where they can keep money for a year and get it out after a year.
Is that legal?
Talk to a local banking lawyer to see if those laws apply.
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