Project of new escrow service

[Eric@BA]

Hello everyones, i'm Éric Boucher and i do have a dormant compagny named B&A Financial that i've created when i've buyed my first compagny. Unfortually, i've been unlucky and seller overselled some financial data and then i've maked bad decision based on that bad data.

Result is that the compagny is bankrupted on paper and i will probably have to make a personnal bankrupcy also soon.

So i'm wondering what to do next, one of the Idea i'm having is making escrow service, such service would be manual as automatic escrow service is a bit out of my values but i think i could be really on fit with escrow.com price scheme.

You seems to all using escrow service a lot so i'm here to seek what client would want from a starting-up manual escrow service ?

I've seen fast is a key, just want to point out that manual imply some processing time but would be surprised that the time being very long. Probably a bit inconstant but somewhere between 1-24 hours + 3rd party(shipping, bank, dns, etc.) time seems a logical scheme.

I will certainly have to rewrite my website though if demand is here. Also have to change the compagny address as it's was same as my bankrupted compagny.

See you soon,
Éric Boucher,
bafinancial {dot} ca
eric {dot} boucher {at} bafinancial {dot} ca

 

[Kyle Tully]

#1 would be a strong company with good financials operating as a fully licensed and insured escrow service not something whipped up by a bankrupt company on a whim to make some money.

 

[cartoonz]

"let's have the double bankruptcy place hold our money"
- said no one ever.

 

[Eric@BA]

#1 would be a strong company with good financials operating as a fully licensed and insured escrow service not something whipped up by a bankrupt company on a whim to make some money.

Being licensed is region dependent, where you need the license issued for ? Where you doesn't want the license issued for ? I really doubt any compagny is "fully" licensed.

For being insured, it's not something hard to have if you do need it, the insurance compagny just need to know how much worth of insurance is needed, the nature of activities and the background of the compagny/employes/shareholder. I doesn't think that should be an issue here. Maybe just inform how much you need and why ?

That compagny didn't have done any bankrupcy, it's dormant. And it's not on a whim to make money, compagny are there by definition to make money, even many NGO happen to be there to make money.

 

[Kyle Tully]

Being licensed is region dependent, where you need the license issued for ? Where you doesn't want the license issued for ? I really doubt any compagny is "fully" licensed..

I don’t need the license issued for anywhere, it’s you who will need it for everywhere you want to operate.

But it sounds like your due diligence of “really doubting” is more than enough legal know how to get started in this new venture so I so go for it dude!

 

[Altetra]

You can name it Escroc, it fits perfectly as brandable.

 

[Eric@BA]

I don’t need the license issued for anywhere, it’s you who will need it for everywhere you want to operate.

But it sounds like your due diligence of “really doubting” is more than enough legal know how to get started in this new venture so I so go for it dude!

I'm sure that if i'm licensed in bahamas or cyprus, it's will be harder for you as a client that if i'm licensed in new york state. That what i mean in my question, also, in most place, in B2B contract, the place of operation is defined in the contract, in B2C, it's where the customer live. What i also meant is that even giant like escrow {dot} com doesn't are licensed everywhere but do business everywhere, the contract is defining where transaction take place for most case. In that particular case, escrow {dot} com doesn't seems to be licenced where i live.

 

[Eric@BA]

"let's have the double bankruptcy place hold our money"
- said no one ever.

You can name it Escroc, it fits perfectly as brandable.

Guys, the compagny didn't make bankrupcy but could you explain why a bankrupcy reduce your trust for working with a men-in-middle as escrow service are. It's not a bank account. And most (All ?) risk of people being bankrupted before could be handled with insurance. Actually, that is exactly why insurance are there in that kind of situation, it's in case someone steel or the compagny couldn't execute it's duty.

 

[Eric@BA]

I've searched for escrow {dot} com licensing here as they state they are on their website. They do not have escrow license but do have money transfert licensing. It's may be that full licensing isn't required here with such activities as full licensing here imply you can do way more things than only escrow. By exemple, the full license is allowing you to manage other's properties, succession and etc.