Denied PaperBanker Corporation - Financial Institution Registration

[ConsequencesInc]

Username: ConsequencesInc

Registered Name: PaperBanker Corporation

Company Docket Thread URL: Pending Registration: https://www.mcstatecraft.com/threads/corporation-paperbanker-corporation-business-incorporation-registration.1268/

Address: c-4-attlee-sq

Primary Contact Person: da_realsammy

Directors:
da_realsammy

Compliance Officer: da_realsammy

Type of Institution: Bank

Scope of Activities: Deposit-taking, Consumer lending, Commercial lending

Scope of Activities (other): any lawful act or activity for which Corporations may be organized under the Laws of the Kingdom of Alexandria

Authorized Share Capital: Class A Shares 6000 authorized and issued, Class B Shares 4000 authorized and 0 issued. All shares par value £1

Ownership Structure: da_realsammy, 6000 Class A shares

Brief Description of Services and Customer Base: PaperBanker is a Bank that focuses primarily on consumer banking products such as deposits, checking and savings accounts, and loans both to consumers and businesses.

By signing below, the Applicant acknowledges and undertakes to:

1. Financial Institution Tax
   • Pay a monthly Financial Institution Tax at the rate of (10%) of reported profits (Revenue Act § 6(2)).
   • Submit payment by the end of the second week of the following month.
2. Financial Records & Reporting (Revenue Act § 7)
   • Maintain detailed accounts of investment revenue, operating costs, assets, and liabilities.
   • Report to the Ministry of Trade & Finance by the end of the first week of each month:
     • Profits for the preceding month
     • Total assets & liabilities as of month-end
     • Significant changes in financial condition or operations
     • Summary of investment portfolio (securities, loans, other instruments)
     • Regulatory actions, legal proceedings, or material events
     • Compliance status with financial regulations
3. Audit & Inspection
   • Consent to Ministry audits and inspections of financial records (Revenue Act § 8(3)(a)).
4. Tax Exemption
   • Upon registration, this entity shall be exempted from the Corporate Balance Tax (1% weekly) under Revenue Act § 11(2)(a).
   • Acknowledge that exemption may be revoked for misrepresentation or non-compliance.

Link to Company Docket: pending

List of Share Classes & Ownership Register excerpt:

Declaration and Signature
I, the undersigned, hereby certify that the information provided is true and correct, that this Entity is duly organized under the Laws of the Kingdom of Alexandria, and that it will comply with all taxation, reporting, and regulatory requirements of the Revenue Act.

 

[MattQiu]

Denied