If you want to set up a standard trade company, almost all jurisdictions are open to you. However, things are different when you have to deal with the crypto industry as not all destinations are crypto-friendly. In this article, we are going to look at top offshore jurisdictions where you can form a crypto company. Offshores are very attractive for crypto entrepreneurs from across the globe as they offer easy reporting, low taxes, benign crypto policies, and so on. We will help you establish your company online with minimum involvement on your part and set up an account with a crypto-friendly bank that matches your business needs.
If you need more details, welcome to our portal where you can read a longer article on offshore jurisdictions for a crypto company. Our portal is focused on setting up businesses around the world, banking services in different jurisdictions, tax optimization, asset protection, investment (including investment in real estate and different residence- and citizenship-by-investment programs), and so on. Follow the link above to book a preliminary free session with our specialist to discuss your situation, needs, and preferences, and get professional advice. We will offer you the best services available at reasonable fees and start a crypto company for you without much hassle!
Selecting the Right Destination for Business
The main reason to choose an offshore destination to form your crypto company is the favorable taxation. Check capital gains, VAT, and corporate income tax rates in each country before you decide to opt for it.
Here are some points that may be of interest to you if you are going to establish an offshore crypto company:
- Ease of registration and doing business. How complex is the registration procedure and how long will it take? What is the authorized capital threshold (if any) and is there a mandatory obligation to hire a local director? Do you need a physical office in the country? These are the questions that may help you make the right choice.
- Privacy. How important is confidentiality for you? If it is one of your primary concerns, we recommend taking a good look at the local data protection laws.
- Cost, compliance, and rules. You may need a license to operate in some jurisdictions. Financial services, brokerage, crypto exchange – all these areas usually require a license.
- Banking services. Take a look at how good the local banking sector is and what conditions it offers to crypto businesses.
Nevis
If you need a crypto haven, take a look at Nevis. The government of the Caribbean country understands the importance of the crypto industry in the present-day world, so a relevant bill was passed in 2020 and amended in 2021 to regulate this sphere.
Here is what you can engage in as a crypto business:
- Store/manage virtual assets or instruments that help you control them
- Exchange fiat to crypto and crypto to fiat
- Provide services related to virtual asset sale/issuance
- Swap digital currencies
- Send virtual assets to third parties
The country’s banking system is crypto-friendly, which makes it a real hotspot for crypto entrepreneurs from across the world. Nevis has recently obtained a financial well-being and health certificate from the OECD and the EU, which proves its compliance with global standards.
Comoros
This is an archipelago in the Indian Ocean that consists of three islands: Anjouan, Moheli, and Grande Comoros. Moheli has a large crypto sector and can issue crypto licenses. You can obtain a universal crypto license in Comoros to be used for international operations, such as opening crypto accounts for customers, taking and offering deposits and loans in crypto, trading, storing, and exchanging crypto.
Here is a list of documents you will have to submit to set up an IBC in Comoros:
- Each director has to provide a clean criminal record
- Each key manager has to submit a passport copy
- A document that confirms the owner’s residence address
- A detailed business plan
- CVs and other related documents
Here are the main advantages of establishing an IBC in Comoros:
- No limitation on foreign capital
- A quick registration procedure that usually takes only one day
- A high level of confidentiality for all company members
- There are no audit/reporting requirements set
- You can possess/administer private assets and carry out activities outside Comoros.
- You can keep, move, and increase funds in accounts opened in other countries without any currency limitations
Comoros is a low-tax jurisdiction: the corporate income tax amounts to zero, and the companies that sell their assets pay no capital gains tax. You will not pay VAT on financial services (such as forex trade) or income tax on dividends, either.
Seychelles
The jurisdiction offers a quick and easy procedure for crypto business registration, low tax rates, and investment laws that favor foreigners. The register of company beneficiaries is closed, which ensures personal data protection: the only person who has access to it is a registered agent.
Here is what you need to set up a company in Seychelles:
- Prepare the documents (passport copy and proof of residence address) and have them notarized
- Pay the local registration fees
- Appoint at least one director and one shareholder
- Choose a unique company name
Company registration in Seychelles takes from 3 to 4 business days. You need to have a registered office in the jurisdiction and pay an annual renewal fee. If you set up a crypto company, you may be requested to provide additional documents (for example, to make sure that no sanctioned individuals are engaged in your business).
Marshall Islands
This is an ideal jurisdiction for crypto companies that offers the following advantages to them:
- You will not have to pay transaction, capital gains, or corporate income taxes, or any stamp duties.
- The legal framework fully complies with current requirements and regulatory standards.
- There are no limitations on currency movement.
- There is no need for any accounting/reporting.
- The names of business owners are not accessible to the public, ensuring a high level of privacy. You can officially appoint nominees if you want.
Conclusion
Interested in establishing a crypto company in a suitable offshore jurisdiction? Please click on the above link to read more details about the destinations considered above and also about Belize (which is just as excellent for crypto companies). Get in touch with us to discuss the assistance you need – and start your crypto business in no time!
