Where can a Ukrainian entrepreneur register a crypto company?

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In case you need to register a company that will be engaged in cryptocurrency trading, for the purpose of company registration, it is necessary to consider only those jurisdictions, which have developed and implemented the cryptocurrency legislation on the proper level. 

Moreover, it is important to make sure that the country is crypto-friendly. Don't just believe the information on the Internet, which is full of statements that almost a third of the globe has implemented the relevant legislation. There is a risk then of encountering the opposite in practice. For example, the absence of a bylaw regulator, the absence of a supervisory body, the absence of approved licensing requirements, and so on. makes it impossible to obtain a license or open a bank account. 

At the same time, even if there is no need to obtain a license to trade in cryptocurrencies, registering a company in a crypto-friendly jurisdiction will enable:

  • to register the company with the appropriate type of activity with the state registration authority (and vice versa: it is impossible to register a company with an activity that is not authorized by law);
  • to openly declare the relevant type of activity to the bank and receive acceptance. 

Not all countries legally recognize cryptocurrencies and have relevant legislation (including those that allow licensing of market participants).

Traditionally, the most crypto-friendly include the USA, Switzerland, Malta, Singapore, Georgia, Estonia, Gibraltar, Cyprus, Britain, El Salvador, Portugal, Germany, Puerto Rico, Slovenia, Cayman Islands, Bermuda, Vanuatu, Antigua and some others.

Our company provides services for both opening a business abroad and relocating an existing business in Ukraine. We:

  • We take responsibility for the result, predict the risks and consequences, including the impact of relocation on the entire structure of your business;
  • We help with the choice of jurisdiction, based on your requirements and our experience;
  • We register a company, open the necessary accounts in the country of your choice;
  • We help with further support of CFC in Ukraine: submission of reports, notifications, tax optimization.

You may also like: Opening an Account to Register a Company Abroad

How to register a crypto company abroad?

Why is Estonia no longer a crypto paradise today?

For many years in a row, Estonia ranked first in the popularity of registering crypto companies. This was due to the fact that: 

  • Estonia was one of the first countries to adopt relevant legislation; 
  • Estonian banks were more than happy to open accounts for cryptocurrency companies, without asking too many questions. 

At the same time, as EU legislation on cryptocurrency regulation has evolved and tightened in recent years, Estonia has also changed its approaches. 

For example, Estonia significantly tightened licensing requirements for companies planning to conduct cryptocurrency activities in February 2022. As a result of this crackdown, about 70% of companies left the Estonian market in 2022 alone.

From now on, in order to obtain a license for cryptocurrency operations (any) in Estonia, one must:

  • Shape authorized capital of EUR 100,000 for ordinary companies (which plan to invest in crypto for themselves) or EUR 250,00 for crypto exchanges and other service providers (i.e. providing services to third parties).*

*Crypto exchangers, crypto exchanges, blockchain providers, crypto payment companies, miners and investment funds can obtain a cryptocurrency license in Estonia. The Estonian Financial Inspectorate acts as a regulatory body. It takes 6 months to get a license there. After getting a license, a company becomes a financial institution, but there are no additional requirements for reporting, submission of special declarations, etc.

  • Pay the state fee of EUR 10,000.
  • Ensure that the company has a substance - a real office + employees on the payroll, while the minimum number of employees is as follows: One of the board of directors must be an Estonian, director - a resident of Estonia (he/she must be a "unique" person, i.e. the one who does not provide its services en masse), 1-2 ordinary employees with appropriate education and experience (designed to provide operational activities), AML officer, internal accountant, auditor. Such a "substance" package costs from EUR 10,000 on the market, and it has to be maintained on a monthly basis. 
  • Confirm the "integrity" of the company (it must not have any fines at the time of filing and past fines, employees must not have a criminal record).
  • Prove the success of the business project by providing a business plan, planned turnover, etc.

In addition, opening an account for a cryptocurrency company in an Estonian bank is now almost impossible. Banks have become very unfriendly to cryptocurrency companies

As you can see, registering a crypto company in Estonia is not a cheap pleasure. And it does not make much sense if you can't open an account in an Estonian bank, but have to wander around the world with this company. 

So, what are the alternatives if you want to register a crypto company?

You may also like: What Bank or Payment System to Choose to Open an Account for Different Kinds of Business Abroad? 

Registration of a crypto company in Malta, Andorra, Cyprus

Instead of Estonia, jurisdictions like Malta, Andorra, Gibraltar, Cyprus are now coming to the fore. These countries are interesting because they have quite developed legislation on cryptocurrency, and they do not require a license for the standard type of operations (exchange of crypto to fiat and fiat to crypto).

As a rule, in all jurisdictions, profit from cryptocurrency trading is not subject to exemption from taxation, but is considered to be ordinary company profit to which ordinary taxation rules (rates) apply. Unlike the profit that can be earned by individuals. In many countries, profits from trading crypto are exempt from taxation for individuals.  

Below you can see the income tax rates that apply in the above countries, as well as the internal repatriation tax rates that apply when dividends are paid to a natural person – shareholder:


Income tax rate

Repatriation tax rate for dividends paid to a non-resident individual













*The standard rate of income tax in Malta is 35%, but it can be reduced to 5%, subject to certain conditions.

The final tax base of the company can be regulated by the operating expenses of the company.

Income tax rates in these countries are quite low. Moreover, the lowest rates are in Andorra and Gibraltar (only 10%).  It makes sense to pay special attention to these countries, because both countries are adjacent to the EU. 

They are not considered offshore jurisdictions, there is no repatriation tax on dividend payments (which means that dividend payments can be to any country at 0%), and they are very loyal to cryptocurrency trading.

Despite the fact that in Andorra legislation regulating cryptocurrency activity was adopted only in the summer of 2022, given the favorable tax regime, as well as the government's statement about the desire to attract foreign investment - the option of registering a company in Andorra can be very profitable.

In any case, the plan of opening a cryptocurrency company is developed by our company individually for each client, taking into account both their wishes and the real situation in the field of taxation and regulation of crypto operations in different jurisdictions.

You may also like: Strengthening of Substance Requirements in the European Union in 2022

Can I possible to start an offshore crypto company?

You can. But despite the fact that many offshore jurisdictions do not tax profit of cryptocurrency companies, we do not recommend starting a company in an offshore jurisdiction, because later there can be difficulties with opening an account.

How to register a crypto company abroad?

If a license is not needed, then we are talking about an ordinary (without specific requirements) registration of a company abroad, and the algorithm will be as follows:

  • registering a company and opening an account for it on the platform;
  • opening an account for the company and contributing money to the authorized capital (which will be later spent on buying cryptocurrencies);
  • transferring cryptocurrency from individual shareholders to the company's account (e.g., on the basis of a loan agreement);
  • setting up a real office and staff for the company in the country of registration (in order to confirm the substrate to the bank / payment system);
  • accounting support of operations.

This registration is only a part of our possible services, which include: 

  • determining the activity of the future company; deciding on the need for a license;
  • assistance with the choice of jurisdiction for registration of a crypto company;
  • assistance in registration of the company;
  • supporting the receipt of license (if necessary);
  • choosing a bank and support in opening an account.

If your key goal is not just to start a profitable business, but to do it safely, taking into account all the risks, don't hesitate to contact our experts.

Check out the cost of registering a business abroad here.

Publication date: 19/01/2023

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