Who needs a crypto license in offshore zones?
The short answer to the question posed above is – almost everyone. There are several benefits that offshore zones offer to anyone that is looking to set up a business. Sure, it’s imperative for you to stay abreast with any changes and regulations that are being introduced, but the offshore zones are much, ьгср more accommodating to people involved in the digital currency sector. In order to set up an Internal Business Company (IBC) or a Business Company (BC) in an offshore jurisdiction, you will be required to go through several steps and meet a few requirements. They are however much more lenient than in many other countries – as you will soon see. For instance, the process of obtaining a crypto license in SVG is among the most advantageous and uncomplicated if your business involves digital currency.
What are the best countries to get a crypto license?
Below are some of the best countries for obtaining a crypto license. It makes sense to focus on both offshore jurisdictions and onshore ones. Here are the options that are commonly recommended to budding entrepreneurs in the digital currency space:
- Switzerland. This European country has a long history of being at the forefront of financial excellence and innovation. The crypto license is usually a much sought-after one here as well. The requirements might be fairly strict but the reputational value alone is enough to garner you a few investors.
- Malta. This nation is well-known for being an awesome tax haven for offshore businesses. The Maltese government is the most lenient government regarding financial reporting regulations – which means that you can remain as under the radar as possible. It also has a fairly decent reputation and user base in the digital currency space, making it one of the best countries to get a crypto license.
- Germany. Akin to Switzerland, Germany is known for being one of the most favorable onshore jurisdictions for businesses in the digital currency sector. The German regulator will grant you the Crypto License if you can meet their strict requirements. It’s a costly endeavor to get but it’s worth it. Many people find Germany to be one of the most pro-business, pro-entrepreneurs, and pro-innovation countries in the world.
- Saint Vincent and the Grenadines (SVG). They’re a tiny nation, located in the middle of the Caribbean Sea. With a population of around 110,000 people, they’re by far the smallest country to make this list. The requirements to obtain one are pretty loose, so it’s very easy to recommend this option.
How to get a crypto license in SVG?
If you happen to choose SVG as your destination of choice, you can start acquiring enough background knowledge regarding financial regulations to apply for your crypto license pretty easily. You could also outsource that task to a trusted team of professionals specializing in launching crypto businesses, which can allow you to keep your focus on the bigger picture. With the background research taken care of, you can focus on your business and get the required legal groundwork in place. If that’s an option and you don’t want to receive full assistance throughout the entire process, you can try being the business leader on this business launch mission.
First, you need to confirm that SVG is indeed the best choice for your crypto business. Do a little bit of research regarding the current state of business and dig deeper as well. Then, you register your business. This step can take less than five days. After that, you need to create a business strategy, prepare a set of AML/KYC guidelines, and apply for and receive an apt license.
What companies can be opened with a crypto license in SVG?
The two main types of business that can be launched with a suitable license in Saint Vincent and the Grenadines are cryptocurrency wallet businesses and cryptocurrency brokerage businesses. Acting as an exchange is usually perceived as more lucrative. Of course, there exist additional types of business, including the ones dealing with NFTs, mining, and ICOs. Be sure to speak to a qualified and experienced team of cryptocurrency experts to help you along the way because there are several different brands of cryptocurrency business that can be launched in SVG, each with different business strategies, business structures, and goals.
Prospects and opportunities for companies with a crypto license in the SVG.
The prospects for crypto businesses in SVG are quite promising. They tend to be early adopters of new technologies and cryptocurrencies. With the advent of blockchain, many countries all over the globe are turning more and more to embracing cryptocurrencies as a legitimate form of payment. Moreover, there exist a plethora of SVG-specific opportunities for firms that choose to set up shop there, including:
- Opportunity to pay less in taxes. It’s obvious that cryptocurrency business owners pay all taxes that they need to pay without trying to minimize their taxable profits or do something else that’s illegal, but you could save significantly if you follow the path of setting your company in an offshore jurisdiction such as SVG.
- Opportunity to use reputation as a way to boost sales. There exist crypto users who won’t give your brand a chance unless you have a sufficiently high reputation. Operating out of SVG is enough to give you a reputational boost since this offshore jurisdiction is considered to be one of the safest and the most reputable offshore jurisdictions for blockchain business owners.
- Opportunity to make more money right away. Lower taxes and higher sales equate to higher profits for cryptocurrency businesses. A low cost of doing business allows you to make profits in a matter of days, if not hours.
- Opportunity to branch out. Once you have enough funds in your company, you can start looking for other options. Have you always wanted to have a brick-and-mortar casino or something equally as lucrative? You can use an SVG-based company as something of a stepping stone before moving to the next step of your plan, be it opening one more business in the same jurisdiction or moving your business to another jurisdiction altogether.