What if we tell you that there’s now a way to start your own crypto business at just a fraction of the cost that you would have otherwise paid. Yes, a small European country named Estonia, has made it possible. But do not get mistaken by the word small yet. Being home to 1.3 million people, the entrepreneurial prowess of this country has forced its business market to be known as “Estonian Mafia”, both online and around the world.
With more than around 2000 crypto licenses issued, Estonia has emerged as the number one destination for startups and blockchain projects. Being a tax haven with 0% corporate tax, it attracts several budding entrepreneurs and has been selected as the top ecosystem for startups. Policies like workforce capability and low running costs are key factors that make this country a dream destination for Blockchain projects.
Now, we know you must be looking forward to being your boss. However, starting with your own business in Estonia would require you to seek some professional help, which you can obtain from our cryptocurrency consultants.
But before you take this step, we need you to know why Estonia is worth your capital investment.
Here are some reasons you might want to consider:
1) Cryptocurrency is regulated and businesses can easily acquire wallets as well as exchange licenses that require zero deposit.
2) There is no VAT charged on trading cryptocurrency.
3) Having a license allows you to trade all utility tokens,.
4) Issue your coin, wallets, and exchanges.
5) A license will allow you to on-board clients from across the globe.
6) License costs start from as low as 4100€ that includes internal AML documents.
7) You can acquire a license within 30 days by law.
8) E-residency allows you access to public services as well as the vast IT database, so you can manage your business remotely.
Starting a business in Estonia at a cost of just 5,900€ can be profitable than spending a whopping 735,000€ in Malta deposit needed, where just obtaining a license can take up to 6-12 months.
So, you have made up your mind. Let’s get you introduced to the process.
Respublic of Estonia has two crypto activity licenses:
Virtual Wallet Operating license –
This license permits hot/cold virtual currency wallet services in the framework of which a company is allowed to provide key to customers and store the same. These keys are used to keep, store and transfer virtual currencies.
Exchange operating licenses –
This type of license allows the conversion or exchange of fiat to crypto, crypto to fiat and crypto to crypto.
In case, a person applies for both wallet and exchange license, two different applications will be required and two different licenses will be issued after verification.
How Consulting24 can be of your help?
The team at Consulting24 offers you a Virtual Wallet and Cryptocurrency Exchange operating license depending upon needs that you may have. A Virtual Wallet operating license is useful in holdings, savings, and virtual transactions. But, if you wish to exchange fiat with crypto or crypto with fiat, a Cryptocurrency Exchange operating license will help pull the trigger.
As a blockchain consultant to you, we help ease the complexities in digital registration and document submission to raise your business level.
The entire process of obtaining licenses is carried out under the supervision of the Estonian Financial Intelligence Unit, an independent structural unit of the Estonian Police and the Border Guard Board.
The registration process for companies comes with a paid share capital of a minimum of 2,500€. The details required for the process are the Company Name, Address (Estonian Physical Address), Email Address, Phone Number, and a copy of the passport. The entire process takes only 48 hours to complete.
As discussed, there is a choice of licenses to which you can apply- Virtual wallet operating license, and Exchange operating license. Before license will be issued there is face to face interview with FIU as well. Our consulting team has done over 20 interviews with our clients.
How would you be charged?
Following is a breakdown of charges that the process would incur.
Company registration Charges at 1300€.
Get a Virtual address at 250€/year.
Our provider Authorised person 250€/year.
Obtaining Wallet and Exchange licenses at 4100€.
The complete process altogether can cost you around 5900€.
In case, you may be interested in purchasing companies that are well established or, are on sale, here are some options from Estonia available for you:
BTCWHALE OÜ, wallet and exchange license available from 12,000€
CoinPro OÜ wallet and exchange license available from 12,000€