All You Need To Know Before You Start A Company In Malta
A small archipelago country in the central Mediterranean, Malta is emerging as the new world capital for blockchain businesses and startups. The country has recently legalised the trade of cryptocurrencies and that too without levying any taxes.
So if you are considering to start a company in Malta, here’s what you need to do…
As is true with any business, you need to decide what you wish your company to be about. Is it going to be about e-commerce, or solve any other problem?
A great option could be to trade in cryptocurrency, as there are ample opportunities for blockchain projects to grow in Malta. With the set of laws related to crypto-activities set by the government of Malta in collaboration with MFSA (Malta Financial Services Authority), starting a company in Malta is smooth and easy.
Once you’ve decided what you wish to start with, there are a few conforming laws governed by the country’s legal body.
Check With The Local Authorities About Conformities
Once you have decided what your business is going to be about, you need to conform to the local authorities. For example, if you have decided to set-up a cryptocurrency exchange company in Malta, you also need to consider a few other aspects as well. Such as the scale and size of the company, the activities your company will undertake, the permits required, and also the amount of money you wish to invest.
For a small company, the forms required are also simple. As far as activities are concerned, you can start mining data, or selling and purchase of cryptocurrency and likewise many other business activities. When it comes to permits, some businesses don’t require any permits while there is a minimum value of 1200 Euros of initial investment for LLC companies in Malta. Conforming to these norms, there is nothing more that can stop you from starting your venture in this beautiful, historic country.
Complete The Paper Work And The Needed Formalities
Now that you’ve already decided and explored the possibilities for your company in Malta, you need to draw the required paperwork and file them with the trade register. Especially for foreign nationals, the incorporation documents of the company and other required legalities need to be fulfilled before one can begin operation of their business. Therefore, having a good lawyer who knows about the legal formalities for companies in Malta, is definitely a great help.
Get Your Crypto-Licence
The MFSA takes the lead in monitoring and regulating the Licencing of cryptocurrency activities in Malta. The VFA’s competent authority decides whether the applied token is virtual, a virtual instrument, or a virtual financial asset.
While you are thinking of beginning your project in Malta, you should consider Estonia as well. For reasons like the time required for starting your project and the initial cost of setup greatly differ. While it takes around 6 months and requires 730,000 Euros initially, setting up your business in Estonia is significantly easier. It takes only 1-2 months and not more than 10,000 Euros to set up a cryptocurrency exchange in Estonia.
Before you begin with your project, consider an expert advise, Estonia is a lot better choice over Malta, specifically for cryptocurrency-related projects.