Bitcoin / Crypto-currency solutions
Healy Consultants assists our Clients’ Bitcoin business by opening international corporate bank accounts in reputable jurisdictions around the World.
Our firm specializes in setting up high volume corporate bank accounts tailored to our Clients Bitcoin activities, and for which we have an excellent approval ratio record because of our global banking relationships and determination.
Crypto-friendly country solutions
A sample of country solutions: Singapore UK Germany US Australia Japan India How are cryptocurrencies treated for tax purpose? Supply of services Foreign currency Private money Property Asset Currency Asset Income tax Yes Yes Yes Yes Yes Yes Yes Capital gains NO Yes Yes Yes Yes Yes Yes VAT for buying using bitcoins Yes Yes Yes Yes Yes Yes Yes VAT for trading and selling bitcoins Yes No No Yes Yes Yes, to be removed in 2017 Yes VAT for importing goods with bitcoins Yes Yes Yes Yes Yes Yes Yes What are the requirements for trading and selling bitcoins? To be regulated To be regulated Authorization is required by the BaFin Same as for money services business To be regulated soon To be regulated soon No plans for regulation so far Are cryptocurrencies regulated? No No No No No No No How receptive are banks to Bitcoin companies accounts? Challenging Challenging Challenging Challenging Challenging Challenging Challenging
Most popular bitcoin friendly countries
Accepts Bitcoin? Travel required during engagement? Time to incorporate new company? Minimal capital? Bitcoin friendly banks? Healy Consultants invoice Malaysia Yes No 2 weeks US$2 Yes Contact us Bulgaria Yes No 2 weeks €1 Yes View invoice PDF Iceland Yes Yes 2 weeks €1 Yes Contact us Ireland Yes No 2 weeks €1 Yes Contact us Korea Yes No 2 weeks US$1 Yes View invoice PDF Switzerland Yes No 3 weeks CHF20,000 Yes View invoice PDF Japan Yes No 6 weeks US$,2 Yes View invoice PDF Australia Yes No 1 week AUS$1 Yes Contact us Labuan Yes No 2 weeks US$1 Yes Contact us Singapore Yes No 1 week US$1 Yes View invoice PDF Dubai Yes Yes 1 week US$1 Yes View invoice PDF Nevada Yes Yes 1 week US$1 Yes Contact us Uruguay Yes No 9 weeks US$1 Yes Contact us Gibraltar Yes No 2 weeks £1 Yes View invoice PDF
Crypto-currency corporate bank account solutions
- Having a corporate bank account for a Bitcoin company offers the following advantages:
- Once you register a cryptocurrency company, the same will be more attractive to Clients if payments are processed by a stable corporate bank account by a recognizable bank;
- Having multiple corporate bank accounts for Bitcoin business will minimize FX risks for our Clients having expenses and/or revenue sourced from several countries;
- By establishing a relationship with international banking groups your Bitcoin business can use their facilities in other countries;
- Healy Consultants recommends our Client open a corporate bank account is one of the more recognizable bitcoin-friendly countries. An EU SEPA corporate bank account from a cryptocurrency-friendly corporate bank represents a strong support to a cryptocurrency start up;
- The easiest way to obtain a corporate bank account for a cryptocurrency business is to register a Bulgaria bitcoin company. With this structure, you can obtain a new corporate bank account within 4 weeks!
- Alternative recognizable bitcoin banking-friendly countries, include: i) Ireland; ii) Estonia; iii) South Korea and iv) Poland;
- A great alternative strategy to a corporate bank account is a multicurrency corporate account with a licensed payment solution provider, such as i) Orounda and ii) EasyCoin.
- Having a corporate bank account for a Bitcoin company offers the following advantages:
Bitcoin friendly banks comparison table
Accepts Bitcoin? Travel Local entity Online banking Healy Consultants fee Malta Yes No No Fair 7,950 Bulgaria Yes Yes No Excellent 7,950 Switzerland Yes No No Excellent 7,950 Luxembourg Yes No No Fair 7,950 Austria Yes Yes No Excellent 7,950 Gibratlar Yes Yes No Fair 7,950 Mozambique Yes No No Fair 7,950 Brazil Yes Yes Yes Excellent 7,950 Mauritius Yes Yes No Fair 7,950 Poland Yes No No Excellent 7,950 Sweden Yes No No Excellent 7,950 Cayman Islands Yes No No Fair 7,950 South Korea Yes No No Excellent 7,950 Estonia Yes No No Excellent 7,950
Crypto-currency corporate bank account disadvantages
Opening a corporate bank account for a Bitcoin company imposes the following disadvantages:
- Bitcoin industry and bank policies regarding Bitcoin are difficult to predict. Because Bitcoin is a recent innovation, most Central Banks around the world are still unsure about how to regulate it;
- Some banks may request additional due diligence, including: i) more stringent AML/CFT procedures ii) request for ultimate beneficial owner details and iii) request for a personal visit to a branch;
- Despite Bitcoin’s high market capitalization, reaching 102.8 billion in October 2017, global banks continue to turn down many opportunities in traditional financial hubs, such as i) UK; ii) Germany; iii) Singapore and iv) Dubai;
- Nowadays, it is impossible to register a bitcoin company, and then open a UK corporate bank account for a cryptocurrency company. Consequently, many UK companies open their corporate bank accounts in other bitcoin-friendly countries;
- Some Caribbean banks require a legal opinion letter to be prepared by a USA law Firm before onboarding Clients dealing with crypto ICO.
9 Steps to open a corporate bank account for Bitcoin business
- Many of our global Bitcoin Clients engage Healy Consultants due to the difficulty of the Bitcoin corporate bank account opening process. Opening an international corporate banking account is a time-consuming task, Healy Consultants will shelter our Client from the administrative challenges and can supply our Clients a corporate bank account number within 6 weeks without travel to meet the bank officers involved;
- Healy Consultants requires all Clients to i) settle our fees ii) sign and return our Client engagement letter and iii) provide us all the required due diligence documents;
- Prior to submitting the corporate bank account application to our Client’s preferred bank, Healy Consultants requires detailed information on i) company’s activities (including proof of business such as recent contracts and invoices); ii) company’s customers and suppliers iii) details of the management team and iv) the company’s financial projections;
- Healy Consultants will assist our Client prepare i) a set of company documents and ii) a detailed business plant; to secure a pre-approval of the preferred global bank, minimizing costs and transparency;
- Healy Consultants approaches our multiple partner banks, to obtain preliminary approval for bank account opening for our Client’s company;
- Following receipt of the preliminary approval for our Bitcoin Client’s corporate bank account, Healy Consultants will collect a set of notarized/ legalized and translated documents from our Client to complete the bank account opening requirements;
- Within two weeks following submission of the account opening application, Healy Consultants will receive the approval from our Client’s preferred bank;
- If required, Healy Consultants will activate internet banking facilities on our Client’s behalf;
- Following successful activation, we will dispatch a courier to our Client’s preferred mailing address containing bank documents and internet banking details.
How to engage Healy Consultants Group PLC
- Pre-incorporation phase
- Our Client settles a retainer fee (click link) of US$2,450 with Healy Consultants when looking to understand how to open a bitcoin company or register an Ethereum company;
- Due to recent spike in interest in Litecoin, we recommend our Clients consider Litecoin company formation;
- Following signature of our engagement letter and supply of Know Your Customer due diligence documents, Healy Consultants can begin engagement planning;
- We agree engagement timelines and deliverables expected by our Client.
- Company formation in a bitcoin-friendly country
- Corporate bank account setup in a bitcoin-friendly bank
- Our team assist our Client secure corporate bank account facilities without personal travel required;
- Within one week thereafter, our Client can login in his online banking account;
- If required, Healy Consultants will assist our Client open a trading wallet with a reputable cryptocurrency exchange with a reputable exchange!
- As a last step, Healy Consultants couriers the full company kit to the Client, including original corporate documents, unopened bank correspondence and a Client feedback survey.
- Pre-incorporation phase
Healy Consultants fees
- Healy Consultants will be pleased to help our Clients efficiently open an international corporate bank account for a fee of €7,950.
Bitcoin payment guide
NEW! Healy Consultants Group PLC accepts payments from global Clients in Bitcoin, directly via our bitcoin payment address.
How to pay Healy Consultants using Bitcoin?
- Confirm with your dedicated Client Relationship Manager the final invoice to settle to Healy Consultants Group PLC;
- Get a Bitcoin wallet;
- Verify the daily exchange rate between invoice fiat currency and bitcoin to make sure you are transferring the correct sum;
- Move the funds from your passive wallet to your spending wallet;
- Activate the payment blockchain window in your cryptocurrency wallet Client;
- Manually type in our Bitcoin payment address: 1HU4irvJQDZeLDQZ2X8Ga68KmXgfxM8EGk
- In the “description” field, include the following information: i) your full name, ii) business address and iii) specific professional service required;
- Send your dedicated Client Relationship Manager the confirmation of the transaction.
Our typical Clients
- Small companies with Bitcoin-related activities wishing to secure a corporate bank account in their region;
- Medium to Large Bitcoin exchange platforms interested to expand their network of bank accounts;
- Bitcoin companies who wish to establish a relationship with our global network of Bitcoin-friendly banking institutions.
Other corporate banking considerations
- Japan is one of the few countries that introduced cryptocurrency regulations, following the 2014 MT Gox exchange liquidation. Nowadays, bitcoin has been recognized in Japan as a payment method and adheres to strict AML regulations;
- The growth of “crypto-funds” has been steadily increasing, and reached 124 in October, 2017. The total assets under management at the same time reached almost US$2.3 billion;
- The European central bank is not expected to issue regulation on cryptocurrencies, as the market “is not mature enough” according to Mario Draghi;
- Different countries treat Bitcoin differently, including: i) as a specialized commodity, ii) as a financial asset/ actual money or iii) as an unknown value;
- Cryptocurrencies have become a safe-haven for emerging markets with volatile currencies, such as i) Venezuela; and ii) Zimbabwe.
Initial coin offering (ICO) strategy
A successful ICO project involves reaching several key milestones to attract interest from investors.
- Choosing the optimal jurisdiction to register an ICO undertaking company is a key consideration. Cryptocurrency and ICO start up requirements vary significantly between countries. View a list of our top Bitcoin-friendly countries now;
- To assist our Client manage their FIAT funds, decide how to start an initial coin offering, Healy Consultants recommends our Client open a cryptocurrency corporate bank account with a reputable bank, without personal travel required;
- Hire expert i) development team and ii) advisory board. Most of our cryptocurrency Clients engage Healy Consultants to recruit (click link) quality employees;
- Potential investors and other initial coin offering start-ups will rate the project’s value by reviewing: i) the project’s white paper and ii) the platform’s beta version. Speak with our relationship managers to learn how Healy Consultants and our affiliates can assist you!;
- Evaluate your code is investor friendly. Lengthy code and readable modularity shows programmer savvy stakeholders the quality of the project. Involve our inhouse and affiliate IT teams to ensure your programming is up to par with latest ICO trends;
- Lastly, Healy Consultants will assist our Client to promote their initial coin offering on multiple channels, including: i) announcement on Bitcointalk.org ii) social media platforms such as, Reddit and Twitter and iii) direct promotion to quality third parties and businesses.
Why prepare for initial coin offering (ICO)?
- The easiest way for cryptocurrency start-ups to raise funds for their project is through an initial coin offering;
- The “coins” or ‘tokens” are offered to investors similarly to shares in an IPO. The most successful ICO, called EOS, generated US$289m in 2017;
- Due to the unregulated nature of ICOs and legal/fraud risks involved, Healy Consultants recommends our Client to invest in an engagement strategy document preparation.
Korea cryptocurrency transfer solution
Client case study
ICO friendly corporate bank account
- Our Client is a Singapore and China based company with an investment holding entity in Cayman Islands. Our Client specializes in developing a system for protecting consumer products from falsification and copying, based on blockchain technology;
- As part of the technology, our Client developed loyalty program based on an Initial Coin Offering (ICO) to raise funds for scaling the provision of services, improving the technology and moving to blockchain and cryptocurrency transactions within the system;
- Having found Healy Consultants Group PLC through Google and going through our Bitcoin / Cryptocurrency solutions, our Client convened a phone call inquiring to get more information on how obtain a corporate bank account for their company with an ICO project;
- After initial phone call and skype discussion, our Client settled the first fee instalment with Healy Consultants Group PLC to commence the engagement.
- After detailed discussion with our Client and thorough study of their business profile, Healy Consultants Group PLC drafted a detailed project plan outlining the steps of the engagement and estimated completion timelines to secure ICO friendly corporate bank account;
- Our team drafted a quality business plan detail explaining i) the business activities of the company ii) KYC process and ICO participation policies of the project, iii) expected turnover and banking transactions, and iv) management background of the company. Thereafter, we provided our Client with a business plan and the project plan for their approval.
Securing a preliminary interest from a European Bank
- Upon the confirmation of the business plan and receipt of the complete due diligence documents from our Client, our corporate banking team approached multiple banks to gauge their interest to onboard our Client’s company. For 2 weeks, our corporate banking team aggressively negotiated with multiple banks and secured a preliminary interest from a bank in a reputable European jurisdiction;
- Healy Consultants Group PLC arranged a three-way conference call with our Client and senior management of the bank to discuss the business activities and expected banking transactions of our Client in detail.
Corporate bank account opening process
- Healy Consultants Group PLC closely liaised with the bank to assist our Client to prepare a set of corporate bank account opening package including i) corporate documents; ii) quality corporate bank account opening application forms; and iii) KYC documents of our Client;
- Thereafter, our Client compiled the original quality corporate bank account opening package and couriered the same to the bank. Additionally, Healy Consultants Group PLC continued to regularly liaise with the bank officer to provide additional information (if needed);
- To avoid our Client from traveling to Europe, Healy Consultants Group PLC negotiated with the bank to arrange a video conference call between the Client and the Compliance Team of the Bank for a verification purpose.
Corporate bank account approval
- Within 4 weeks from the submission of the quality corporate bank account opening documents, Healy Consultants Group PLC secured an ICO friendly corporate bank account without the need for our Client to travel to Europe;
- Thereafter, Healy Consultants PLC assisted our Client with activating internet banking for their bank account.
- Healy Consultants Group PLC successfully complete the cryptocurrency friendly corporate bank account engagement within 3 months. Thereafter, we emailed the Client i) a complete Client file; ii) unopened bank correspondence; and iii) a Client feedback survey.
Frequently asked questions
Can I open a corporate bank account for My Bitcoin Company?Yes. Healy Consultants will be happy to secure corporate bank account opening for your Bitcoin business.
Can I have a SEPA supported bank account?Yes. Healy Consultants will be happy to secure a corporate bank account for your Bitcoin business with SEPA capabilities.
Do I need to meet with the bank?Most of the solutions we offer our Clients do not require personal visit to a bank branch.
Have you worked with any global Bitcoin exchange platform?Healy Consultants boasts a stable relationship with a TOP 5 global bitcoin exchange platform.
Can I open a corporate bank account for Bitcoin in the European Union (EU)?Yes. Healy Consultants can assist you in this regard.