Crypto wallet and exchange activity in 2023

When can you legally conduct business if we start on 15th July?April 2023February 2023June 2023October 2022October 2022
Special regulatory license required for our Client’s business activities?VASP LicenseDepository wallet operatorPS licenseNone yetNone yet
Expected upcoming crypto-currency legislation changes in this country?YesNoYesYesNo
Global reputation and perception as a crypto-friendly country?YesYesNo since 2022YesYes
Expected corporation tax on payments and crypto business profits? %0%15%17% (if tax resident)0%0%
Minimum paid-up share capital?US$1,220€2,500SG$100,000None€1
Economic substance required including local staff and physical office?YesYesYesTBCYes
Probability our Client will need to travel to complete the engagement?75%50%75%0%20%
Location of multi-currency corporate bank account?USEU SEPASingaporeDominicaEU SEPA
Perceived as a tax neutral entity by customers, banks and Governments?YesNoNoYesNo
Availability of turnkey shell licensed solutions?NoYesYesYesYes
Healy Consultants’ fees for the business setup engagement?US$48,120€37,325US$35,840US$11,500€21,800
Total timeframe to complete the engagement (in months)?6-9 months7 months12 months4 months4 months
Corporate structure requirements
Recommended type of business entity?Exempt LLCLLCLLCLLCLLC
Minimum number of directors?1
(2 recommended)
12 recommended11
Requirement for appointment of a resident director or manager?NoRecommendedYesNoNo
Can the entity be wholly foreign owned?YesYesYesYesYes
Minimum number of shareholders?1
(2 recommended)
Public registrar of directors and shareholders?NoYesYesNoYes
Public registrar of beneficial owners?NoYesNoNoYes
Must the share capital be paid up after or before incorporation?N/AYesAfterNoNo
Lease agreement for physical premises required before incorporation?YesNoNoNoNo
Due diligence documents must be notarized and/or legalized?YesYesYesYesYes
How long to secure a certificate of incorporation, after attestations1 week4 weeks1 week3 weeks3 weeks
How long to secure tax ID, after company set upN/A1 week1 week3 weeks2 weeks
Mandatory to appoint a local accountant?NoYesNoNoYes
Licensing considerations
Can trade with local customers in this country?TBCYesYesYesYes
Average time to secure a license from day of submission to Regulator?6 months4-8 months12 months3 weeksN/A
This entity will be regulated by which Regulatory body?CIMACBMASFSASDM
Local director/AML/Compliance officer required for license criteria?YesYesYesNoNo
Professional background of business owners required?YesYesYesNoNo
Staffed office required before securing crypto/payments license?RecommendedRecommendedYesNoNo
Single license available only or license tiers based on complexity?SingleSingleTieredNoneNone
KYC checks require? Deposit threshold for Client identification?YesYesYesNoneNone
Professional background of directors and shareholders required?YesYesYesNoneNo
What security measures required to store Client funds (Cold storage)?HereTBCTBCNoneNo
Professional indemnity insurance required?NoNoneNoneNoneNo
Purchase or lease of local office premises, average cost per m2?TBCTBCTBCTBC€15
Can Healy supply local active/passive directors and AML officers?YesYesYesYesYes
Country politically stable?YesYesYesYesYes
Accounting and tax considerations
Access to double taxation treaties?YesYesYesYesYes
Local VAT or GST % on company sales to local customers?N/AYes8%NoNo
Local VAT or GST % on company sales to overseas customers?N/ANoNoNoNo
If properly structured, can the entity be legally exempt from local taxes?YesNoNoYesNo
Specific tax regime available in an industrial park or free zone?NoNoNoNoYes
Annual filing of a corporate tax return required?YesYesYesYesYes
External audit of the financial statements required?YesTBCNoNoNo
Withholding tax on dividends remitted overseas?0%YesNoNoNo
Withholding tax on director fees remitted overseas?0%YesYesNoNo
Availability of double taxation avoidance treaty with [Client to confirm]?TBCTBCTBCTBCTBC
Capital controls applicable on earnings sent overseas?NoNoNoNoNo
Monthly or quarterly VAT or GST reporting to the Government?TBCYesYesNoYes
Healy Consultants Group can complete monthly reporting?YesYesYesYesYes
Corporate banking considerations
Recommended corporate bank account?Valley National BankMaerki BaumannDBSEQI bankMaerki Baumann
Minimum initial deposit most commonly required by the Bank (US$)?US$ 50,000 – US$ 100,000Recommended 20,000100,00010,000Recommended €20,000
How long to secure corporate bank account numbers?3 months14 weeks3 months3 months3 months
Probability the bank signatory needs to travel for account opening?LowLowHighLowLow
Quality of bank customer and online banking services?HighHighHighAverageHigh
Will the bank assign a dedicated bank officer for the account?YesYesYesYesYes
Client sub-accounts allowed with this bank?TBCYesTBCYesYes
Quality of the e-banking platform?HighHighHighAverageHigh
Foreign currency transactions controls?NoNoNoNoNo
Resident bank signatory required?NoNoRecommendedNoNo
Multicurrency corporate bank accounts available?YesYesYesYesYes
Feasible to manage banking transaction remotely?YesYesYesYesYes
CRS reporting bank?YesYesYesYesYes