Crypto wallet and exchange activity in 2023
| Crypto wallet and exchange activity | CAYMAN ISLANDS | LITHUANIA | SINGAPORE | ST. VINCENT | MADEIRA |
|---|---|---|---|---|---|
| OUR RANKING IN ORDER OF PREFERENCE | TBC | TBC | TBC | TBC | TBC |
| Summary | |||||
| When can you legally conduct business if we start on 15th July? | April 2023 | February 2023 | June 2023 | October 2022 | October 2022 |
| Special regulatory license required for our Client’s business activities? | VASP License | Depository wallet operator | PS license | None yet | None yet |
| Expected upcoming crypto-currency legislation changes in this country? | Yes | No | Yes | Yes | No |
| Global reputation and perception as a crypto-friendly country? | Yes | Yes | No since 2022 | Yes | Yes |
| 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 | €2,500 | SG$100,000 | None | €1 |
| Economic substance required including local staff and physical office? | Yes | Yes | Yes | TBC | Yes |
| Probability our Client will need to travel to complete the engagement? | 75% | 50% | 75% | 0% | 20% |
| Location of multi-currency corporate bank account? | US | EU SEPA | Singapore | Dominica | EU SEPA |
| Perceived as a tax neutral entity by customers, banks and Governments? | Yes | No | No | Yes | No |
| Availability of turnkey shell licensed solutions? | No | Yes | Yes | Yes | Yes |
| Healy Consultants’ fees for the business setup engagement? | US$48,120 | €37,325 | US$35,840 | US$11,500 | €21,800 |
| Total timeframe to complete the engagement (in months)? | 6-9 months | 7 months | 12 months | 4 months | 4 months |
| Corporate structure requirements | |||||
| Recommended type of business entity? | Exempt LLC | LLC | LLC | LLC | LLC |
| Minimum number of directors? | 1 (2 recommended) | 1 | 2 recommended | 1 | 1 |
| Requirement for appointment of a resident director or manager? | No | Recommended | Yes | No | No |
| Can the entity be wholly foreign owned? | Yes | Yes | Yes | Yes | Yes |
| Minimum number of shareholders? | 1 (2 recommended) | 1 | 1 | 1 | 1 |
| Public registrar of directors and shareholders? | No | Yes | Yes | No | Yes |
| Public registrar of beneficial owners? | No | Yes | No | No | Yes |
| Must the share capital be paid up after or before incorporation? | N/A | Yes | After | No | No |
| Lease agreement for physical premises required before incorporation? | Yes | No | No | No | No |
| Due diligence documents must be notarized and/or legalized? | Yes | Yes | Yes | Yes | Yes |
| How long to secure a certificate of incorporation, after attestations | 1 week | 4 weeks | 1 week | 3 weeks | 3 weeks |
| How long to secure tax ID, after company set up | N/A | 1 week | 1 week | 3 weeks | 2 weeks |
| Mandatory to appoint a local accountant? | No | Yes | No | No | Yes |
| Licensing considerations | |||||
| Can trade with local customers in this country? | TBC | Yes | Yes | Yes | Yes |
| Average time to secure a license from day of submission to Regulator? | 6 months | 4-8 months | 12 months | 3 weeks | N/A |
| This entity will be regulated by which Regulatory body? | CIMA | CB | MAS | FSA | SDM |
| Local director/AML/Compliance officer required for license criteria? | Yes | Yes | Yes | No | No |
| Professional background of business owners required? | Yes | Yes | Yes | No | No |
| Staffed office required before securing crypto/payments license? | Recommended | Recommended | Yes | No | No |
| Single license available only or license tiers based on complexity? | Single | Single | Tiered | None | None |
| KYC checks require? Deposit threshold for Client identification? | Yes | Yes | Yes | None | None |
| Professional background of directors and shareholders required? | Yes | Yes | Yes | None | No |
| What security measures required to store Client funds (Cold storage)? | Here | TBC | TBC | None | No |
| Professional indemnity insurance required? | No | None | None | None | No |
| Purchase or lease of local office premises, average cost per m2? | TBC | TBC | TBC | TBC | €15 |
| Can Healy supply local active/passive directors and AML officers? | Yes | Yes | Yes | Yes | Yes |
| Country politically stable? | Yes | Yes | Yes | Yes | Yes |
| Accounting and tax considerations | |||||
| Access to double taxation treaties? | Yes | Yes | Yes | Yes | Yes |
| Local VAT or GST % on company sales to local customers? | N/A | Yes | 8% | No | No |
| Local VAT or GST % on company sales to overseas customers? | N/A | No | No | No | No |
| If properly structured, can the entity be legally exempt from local taxes? | Yes | No | No | Yes | No |
| Specific tax regime available in an industrial park or free zone? | No | No | No | No | Yes |
| Annual filing of a corporate tax return required? | Yes | Yes | Yes | Yes | Yes |
| External audit of the financial statements required? | Yes | TBC | No | No | No |
| Withholding tax on dividends remitted overseas? | 0% | Yes | No | No | No |
| Withholding tax on director fees remitted overseas? | 0% | Yes | Yes | No | No |
| Availability of double taxation avoidance treaty with [Client to confirm]? | TBC | TBC | TBC | TBC | TBC |
| Capital controls applicable on earnings sent overseas? | No | No | No | No | No |
| Monthly or quarterly VAT or GST reporting to the Government? | TBC | Yes | Yes | No | Yes |
| Healy Consultants Group can complete monthly reporting? | Yes | Yes | Yes | Yes | Yes |
| Corporate banking considerations | |||||
| Recommended corporate bank account? | Valley National Bank | Maerki Baumann | DBS | EQI bank | Maerki Baumann |
| Minimum initial deposit most commonly required by the Bank (US$)? | US$ 50,000 – US$ 100,000 | Recommended 20,000 | 100,000 | 10,000 | Recommended €20,000 |
| How long to secure corporate bank account numbers? | 3 months | 14 weeks | 3 months | 3 months | 3 months |
| Probability the bank signatory needs to travel for account opening? | Low | Low | High | Low | Low |
| Quality of bank customer and online banking services? | High | High | High | Average | High |
| Will the bank assign a dedicated bank officer for the account? | Yes | Yes | Yes | Yes | Yes |
| Client sub-accounts allowed with this bank? | TBC | Yes | TBC | Yes | Yes |
| Quality of the e-banking platform? | High | High | High | Average | High |
| Foreign currency transactions controls? | No | No | No | No | No |
| Resident bank signatory required? | No | No | Recommended | No | No |
| Multicurrency corporate bank accounts available? | Yes | Yes | Yes | Yes | Yes |
| Feasible to manage banking transaction remotely? | Yes | Yes | Yes | Yes | Yes |
| CRS reporting bank? | Yes | Yes | Yes | Yes | Yes |
