Crypto wallet and exchange activity in 2024

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