Crypto wallet and exchange activity in 2024

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