How To Establish A Cryptocurrency Exchange Development Company With Consulting24
In the past few months adoption of cryptocurrencies has been gaining traction due to the unprecedented realities presented by the COVID-19 pandemic. Equity markets, Commodities, and other assets have been on a bearish path, and as a result, investors are turning to cryptocurrencies as a form of investment. It has led to most entrepreneurs are looking to leverage the opportunity by coming up with a cryptocurrency exchange development company as they focus on generating profits in the long term.
One of the platforms that can help in establishing a cryptocurrency exchange development company is Consulting24.io. The Estonia-based consulting firm has simplified the process of cryptocurrency company registration for clients. Thus it allows investors to save time and money when they want to register a company. Consulting 24.io, through its white label cryptocurrency exchange software they have readymade companies for entrepreneurs. The crypto exchange companies have customizable software, and an entrepreneur can tailor it as per their needs and offerings.
Benefits Of A Readymade Cryptocurrency Exchange Development Company
Consulting24.io offers readymade companies for entrepreneurs that already have a license in Estonia. The entrepreneur will immediately start doing business because the consulting firm will sell you a qualified entity without any outstanding tax or reporting requirements. It is important to note that reporting has to be conducted like in any other company, but the financial Intelligence Unit doesn't need any special reporting.
With an already established company, you can immediately start doing business. You can take advantage of cryptocurrencies' growing popularity to make some profit. To start running, they need like 1-3 weeks for the transfer of licenses and registration compared to when you begin the process of company registration, which might take up to four months, depending on the availability of documents. There are no guarantees that the registration will be approved.
Equally company does almost everything for you when you get the readymade company. They will find a location for your offices in Tallinn and even hire a local manager for your business, which is a requirement. If the transfer fails, you will not have to pay the company another fee for reapplication. If you are reapplying for a business license in Estonia from scratch, you have to part with another €6,000 processing fee.
The company also comes with virtual currency service provider licenses, which allow the company to offer a virtual wallet for cold and hot storage. It means that the cryptocurrency exchange development company will generate privacy and encrypted keys for customers to store and transfer their coins. The company can offer cryptocurrency exchange services against fiat currency. It can also provide crypto-to-crypto exchange of cryptocurrencies. With the licensed business, one can provide a native token, IEC, OYTC, wallet, exchange services, and BTC purchase and selling via bank transfer and debit/credit card.
What do you need to have a cryptocurrency company?
You will need to have some documents to facilitate your crypto company from Consulting24 to you. One of the things required is a criminal record certificate for all associated parties that include board members, shareholders, beneficiary owners, and a responsible person. The register of convictions certificate should be original, apostilled, and has to be provided to the consulting firm's office in Estonia. Also, passport copies of the mentioned people have to be provided.
The entrepreneur also has to hire a local director or AML officer and provide proof of the AML compliance officer's reputation. You need a bank account or payment service provider account in Estonia or EEA country that offers cross border services to Estonia or one with a branch in Estonia. The bank account is vital as it will make it easier to pay suppliers, invoice clients, and pay distribution benefits.
The process of getting a crypto exchange company
The process is simple, and all that is required is entering a contract with Cnsulting24 and then pay €10,000 to commence the drafting process of a power of attorney for transfer, set up a notary day for transfer, as well as a collection of documents for the transfer of the license. You will also have to pay around €10,000 before the notary, and the whole process will cost approximately €20,000. Payments can be made in USDT or EUR.
The amount you pay covers the minimum share capital and company registration authorized contact person in Estonia for non-residents, which is €500 payable in the first year, and a cryptocurrency service provider license application. The price also caters to one shareholder or board member in Estonia, banking options introduction, and AML Internal Rules of Procedure and Risk Appetite draft. However, the amount doesn't cover office space in Tallinn, office equipment, accounting included in the annual report, recruitment of local director at €4,000, and recruitment of AML officer, which will cost around €5,000. Alternatively, you can go for a local director and AML officer as one person at €6,000.
After signing the contract, there will be a share transfer at the notary through POA, and this can be done remotely, but the process can take up to two weeks. You then have to open a bank account and deposit €12,000 in share capital. After that, hire a local director and set up an office. The transfer process of the virtual currency services for you to start a crypto business takes around 60 days, and you start enjoying the benefits.