How Consulting24 is Helping Grow Crypto Businesses in Estonia
Headquartered in Estonia, Consulting24 is a high-profile consultancy company for the crypto industry. The consultancy engages in assisting companies in venturing into the crypto business in Estonia and has been pivotal in digitizing fintech business even on an international scale. Most of the company's clients range from B2B usinesses and SMEs interested in launching blockchain-based services.
Estonia has one of the most digitized governments and has received recognition as one of the world's most advanced societies in terms of technology. Consultancy24 boasts a portfolio of experienced counsellors who understand the ins and outs of business regulation in the nation. Hence, the consultancy has been able to make a name for itself in the provision of crypto-related licenses, assisting in the registration of new blockchain companies, and selling already established companies.
The State of Crypto Business in Estonia
Estonia’s digital quest began in the early 90s following a break up with the Soviet Union. Over the years, the nation has transformed itself into a technology hub, with numerous successful startups sprouting up and flourishing. The chief reason for this has been a simple and effective tax environment, coupled with an extensive mindset for digitization across the nation's 1.3 million citizens. The entire registration and compliance requirements are accessed electronically and do not follow complicated bureaucracies to achieve. Filling this compliance electronically only requires an e-Residency card.
Therefore, one will find lots of companies from around the world, diverse in the sector, preferring to begin their businesses in Estonia.
The government strongly supports the cryptocurrency business and has been at the forefront of providing affordable licensing processes for individuals who want to set up cryptocurrency exchanges and related services.
To date, the government has already issued more than 2,000 crypto business licenses and is counting. Usually, company registration and acquisition of a crypto license will cost EUR 20,000 in Estonia.
A Brief Case Study of Estonia’s Blockchain-Based Government
Earlier on, we mentioned the e-residency Card. The Estonian e-residency card is linked across multiple digital platforms using the blockchain.
A comprehensive application of the blockchain as a backbone of providing government utility services cuts across e-voting, digital cabinet meetings, and online tax remittance. Presently, Estonia has 99% of its government services online, and access demands mandatory Identification Cards.
These cards implement Public Key Infrastructure (PKI) systems to authenticate users with a PIN and its confirmation.
An Estonian citizen will only submit their data to the blockchain once. Nonetheless, it is easy to notice how efficiently, governments, and businesses can deliver services through the blockchain.
Estonia's digitized society would, therefore, provide a permanent market for crypto-related services.
A few other examples of blockchain digitization in Estonia:
Estonians can purchase a car online, and the entire process of vehicle registration is electronic and via public blockchain.
The Country’s ministry of health has digitized pharmaceutical and medical records. Patients also have control over which medical personnel is to gain access to their medical records.
Tax remittance and registration are done online.
Entrepreneurs can begin new businesses within two hours. The registration is easy, affordable, and reliable.
To learn more about Bitcoin check Buy Bitcoin, What is Bitcoin or What is Crypto.
Critical Takeaways for Entrepreneurs Setting up Crypto Business in Estonia
There are several popular jurisdictions in empowering the entrepreneurial spirit. These include Malta, Switzerland, and Mauritius. All of them are popular first choices for internet, blockchain, and e-commerce companies.
For instance, Facebook Cooperation registered its stablecoin subsidiary, Libra Association, in Switzerland. However, Estonia is way better in terms of company set-up compared to the other three.
For example, it will cost one at least EUR 100,000 - 200,000 to set up a blockchain company in Switzerland and Malta. A huge difference from Estonia's EUR 20,000 minimum capital requirements.
Bullet Point Takeaways
Crypto businesses in Estonia are virtually regulated, and they can acquire virtual exchange service licensing electronically.
Licensing requires no deposits
No Value Added Tax in trading businesses
Licensing allows trading in all utility tokens, operation of wallets, exchanges, and issuance of individual coins.
Licensing will allow companies to onboard global clients from any geographical location.
Acquisition of a license will cost at least EUR 17,000, and the cost is taking into account internal Anti Money Laundering (AML) processes and documents for risk appetite.
Licensing processing time is within 60 days.
0% Corporate tax, making Estonia one of the best places to set up a company.
E-residency - this is an electronic government-issued card for accessing all government services and registration.
How Consult24 is Helping Entrepreneurs Set up Crypto Business in Estonia
Presently, Consult24 has acquired more than 300 licenses for crypto-related companies. The company has also customized numerous tailor-made blockchain enterprises for sale. Ideally, Consulting24 targets clients looking for quick and effective ways to set up business operations in Estonia.
Although the crypto regulation process for setting up a business is easy, there is a need to understand the system's paramount requirements.
It is the process, for instance:
Company registration, whether private or public; involves company name, email addresses, phone numbers, passport, and email addresses.
The company shares the transfer process.
Bank account registration. Registration with an Estonian bank account/a bank that provides cross-border services with Estonia is a must-have while acquiring a crypto business license.
Office Set up.
Acquisition of Office Equipment. Minimum of 1 desktop.
Hiring a local AML officer/director
Criminal records of all individuals in a direct relationship with the company.
Resume of the contacting person, and that of the compliance officer.
Projects website address
Virtual currency service provision license application.
Consulting24 helps clients navigate the above processes, and for individuals that would want an already ready-made company, choices do exist. However, the consultancy acquires a virtual currency provider license covering the following:
Exchange of Virtual Currencies against Fiat - the licensing will allow fiat-crypto, crypto-fiat transfers.
Virtual Wallet Service - this allows the provision of cold and hot virtual wallet services for storing crypto. The service will generate and store encryption keys for virtual wallets.
Exchange of virtual currencies against other virtual currencies - This service licensing allows for crypto-crypto transfers.
Consulting24 has already set itself apart in providing compliance value to entrepreneurs arriving in Estonia. Additionally, the company at one's request also conducts a relocation analysis that provides entrepreneurs with the total cost of relocating a business to Estonia. Therefore, the firm is an excellent place to start for individuals looking to start their crypto
business in Estonia.
Rävala puiestee 19, Tallinn, 10143, Estonia
Email : email@example.com
WhatsApp : +372 5815 5779