Company Formation UK or Estonia-Which One To Prefer?
In 2019, there are many countries like Japan building an optimal infrastructure through favorable government policies for entrepreneurs with big dreams around Cryptocurrency to set up their company with ease. On the flip side, World’ Biggest Democracy India has imposed a complete ban over Cryptocurrency. In this post, we’ll be comparing two European heavens when it comes to starting your Cryptocurrency venture-one is the United Kingdom and other being Estonia. So, scroll down & check them out-
Estonia-The New Breeding Ground For Crypto Startups in Europe
Through, no comparison to the United Kingdom in terms of population and GDP, Estonia is one amongst the few powerful tech-savvy nations, thanks to its e-residency government program.
In comparison to the United Kingdom, Estonia is a pretty low cost licensing jurisdiction. Here, you can obtain the license for establishing a Cryptocurrency exchange just for 10,000 to 20,000 Euros. This is way less compared to the countries fostering the Crypto culture in Europe.
In Estonia, you can either submit your application for getting the licensing for Crypto exchange in Russian or English, whereas in the United Kingdom there is no second country option.
To successful file the licensing application, the fundamental pre-requisites include the background report or criminal history (if any), provided by the directors the shareholders, and all the officers.
In addition to the background information, as the company owner, you’ll be asked to provide an in-detailed business plan-what are your goals and how will you achieve them. Financial statements and KYC documents are the other two key requirements.
Another factor that works in favor of Estonia as a destination to breathe life into your Crypto venture here is that it belongs to the European Union; you can effortlessly port your business throughout the EU. On the other hand, the United Kingdom is due to
Make the suicidal move of getting out of the European Union by the end of this year.
Therefore, in the battle of best company formation UK or Estonia-, Estonia is clearly the right option in 2019-owing to UK’s leaving the EU in October, 2019.
However, one hitch for global investors considering launching their Crypto venture in Estonia is that they can easily get the license, but opening a bank account here involves a lot of hassles for the foreigners.
The United Kingdom And Cryptocurrency
Do you know Cryptocurrencies are no legal tender in the United Kingdom? Through, there is no government ban over the exchange of Cryptocurrencies; there isn’t a set of laws that encourage it either. Despite that, the United Kingdom has been a happy hunting ground for Crypto entrepreneurs from all parts of the world. The ease of doing business in the United Kingdom makes it the first choice to set up a company. If you consider starting a Crypto exchange in the UK, then you are required to enlist your company under the Financial Conduct Authority.
In the United Kingdom, the fees for the licensing of the Crypto exchange are way too high.
From the above you probably come across the differences between the United Kingdom and Estonia when it comes to Cryptocurrency, the ball is in your court, you’ll have to make the final call.