CRYPTO‑company

Open & Manage Your Crypto Currency Company In Estonia

CRYPTO‑company

The turnkey solution to have a legally trusted and guaranteed cryptocurrency company in Estonia. Includes company registration, monthly accounting, taxes and complete support during the whole process with our specialized team.

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(*1) All company members must be e-Residents. See here how to apply for the e-Residency.
(*2) The registration of a company is subject to a subscription to a monthly accounting plan.
(*3) Your company needs to take care of obtaining the required licenses and the bank account for your company.
(*4) It is important that you read the terms of service.

COMPANY REGISTRATION

Registering your CRYPTO-company is as simple as completing a few steps in our online onboarding assistant. The one time registration fee of 1.050€+VAT (plus 50€+VAT per additional member) includes:

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(*1) All company members must be e-Residents. See here how to apply for the e-Residency.
(*2) The registration of a company is subject to a subscription to a monthly accounting plan.
(*3) Your company needs to take care of obtaining the required licenses and the bank account for your company.
(*4) It is important that you read the terms of service.

Company Registration

BANK ACCOUNT AND LICENSES

Obtaining the required licenses (Crypto-Trading and/or Crypto-Wallet) and the corporate bank account is a requisite to start the activity of your company.

The client will be responsible for obtaining such licenses and bank account. Your Company In Estonia does not take care of obtaining or maintaining them.

Traditional or standard banks will not open a bank account for your CRYPTO-Company, you need to apply to crypto-friendly banking solutions such as Mister Tango, Cashaa, or Global Net. We can help with your request, to the best of our ability, but it is the bank the one approving or rejecting the application. We cannot interfere in the process.

COMPLIANCE, ACCOUNTING AND TAXES

We take care of your accounting, salary and dividends taxes, VAT reports, and the annual activity report at the end of the year. The monthly service includes:

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(*1) All company members must be e-Residents.
(*2) Registration subject to a subscription to a monthly accounting plan.

See monthly prices

(*3) The monthly fee is de 99€+VAT per hour.
(*4) The price depends on the number of hours spent on the accounting.

MANAGE YOUR COMPANY

Control every aspect of your company 100% online thanks to our exclusive online management tool Companio for e-Residents.

Companio For e-Residents

TERMS OF SERVICE

With the new regulations for companies with crypto licenses, a new series of stricter measures have been approved to prevent money laundering or illicit activities with cryptocurrencies.

  • The minimum share capital is 12,000€ to obtain the licenses. Keep this in mind during the company registration process when you specify it.
  • The contribution of the share capital must be made effective and registered in the e-Business Register, that is, the payment of at least 12,000€ must be done and registered before proceeding with the license application.
  • A real and constant presence in Estonia will be required (rented / owned premises, employees, etc.). Your company in Estonia cannot provide this service, you must manage it separately (read below).
  • Previously, only routine Due Diligence for users was required. From the entry into force of the new legislation, you will be required, as part of your AML policies, to perform a stricter Due Diligence for people related to the users of your platforms, that is, not only to the users / clients, but to their immediate relatives, partners and related persons.
  • The control and management of anti-money laundering activities of the company must be carried out from Estonia. This will involve having a director and an anti-money laundering officer (AML officer) in Estonia. Your company in Estonia cannot provide this service, you must manage it separately.
  • Copies of criminal records and passports of the directors / procurators / beneficial owners will be requested for all citizenships of said persons (previously they were only requested for one). These records must be apostilled and translated into Estonian or at least English.
  • Directors / procurators may be required to provide educational certificates, CVs, and even a document describing “suitability for the position” if required by the FIU.
  • It will be necessary to increase the share capital to a minimum of 12,000€ if it is below that amount. This procedure can be done online.
  • The payment of the share capital must be made effective and registered in the e-Business Registry, that is, you must pay and register said payment of at least 12,000€ before July 2020.
  • A real and constant presence in Estonia will be required (rented / owned premises, staff, etc.). Your company in Estonia cannot provide this service, you must manage it separately. (see below)
  • You will be required, as part of your AML policies, to perform a stricter Due Diligence for people related to the users of your platforms, that is, not only to the users / clients (as was done previously), but to their direct relatives, partners and related persons.
  • The control and management of anti-money laundering activities of the company must be carried out from Estonia. This will involve having a director and an anti-money laundering officer (AML officer) in Estonia. Your company in Estonia cannot provide this service, you must manage it separately.
  • Copies of criminal records and passports from directors / solicitors / beneficial owners may be re-requested, specifically, for all such citizenships (previously it was only requested for one citizenship).
  • Directors / solicitors may be required to provide educational certificates, CVs, and even a document describing “suitability for the position” if required by the FIU.
  • You will be required to review and update your AML and KYC policies to make them stricter, but it will only be required to submit them again to the FIU in very specific cases.

With the new legislation, a stricter control of crypto companies will enter into force to prevent money laundering or illegal activities. For this reason, one of the important requirements is a “Real and constant presence in Estonia”. What does this mean?

In summary, there must be a demonstrable presence in the country, including:

  • A rented office (not a virtual office like the one we provide for free to our customers). It is recommended to have at least one employee or person who responds for the company in that location.
  • At least one director must reside in Estonia.
  • An AML officer (anti-money laundering officer) must be assigned and must necessarily reside in Estonia. This person may be the same as the previous person (that is, a director of the company).

Your company in Estonia cannot provide any of these services, you must hire them separately. Our duty, however, is to inform you of all the conditions and requirements for obtaining of licenses for crypto companies before you hire our services. We can help with the company registration, licensing, compliance and monthly accountancy and taxes, but you will need to comply with these requisites as well separately.

The success to obtain the license(s) depends exclusively on the transparency and suitability of the information provided during the application process by the members of the crypto company, as well as the performance during the interview with the FIU.

Therefore, Company In Estonia OÜ cannot guarantee any success or positive result in the application process. There will be no refund, either total or partial, of the payment for processing the license if it is rejected or is not granted. The client understands and accepts this condition when contracting the crypto company registration and licensing services with Empresa En Estonia OÜ.

FAQs

The whole process is supported by our specialized team, with more than two years of experience opening, managing Crypto-Companies and applying for licenses in Estonia.

The process involves the following stages:

  • First, all the members of the company must become e-Residents. This process takes between 3 and 5 weeks on average. In this step-by-step tutorial, you can
  • know more about applying for e-Residency.
  • Then, we will proceed to register your company. Once all the members are e-Residents, this process usually takes 72 working hours.
  • Next, we need to apply for the appropriate crypto licenses and opening the bank account for the company. The license application takes between 5 and 7 weeks on average, and the bank account verification usually takes 1 to 3 weeks.
  • Finally, once all these steps have been completed, your company is ready to operate.

To obtain the crypto-licenses, you will need at least these documents:

  • Criminal records of all members of the company (both shareholders and members of the board), issued less than three months ago, in English, and with an apostille.
  • CV of all the members of the company, in english.
  • Digitally signed photos or copies of the passports and e-Residency IDs of all members.
  • The AML and KYC documents of your company, in English.

Sometimes (but not always), the FIU unit also asks for the following documentation:

  • The white paper of your project.
  • degrees and diplomas of your college and professional achievements.

Also, sometimes, a member of the company is required to visit the FIU offices in Tallinn for an interview with a police representative. This is not very common, but it’s a possibility. The interview will be in Estonian, so the company representative is asked to bring a translator if needed.

During the interview, the police will ask you about your company, your plans, and also some questions to know if you understand the risks of dealing with crypto assets and make sure you will guarantee that no money laundering activities are performed.

In Your Company In Estonia, we can’t do the interview for you, but we will help you prepare the interview and put you in contact with a translator if needed, in the case this interview is requested by the authorities.

One of the most important steps to open a crypto-company is obtaining the corresponding licenses. To obtain these licenses, you must provide us with at least a couple of documents, the AML and KYC documents. It is important that you know the information they should contain and how to elaborate them.

On the one hand, the AML document. This is your anti money laundering document.

It includes the measures and protocols that you implement to ensure that you avoid the use of your platform for money laundering and terrorism activities, as well as the technical mechanisms and procedures you apply to avoid such activities. This includes from the correct identification of the users and the documents that are requested to them, to the mechanisms to ensure their identity (video conference? Face-to-face meeting? Collection of documents? Photos?) And how you track the data of the users (audits? automated analysis? detection of suspicious activities?).

On the other hand, there is the KYC document (Know Your Customer).

This document is a guide to the information requested from users or customers or your platform, specifying all the information you collect (such as name, surname, age, passport or ID, education, work, bank details…). There is a lot of information that can be requested, and each platform and system is different and therefore needs different data. Some will make sense for some platforms, and others will not.

The KYC document should include at least the information form that will be presented to the user or client when signing up, as well as an explanation of any other document or data requested (passport, etc).

It is convenient for any crypto-company, exchange or startup to elaborate this documents, not just for obtaining the licenses, but also because they are essential for the activity of the company. They will be requested from investors to financial authorities in the future.

We cannot prepare these documents for you, but we can offer you advice on their content and how to write them. A good option is to ask the community, or contact other startups or companies working on similar areas.

Once the company is ready, we need to do the monthly accountancy and compliance with the tax authorities. From the moment it is required, we will make sure that your company presents the required monthly reports and fulfills its tax duties. The cost of the monthly accountancy fee is 99€/h+VAT. The accountancy of a standard crypto company usually takes 4 hours every month, but greatly varies with the number of invoices.