Open and manage your crypto business in Estonia
CRYPTO-company is a turnkey solution to have a legal, trusted and guaranteed crypto business in Estonia. Includes company registration, licenses, bank account opening with Cashaa® and complete support during the whole process with our specialized team.
(*) All company members must be e-Residents. See here how to apply for e-Residency.
Registering your crypto business is as simple as completing a few steps in our online onboarding assistant.
The registration fee of 1.050€+VAT (plus 50€+VAT per additional member) includes registration, state and notary fees, virtual office, legal address, person of contact, employment registration for board members, VAT request (if applicable) and VIES and subscription to a monthly accountancy plan.
Once your company is incorporated, our team will start the application for the Crypto-Trading and/or Crypto-Wallet licenses as required by the activity of your Estonian Crypto-Company.
The cost of the licenses is 10,000€+VAT for one license or 18,000€+VAT for both licenses together. The price includes the official license number, the requisites and documentation, the FIU documentation in Estonian and reviews, the preparation and sworn translator/interpreter for the interview with the FIU and complete support during the whole process.
As official Cashaa® partners, we offer support during the bank account opening process (*), including:
- Paperwork and management of the bank account opening on your behalf
- Document verification
- Managing requests and enquiries for information from the bank
- Exclusive agreement with Cashaa® for our customers
(*) The bank account opening depends on Cashaa® exclusively, and it is subject to its approval.
You may choose between 3 types of accounts
Manage your Crypto-Company
Every day, thanks to our exclusive online management tool Companio®, you will be able to manage every aspect of your company 100% online. Every month, we will take care of your accountancy, tax reports, VAT reports, and the annual activity report yearly.
The price for the monthly accountancy service for Crypto-Companies is 99€/h+VAT, regardless of the number of members of the company or the annual revenue. On average, the monthly time spent in the accountancy of a crypto company is around 4 hours monthly, but depends greatly on the number of invoices. Includes annual reports.
The whole process is supported by our specialized team, with more than two years of experience opening and managing Crypto-Companies 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.
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.
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.