Several countries issue work permits for crypto organizations, but most prefer Lithuania's crypto license. It is mainly because this country has straightforward rules for regulating this industry, which makes it possible for such organizations to thrive.
A few words about obtaining a work permit
Future crypto organizations need to register with the Financial Crimes Investigation Service. Many can do this if they follow the legislation governing crypto activities.
If your organization is concerned about the timing of this procedure, then they are shorter - about 2 months - with remote registration. But to reduce the period, you will have to visit the country for 3-4 days, and the roster will be reduced to one month.
What does Law imply?
Permission to operate with virtual currency has a warning meaning. Enrolling in the registry is much easier than obtaining a document confirming your license. The Lithuanian laws governing virtual currency's financial area are convoluted. Therefore, before starting to apply for registration and registration, it is better to thoroughly study the Lithuanian legislation related to this field of activity. If you plan to use tokens (a unit of the account needed to control your assets' digital balance), then be patient to study the Law on securities and the financial market.
What is the asking price?
The cost of obtaining a license depends on many factors. It includes government fees, shares capital, and legal fees. You can give a turnkey license, but such services will be expensive. But, if you want to save money, you can come to this country to find an office and select staff. In this case, obtaining a license will be faster and cheaper.
Comfortable driving conditions
Lithuania has a remote way to register and send an application, simplifying the process. An e-residence is being created, which allows, like the local population, to use state portals and services, remotely managing their organization.
Bank account
This country is one of the leaders in financial technologies and innovations. Almost 40 payment organizations and about 70 e-money issuers operate in this country.
Based on this, opening an account for your financial activities will be easy. The result will be related to your business project, as well as the experience and qualifications of your employees in charge of AML (resistance to money laundering) and the KYC verification mechanism.
Taxation
In Lithuania, a tax of 15% is taken from profits. The tax on dividends is the same. In this country, agreements with more than 50 countries exclude double taxation. And VAT is 21%. There are no special reporting requirements for crypto companies.
If you are unable to deal with tax issues, you should contact our specialists.
Easy steps to get a work permit To obtain a work permit, you must go through several necessary steps:
- create your project and analyze its compliance with regulatory requirements;
- prepare the required documents and coordinate them with all shareholders;
- collect documents guided by the legislative rules for cryptocurrency dispatchers to register a company;
- register your company as a legal entity;
- open a virtual currency settlement account;
- prepare AML and KYC, guided by the rules of FCIS;
- apply the provision of this activity in FCIS.
- To make this process easier and faster, you can ask our specialists for help. They will take care of the paperwork and check your company's readiness for licensing.
Simple requirements for applicants
There are no complex requirements for applicants in this jurisdiction. Your organization must employ at least 2 people - one director and one shareholder. Also, the staff should have a security specialist (may combine the position of a shareholder) who will monitor the prevention of fraud and money laundering. Such a small number of employees allows small startups to operate here legally.
Previously, the authorized capital here was only 2,500 euros, but recently it was decided to increase this to 125,000 euros.
Your organization must ensure that your platform is not used for money laundering or financial terrorism.
Our services
Our firm employs professional lawyers who specialize in assisting in obtaining a license. They will conduct a full consultation, answer possible questions, help with paperwork, and much more. You can issue a power of attorney to our specialists, and your participation in this process will be minimized.