Hi there,
Kindly help me with your advice, which is the most friendly country when comes to a business startup assuming our private/pre-sell will be around ~1-3mil USD? Our project will be a utility token.
Malta is not an option as a friend told me it's on the "grey list" of the banks.
Others I found intersting: Singapore, Liechtenstein
Please advise and why you think will be good?
Many thanks in advance!
Instead of El Salvador, I would rather suggest your Estonia, it's a great country for bitcoin startups and has been quite supportive to entrepreneurs, they have strong money laundering rules and therefore they carry a good reputation in international community, unlike Malta. Another good option can always be Switzerland, they even have a sort of license for bitcoin startups as you can register yourself as fintech Startup and get some help from the government.
Do you know any company which can fast forward the legal paths? Some friends told me as well about Estonia, I think we will go with it.
No, I don't know about any company, also I would suggest don't trust just any company based on online research, better reach to some startup that already has a setup there and ask them about the legal counsel they are using for their operations, A better option is to search for a legal counsel in your own country who has some tie-ups with firms in Estonia, they generally have such arrangements especially for multinational corporations.
Just for token? Well depends on the utility itself because that utility could have different laws in the nation you are in. For example if the utility is like an exchange such as BNB for Binance then you could go with Malta or even as high as USA because it is different there. Or if your utility is buying something like lets say a teddy bear, then it becomes different and in that case asian nations have a better law there about manufacturing and selling something.
Basically it all comes down to what utility you want to deal with and there is nothing you can do that can change it, just focus on the utility and learn the laws of that utility in the nation you want to. Crypto startups are dime a dozen and you do not want to basically start a business, you want to start a token and that is very different then having say a mining business or an exchange business.
I think it's more about the complications of law and ease of doing business that startups in the blockchain domain decide to move abroad instead of setting up businesses in US and UK. Small countries are more friendly towards such startups and even provide some tax exemptions. In this era of remote accessibilty, deciding your place of business on the basis of your utility is absolutely a myth unless you are going to open a hot-dog corner.
