Topic: In which country to open company for crypto trading with accounting legal&cheap? (Read 188 times)

Btw, I contacted accountants in Delaware and it looks like also there, they have to document everything and make it expensive if somebody makes many trade buy/sales actions.

It's a country from the old Soviet block. Minimum wage in Estonia is 430 euros there and living cost is not high. The health costs are ridiculously low. You can rent an apartment in the capital for 30-50% less than in my country (I am European)

In Estonia with 50 Euros it is difficult to have a meal at a restaurant. Prices are 3 or 4x times higer than in Poland.
Prices are 2 times higher than in Italy. Much more expensive life than in the USA. It's really hard to believe that 50EUR is realisting. But I will try to get some info.

Not very well because I am not from this country. You can easily find an accountant for 50 euros a month. There's not much work to do with their system. You just give the papers to the accountant (transfers in, transfers out, etc...) and he does everything else. 1 or 2 hours a month is enough unless you have employees. And for 50 euros it's considered very well paid there.

I am now searching info about Delaware. Seems promising.


I'll read about it




Do you have any idea about the accounting costs?

Estonia is a good country for this.

Firstly because you can do everything online. All administrative papers can be done online and in English. All their websites are in English by the way. The country has digitalized every administrative procedure. They do provide support via email and quickly. Impressive if you ask me. You can use the English language they have no problem with.

Secondly, you can apply to get the e-residence. It's the first country to introduce such thing. Basically, you become e-resident there, It's like an "internet citizenship". To apply you just have to pay a fee ($100 if I remember)

With this, you can open a company and work remotely from your location without having to visit the country once.
This is on the administrative side, for the taxes the country works like this:

As long as the profits are HODL in the bank account you don't pay any tax. You pay the taxes if and only if:
- you pay to yourself a dividend (which can be done only after 1 year of activity
- you pay to yourself a monthly wage

I am not sure when you pay a dividend but in the case, you pay to yourself a monthly wage they apply the rule 80/20 (80% for you, 20% for them as taxes) This includes social taxes, income taxes, retirements taxes and all the things around. You won't have to pay the income tax in your country (most European countries have an agreement with the country so people don't get "double taxed" in both countries) Their system is so clean and simple that you can't do a mistake. Once it's pay you're done, you won't receive a notification to say to you xxx$ is missing or anything else.

Something to consider to pay less (not sure if it's considered as legal) Once you have a bank account with a Visa/Mastercard card, live your personal life with this. Pay bills with the card and consider it as expenses for the company

I heard a lot of "lovesongs" about barbados and thair attitude to crypto. Read about it. They are so open to crypto...

What about Delaware for US citizen ? I think it is the best option and Puerto Rico.

Jcb

I wrote to several accountants in Malta and they shout out prices of thousands of euros per year.
They even charge 1000 euro just to open a bank account. That's crazy. They probably think that each trader is a big trader... but for small traders such costs can be several times higher than the earnings per year :/

I heard that there are companies in the USA that can do accounting for crypto for about 1000$ per year. If anybody knows something, please share. I'll keep searching though.

Thanks

Binance have moved their operational base to Malta, after Malta prime minister welcomed them via twitter. Malta seems very friendly towards companies dealing with cryptocurrency. The greatest challenge that is faced by cryptocurrency exchanges are laws and regulations from Govt. Malta may be the best place (right now) to build the foundation for your company.

See Article

I am based in Central Europe and here for traders with many transactions it's a really hard life because we have to document each and every transaction, not only fiat-crypto / crypto-fiat, but also crypto-crypto. In exchanges there can be tens of such small transactions per days, in different exchanges... and to document them all (which means to find the value in local currency at the time of the buy/sell happened) is near to impossible, and the few accountants that do it take big money for every transaction. In few words it is much more expensive the accounting than the real earning.

I'm looking to open a company in some other country in the world where:
-I can open a bank account and company without having to live there
-Accounting is easy and hopefully much cheaper than here
-Better but not mandatory to have low taxes

Does anybody have some knowledge and/or experience and can suggest something?

Thanks in advance