THE BLOG

05
Sep

How long does it take to obtain a cryptocurrency license in Estonia? The types of the licenses.

After registering the company with the Commercial Register and with the VAT authorities we can choose between two types of cryptocurrency licenses which can be obtained by cryptocurrency companies in Estonia.

The first type is the cryptocurrency exchange service provider license. It allows the companies to provide exchange services to those who want to trade cryptocurrencies against money or against other cryptocurrencies.

The second license – the cryptocurrency wallet service provider is suitable for companies which would like to offer e-wallets or virtual token wallets.

The entrepreneurs who would like to obtain such licenses need to wait for about 14-30 days after the application, for the response of the Financial Intelligence Unit in Estonia. Until the license is granted, the company is not allowed to start the activity. After receiving the license the company is obliged to start the activity within 6 months.

Some activities related to cryptocurrencies, for example popular digital token mining may be conducted without the license as long as the company does not trade them.

If you would like to start business in Estonia, please contact our specialized team. You will receive all the answers to your bothering questions and we will clarify all ambiguities regarding this topic.

01
Sep

Do you want to trade cryptocurrencies? Buy a ready made limited liability company.

The easiest way to start a new business is definitely to buy a ready made company. A clean, shelf company allows you to start your business activity as soon as possible. It is very important to choose the most suitable country according to the type of business.

Estonia is one of the European Union countries in which cryptocurrency trade is strictly regulated, therefore setting up such company there is a very wise move nowadays.

In 2014, a document called Taxation of Trade in Bitcoins was published by the government of Estonia and in its content we can find that the bitcoin in Estonia is recognized as an alternative means of payment by legal status.

Buying a ready made company with licenses for crypto exchange and wallet allows to bypass the waiting period and procedures necessary to apply for such a license. It is a great advantage because the investor is able to start the business activity immediately after completing all the formalities related to the purchase of the company.

It is highly recommended to buy such a company from a reliable source. Only a proffesional business consulting company is able to offer a shelf company with a guarantee that hasn’t undertaken any activity in the past, has no hidden debts or commercial disputes.
In addition, such consulting company provides a whole range of additional services that may be useful in the future in conducting business operations.

Lexpoland Business Consulting using its many years of experience and international business contacts is able to offer professional, comprehensive assistance at every stage of business. It is much easier to form and run a company with a proven and experienced partner alongside who will help you avoid mistakes and make it easier for you to succeed.

If you are interested in this topic, would like to know more details and buy such company, do not hesitate to contact us via the contact form.
You will receive answers to all the questions concerning the case and the best possible offer tailored to your needs.

29
Aug

Cryptocurrencies are sharply cheaper, bitcoin down 9 percent

Odds of most popular cryptocurrencies resemble stairs from August 28. In half an hour on Wednesday evening bitcoin became cheaper by $ 600. The next two smaller stairs appeared in the next 12 hours.

Over the past 24 hours, the most important cryptocurrencies have seen a major discount. The bitcoin exchange rate fell by 9% during this time, and for one BTC on August 29 at 10 it was necessary to pay around 36.4 thousand PLN.

Similar trends can be observed for the other most popular cryptoactivities. Everywhere on the charts is clearly visible the quick sell-off, which took place around 8pm on Wednesday, 28 August. Ethereum got cheaper by more than 12 percent during the day, bitcoin cash by 10 percent, and litecoin by 12 percent. Slightly less lost XRP token used in the Ripple system – 8%.

23
Aug

VAT changes are coming again.

On January 1, 2020, subsequent amendments to VAT will enter into force. This time they are caused by changes in European law. They concern the so-called intra-Community transactions.

The taxation system for these transactions, which has been in force since 1993, is temporary and is difficult to use for businesses at all times, prone to scams and fraud.

For now, the EU is proposing four ad hoc solutions:

– harmonization of provisions on the storage of goods (consignment warehouses),

– simplification of chain transactions, the intermediary arranging the transport will be able to decide which of the transactions is intra-Community,

– changes in the meaning of summary information provided to tax authorities, – simplification in the required documentation of intra-Community transactions.

– simplification in the required documentation of intra-Community transactions.

11
Aug

The ways to invest in Bitcoins.

Bitcoin exchange (BTC) – the investor can set up an anonymous cryptocurrency account to buy and hold cryptocurrency through the BTC exchange. However, this carries two types of threat.   First, when we make transactions on the cryptocurrency exchange, our funds are not on our account, but on the exchange account. Unfortunately, the short history of cryptocurrencies already knows spectacular examples of crypto exchanges that have been closed overnight, disappearing along with investor funds. There are also examples of cryptocurrency exchanges that have been robbed by hackers.   Secondly, if we lose our login and password to the account or someone steals them from us, we will lose our cryptocurrencies irrevocably, without the possibility of applying for help. There is no place where we could ask to recover lost data or stolen bitcoins.

A different method of making profits from cryptocurrencies is data encryption. To start making money on cryptocurrencies, you can also buy specialized information encryption equipment and receive remuneration in the form of bitcoins for your contribution to the IT system. However, this requires specialized knowledge in the field of programming and selection of advanced computer equipment, which is not the cheapest.

09
Aug

Banks in Poland.

Banks are institutions that officially mediate in financial transactions. The Bank’s main task is broadly understood money service. The Bank is a legal person established in accordance with the provisions of laws, acting on the basis of permits authorizing to perform banking activities that incur risky funds entrusted under any repayable title.

07
Aug

The entrepreneur will be able to include more expenses in the costs of the Polish company.

The tax office gives a hand to small entrepreneurs, thanks to which they will pay a lower tax. Officials agree to deduct such expenses that were previously the subject of disputes like fees for learning a foreign language, additional studies or bills related to running a business in their own apartment.

Polish entrepreneurs must improve their qualifications, even the fluency in English language is necessary, without this it is difficult for any success in business. There are more and more foreign clients in every business branch and to be competetive the entrepreneurs need to expand their knowledge and skills to be able to guarantee them the best quality of service.

05
Aug

How to end your business in Poland?

If we come to the conclusion that there is no point in continuing to do business, then liquidation proceedings should be carried out. The shareholders’ meeting takes place at the notary public, where the decision is made to dissolve the company and appoint its liquidator.
The liquidator of the company may be someone from the company’s former management board or any person indicated by the management board. It is safer to employ people with knowledge of the liquidation proceedings.

The conditions for bankruptcy law are already crucial in the liquidation process. It may turn out that after opening the liquidation process of the company, it turns out that we have at least two creditors and overdue receivables exceed three months, then we have 30 days to file for bankruptcy, despite the fact that the company is in liquidation. Finally, after 6 months from the date of announcement of the company’s liquidation in the Court and Economic Monitor, the meeting of shareholders may decide to remove the company from the National Court Register.

03
Aug

Is Poland an attractive country for foreigners?

Among the citizens of countries that recognize Poland as an attractive direction of immigration are Ukrainians, Russians and Belarusians, as well as citizens of Asian countries (Vietnamese, Chinese, Hindus) and citizens of the countries of the South Caucasus. According to the estimates of the Government Population Council, due to the low fertility rate of women, Poland will need about 5 million immigrants, only to maintain the current economic level. In this context, immigration from Ukraine is particularly important. The presence of Ukrainian employees on the Polish labor market is more and more necessary, and the creation of facilities for them is much needed, as they are also becoming desirable on other Western markets.
In recent years, a number of facilities for foreigners have been introduced in Poland. On the other hand, Polish society is still perceived (quite stereotypically) as reluctant to foreigners, and the provisions of Polish law, despite being updated, still constitute a fairly significant barrier to access to the labor market and education.

According to experts of the Association of Entrepreneurs and Employers, this may result in an outflow of Ukrainian workers from Poland of around half a million, which may result in a 1.6 per cent GDP decline (1/3 of the growth rate). Visa liberalization to the EU appears to be Germany’s first step in acquiring qualified employees, but much has been said about simplified procedures for recognizing the qualifications of people outside the EU, support in learning German or integration activities.

01
Aug

Is Poland concerned by the migration crisis?

The migration crisis is one of the most pressing problems in the European Union. The number of immigrants has been increasing in recent years, and the issue of immigration has become a political issue in EU countries. Despite the increase in immigration in recent years, Poland still belongs to emigration countries, not immigration countries. This means that Poland is classified as a country not directly affected by the migration crisis, which has an impact on the attitude of the Polish government towards the crisis and how to solve it.

Among the motives for immigration to Poland, the economic factor and the prospect of stable employment and earnings still prevail, and family ties and cultural closeness facilitate the decision on immigration to Poland. According to information from the Ministry of Family, Labor and Social Policy, about 1.5 million foreigners work in Poland, although this data may be underestimated due to the fact that some foreigners stay in Poland illegally and take up illegal work.