Tag: Company formation

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.

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.

24
Jul

Blockchain

Blockchain technology is used to store and send information about transactions concluded on the internet. These transactions are arranged in consecutive blocks of data. Each block contains information about a specific number of transactions.

After filling it with transaction information, another data block is created, followed by the next and next block. This creates a kind of chain (hence the name: blockchain is a block chain). A new block appears on average every 10 minutes. It may contain information about various transactions, e.g. commercial transactions, ownership status, shares, shares, electricity generation and the purchase or sale of currencies, including cryptocurrencies – electronic currencies.

The essence of blockchain is to maintain a joint and collective transaction accounting book, in digital form, scattered throughout the network, in the same copies. This book is a collection of all transactions carried out at the moment in blockchain. This technology is based on peer-to-peer networks without central computers, transaction management and verification systems. Any computer on the network can participate in transaction transmission and authentication. In the case of blockchain, these will be blocks within the transaction book. The book is open to everyone, but fully secured by complicated cryptographic tools against unauthorized access.

Thanks to this entry, transactions are public, available to everyone, but visible only under the user’s access rights. Their entire history, from the beginning of blockchain existence to today, can be reviewed and verified.

Currently, blockchain can be used to handle various transactions, but work is underway to use the block chain as an accounting book in banking, a document authentication system, a digital signature in state administration and a notary record. All these transactions can take place outside the system that has been functioning for centuries – without the participation of public trust institutions, directly between the parties to the transaction. You can store any type of transaction in blockchain data blocks. One of the applications is the cryptocurrencies mentioned for example Bitcoin.

10
Jul

What is Bitcoin cryptocurrency and BTC exchange?

Bitcoin is a form of digital currency, created and stored electronically. Established in 2009, by its creator Mr. Satoshi Nakamoto. It was the first virtual payment method of this type in the world. Unlike traditional, physical currencies like euros or dollars, Bitcoin is not printed – it has no physical form. Instead, bitcoin is created by computer scientists around the world, using programs that solve mathematical problems.

Bitcoin becomes very popular exchange medium that we can pay for more and more products and services. Day by day we can hear that more institutions, stores and other companies are starting to accept bitcoin. It is also a currency that has no physical form and can be sent immediately to anywhere on earth. This has a lot of advantages compared to e.g. international bank transfers, where money has to go through several banks along the way, and thus be saved on several subsequent virtual account books.  

Banks are another significant difference between cryptocurrencies and physical cash. The central bank’s mission is to stabilize its own currency. It can increase the money supply, which we call ‘reprinting’ to cover government debts, thereby devaluing the currency. However, in the case of digital currency, there is no such thing as Bitcoin Bank that would also be its regulator. This is due to the fact that Bitcoin is a bank in its own right. The independent accounting book contains information about the ownership status of all users and the history of transactions between them. To open an account with cryptocurrency, just download the special application and generate a login and password. Each user’s account is completely anonymous and has no formal requirements.

Here the meaning of the term “crypto” is revealed to us, because the above-mentioned information is just encrypted inside bitcoin. The way encryption is done is a revolution in the field of information technology – it is called “Blockchain”.

20
Mar

Registered address for a Polish company.

After introducing the lowest corporate income tax rate in Europe – 9% Poland became even more attractive country for doing business by foreigners. Some of them are interested in living in Poland and conducting their stationary business but the other group would like to go back to their countries and control the company at a distance.Continue Reading..

08
Feb

Dropshipping – great idea for a business in Poland.

What is dropshipping?

It is a logistic model of Internet sales involving the transfer of the process of shipment of goods to the supplier. The role of the online store in this logistic model comes down to collecting orders and sending them to the supplier who performs the shipment of the goods to the customer.

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21
Oct

The brave entrepreneurs route on foreign markets.

Due to a small group of courageous companies, just over 8 percent. goods exported from Poland goes outside Europe. Will their successes be an impulse for foreign expansion of our economy?

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26
Aug

Balkan countries want to join the EU and tighten their co-operation.

Prime Ministers of the Western Balkans countries have agreed on a roadmap to deepen regional economic cooperation on Saturday. This is to be part of the process of integrating the countries of the region with the European Union.

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28
Dec

Limited Liability Company (LLC) in Poland.

A limited liability company is an independent entity with legal personality. It is the most common type of company with legal personality in Poland. For entrepreneurs planning economic endeavours on a larger scale or connected with considerable risk, the choice of a limited liability company is usually very advantageous.

polish limited liability company

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17
Nov

Constitution of the company

As part of the registration procedure both public and private companies must provide a constitution which sets out the powers of the company and allocates them to the company’s organs, usually the general meeting and the Board of Directors. This constitution consists of two documents: the Memorandum of Association and the Articles of Association.

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