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Crypto and Blockchain Offshores - Licensing?


August 26, 2022 ( Newswire)

Why choose offshore zones for crypto projects?

Those after an offshore crypto license have their own reasons for choosing an offshore zone. For some, the choice is motivated by the desire to avoid steep taxes and others just enjoy the financial stability and other perks that an offshore jurisdiction can offer. There are plenty of reasons as to why there's a growing number of business that turn their attention to such crypto licenses, but the two key ones are the following:

  1. Lessening tax burden. It was already mentioned above and it perhaps is THE reason to consider an offshore jurisdiction for crypto ventures in the first place, but it is also another important reason for an ambitious startup with enough resources. Due to the nature of cryptocurrencies, it is not possible for crypto projects to "avoid" paying fees, of course. It's all about lessening the tax burden to significantly reduce financial risks that new ventures need to assume. Those high tax burdens and significant capital costs require many startups to turn to many dubious methods and practices that end up giving them headaches down the road and costing more than they helped save. So, picking a jurisdiction that enables you to pay less money is a valid strategy. A wise decision, as many would admit.
  2. Protection of personal/corporate information. There are many offshore jurisdictions that offer crypto startups tax exemption if the project is registered in that jurisdiction, sure, but there's also the fact that there are many jurisdictions that ensure confidentiality. They will never disclose the data that their entrepreneurs share with respective authorities or the data that was used during the business registration process.

What are the advantages of offshore crypto licenses?

If you were to compare an offshore crypto license to a regular one, the major advantages would certainly lie in the additional financial perks and safety guarantees that offshore jurisdictions provide. In a broader list of advantages, you can find the following items:

  • Asset protection. Corporate assets are protected from seizure and other legal actions with assets. This is very important to many startups because even the tiniest possibility of losing their existing assets might scare off many would-be entrepreneurs.
  • Stability. For the most part, these types of jurisdictions are VERY stable, both in terms of business and politics. Any changes in the rule of law are guaranteed to be insignificant. These countries usually don't even attempt to limit business activity or try to impose harsher financial conditions on companies. There might be higher taxes, but no major changes in the financial and regulatory environments.
  • Language. Being in an English-speaking country gives you an easy way to communicate with the locals. Even if you don't plan on operating out of the country, it still is important to have enough English-speaking people involved to have confidence in how the business environment is going to function and how well you'll be able to interact with authorities or the locals if a need ever arises.

How to get a blockchain license offshore?

There are many ways of having your crypto projects registered offshore, but the one that's the most well-known today is to go find a company that will handle matters for you. It is always preferable that you find a reputable business that deals with company registration. The best-case scenario is finding a company that can help you with both offshore and non-offshore company registrations. That's how you know they have enough skills and experience to pull off any project. If you, for some reason, refuse to consider outside help, there's no blueprint for doing it yourself since every jurisdiction has its own set of rules. You will have to do your own research prior to executing any business to understand exactly what you need to do, and do it carefully.

Pros and cons of registering crypto and blockchain projects offshore

There were many pros that were discussed above. Here are a few more:

  • Low costs. Both operating and registration fees are pretty much as low as they can possibly be. Therefore, you don't have to pay more than you had to invest in the initial business idea. It's a great thing that will keep you happy since minimizing your expenses is one of the first and most important things you have to do for any startup.
  • Coordination and cooperation with governmental authorities. By registering a company in a certain jurisdiction, you pretty much enlist its cooperation to your advantage.

Downsides of registering your blockchain project offshore might include the following:

  • Increased scrutiny from investors. There are always people looking to cast a negative light on an activity, including launching businesses in offshore jurisdictions. Instead of supporting projects that might have never seen the light of day without favorable conditions offered by offshore jurisdictions, they might refuse to do business with them.
  • High costs. It depends on the jurisdiction and your product/service. High fees and excess regulations often can be confusing to a product or company that is not already fairly established.

The best offshore jurisdictions for crypto and blockchain licenses

Two of the best options for those that want to pursue blockchain or cryptocurrency operations offshore are the island nations of BVI and SVG. Both of them are great because of the ease of setting up operations and numerous financial advantages. Both the British Virgin Islands and Saint Vincent and Grenadines have great internet connectivity, good business atmosphere, fast legal system, and advanced technology.

Not only that, but they also wholeheartedly embrace any and all innovation, which means they have a great relationship with crypto and blockchain business. However, there's a few important factors that must be examined before you make your final decision. You need to read up all the information you can get your hands on in regards to the registration process. You need to figure out the difference between the fairly similar advantages that those two jurisdictions offer. If you have a difficult time making decisions like that, consult a company that specializes in launching businesses offshore. You are sure to end up with a solution that was tailor-made to suit your requirements and needs.

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