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ICO - Company formation

SHA256

SHA256

New member
Apr 19, 2018
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#1
Hello.

Looking for some advice on company formation for the purpose of ICO (initial coin offering) Having looked into caymen, BVI, Panama, Gibraltar and looking at types of incorporation and trusts I am unsure which would suit our needs best.

We have a team of a few people from different locations in the world some EU and some US any advice or pointers would be great.

1. Open UK LLC as starter company for formation. open subsidiary in one of the above locations and look into star trust format?

Again we have been seeking advice on this but there is far to much conflicting info hence you find us here looking for advice from someone in the know.

Regards.

SHA
 
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#2
You problem will not be the company but the bank! I have only seen Malta and Swiss banks supporting such business!
 
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#8
@NetShop ISP it would be great if you could post some reliable company / agent for ICO setup in Malta. I think we are a few guys interested.
 
#9
NetShop ISP said:
Yes we do, however i don't know whether what "cheap" translates to. To me personally, if you can get the job done without hassle then it serves the purpose :)
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any suggestion on bank and ICO setup agent ?
 
#10
Crypto banking in Malta forget it. Cost will be around 1800 + vat + capital (240 euro capital) for company setup in Malta. Malta has 22 banks and less than 10 of them you have a chance of opening an account for as a non-resident. Then from that list about zero will accept crypto activity.

Bluweb is right problem will be banking. Best advice is to start backwards and find 1 or 2 crypto friendly banks first and then work out what company jurisdictions, licenses etc are acceptable to them. Otherwise you be wasting money and time.

The only reason crypto companies are moving to Malta is because of tax!!! Malta offers a 5% tax rate with the 6/7 full imputation tax system. You can live in Malta run your business an pay just 5% corporate tax on your profit. It is not because of regulation that is friendly to crypto....that is what they want you to believe ;-)
 
#11
Is there any banking that allow remote application? The problem is getting boots on the grounds in Switzerland or Malta right now. I do know many of the exchanges are moving there for tax purpose.
 
#12
#13
I am not sure about the Binance deal but from word out there it was all down to tax. are there any stipulations to malta and company formation and banking for UK and US nationals? As for the banking side of it still looking for solutions and answers.

It could be a one off deal to tempt exchanges there. When government is involved anything is possible.
 
#14
No special treatment for Americans or UK person apart from the important fact you can live in Malta tax free. Yes, Malta has a territorial tax system so you only pay tax on money you make in Malta or money you bring into Malta. Money earned outside Malta is not taxed.

So you have effectively tax free living and 5% corporate tax and and a native English speaking EU country you can operate from. Why would you want to live and operate anywhere else. So one can forget Zug in Switzerland with higher taxes, German language and Swiss mentality...lol.

@Admin It is all a ploy and clever marketing by Binance to try and lure the local banks into offering them banking services. It is about opening doors and giving the impression to banks of Binance legitimacy via media. Trust me the CEO can walk into a bank in Malta and people will have heard of his company and the fact the prime minister is championing this business. It puts undue pressure on the bank to open an account otherwise Malta loses face if a company moves to start business and is unable to bank....clever clever clever. I have been guilty of doing the same in one country I invested in ;-)
 
#15
Martin Everson said:
No special treatment for Americans or UK person apart from the important fact you can live in Malta tax free. Yes, Malta has a territorial tax system so you only pay tax on money you make in Malta or money you bring into Malta. Money earned outside Malta is not taxed.

So you have effectively tax free living and 5% corporate tax and and a native English speaking EU country you can operate from. Why would you want to live and operate anywhere else. So one can forget Zug in Switzerland with higher taxes, German language and Swiss mentality...lol.

@Admin It is all a ploy and clever marketing by Binance to try and lure the local banks into offering them banking services. It is about opening doors and giving the impression to banks of Binance legitimacy via media. Trust me the CEO can walk into a bank in Malta and people will have heard of his company and the fact the prime minister is championing this business. It puts undue pressure on the bank to open an account otherwise Malta loses face if a company moves to start business and is unable to bank....clever clever clever. I have been guilty of doing the same in one country I invested in ;-)
Click to expand...

I agree partly with what you said. There is no doubt though that Malta is a jurisdiction that favours ICO and crypto-active companies to operate, in contrast to other EU countries.
 
#16
I have been trying to sort out a bank for 4 months now, I got declined by 4 banks so far. So this is the toughest part, if anyone has any idea, look forward to hear.
Thanks!
 
#17
NetShop ISP said:
I agree partly with what you said. There is no doubt though that Malta is a jurisdiction that favours ICO and crypto-active companies to operate, in contrast to other EU countries.
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do you know of banking in Malta that will allow Crypto biz? I read in another thread it's not possible yet.??
 
#18
blizz said:
do you know of banking in Malta that will allow Crypto biz? I read in another thread it's not possible yet.??
Click to expand...

Forget it for Malta the onshore banks are very very strict. Slim possibility that a specialist Malta acquiring bank like www.credorax.com may show interest if your serious enough a business. Get in contact with them perhaps....its a wild shot.
 
#19
Where would you suggest to incorporate a ICO corp if not Switzerland or Malta?
 
#20
Admin said:
Where would you suggest to incorporate a ICO corp if not Switzerland or Malta?
Click to expand...

For incorporation for me Isle of Man as it would be tax free. Issue is banking will be a problem wherever you are.

Interesting link to different jurisdictions.
The Current State of ICO Regulations Across the Globe

Swiss guidance
FINMA publishes ICO guidelines

Isle of Man guidance
https://www.iomfsa.im/media/2365/icoguidanceforapplicants.pdf

Malta Guidance
https://www.mfsa.com.mt/pages/readf...ck/2018/20180122_VCPIFs_FeedbackStatement.pdf
 
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