Eternity Law International — News — Crypto license in Antigua

Crypto license in Antigua

Published:
January 15, 2024

In recent years, the Antigua governmental bodies are actively seeking to stimulate economical growth and expand the commercial sector. In this context, a special licensing system for digital businesses was introduced. Benefits of a digital permit in Antigua include opportunities to join a dynamic market-space opening up new prospects for start-ups and businessmen looking to expand their operations.

Our team offers fully-covering professional assistance in establishing and licensing commercial projects in various areas of business-activity. We offer ready-made solutions, particularly, banks for sale and more.

Crypto-regulation in Antigua

Antigua took a broadly-covering and proactive approach to developing and implementing laws governing digital assets. This jurisdiction sets a successful common crypto-exchange, ECCB, responsible for the implementation and setup of financial organizations.

Until 2023, Antigua was seen mainly as an offshore for highly-specialized tasks, such as launching virtual casinos. But it’s now providing prospects for brokerage startups by offering several appealing possibilities.

  1. Simply-implemented procedure for establishing a firm, especially with the support of experienced experts.
  2. Possibility of providing crypto-services outside the Eastern Caribbean region without the need to get extra permits.
  3. Opportunities to create a business-project in Antigua without personal presence, with the help of a trusted person.
  4. Prospects for optimizing taxation when establishing a business-structure locally.
  5. Abilities to run a business-project with minimal functioning-keeping costs.

Requirement basis for getting permission

  1. Establishment of a business-structure. Before submitting an application to the regulative authorities for a crypto-license, it’s mandatory to create a commercial structure and register it with a locally-approved registry.
  2. Correspondence with eligibility criteria. Enterprises need to meet certain criteria depending on the industry. 
  3. Providing a complete package of documentation. Entrepreneurs are needed to send the mandatory documentation to the regulative bodies, incl. a business-plan, establishment form, identity card and other important things.
  4. Hiring 1 director with local residency.
  5. Payment of all commissions. Entrepreneurs need to pay fees; amount depends on the nature of business-activities and permit category.

Our highly-qualified lawyers give you deeply-covering professional assistance in getting this permit, and a crypto-license in Italy, Estonia, Spain, Germany and others.

Privileges of a crypto-license in Antigua

  1. Low tax-rates, incl. no taxes on capital increase.
  2. Convenient strategic location for organizations intending to expand their business-activities in the region.
  3. Steadily economical and political environment creating benevolent conditions for commercial activities.
  4. Extensive market of highly-qualified professionals in the field of IT-technologies and finances.
  5. Simple permit application process, accelerating the integration of capital-holders into the local commercial community.
  6. Clear and loyal regulative basis.

We’re ready to give deeply-covering support in getting a cryptocurrency permission in Antigua. Our experienced professionals accompany every step of your way, making the entire process easier. We’ve an extensive range of ready-made companies for sale in Bulgaria, France, Georgia, Cyprus and others. Turn to us right now and you might launch your business-project quickly and efficiently.

What needs to be done to obtain a permit?

Getting a crypto-license in Antigua needs detailed data about the business-activities, incl. operational processes and products provided.

To successfully get a permit, entrepreneurs need to fulfill a number of steps:

  • applying for permission using the prescribed form;
  • opening a corporate account in a local banking establishment and contributing initial capital;
  • hiring worker in charge of combating illegal monetary means circulation;
  • renting locally-registered office-premises to interact with clients and regulative authorities;
  • employment of a director with appropriate qualifications;
  • registration of a company in a suitable legal form;
  • development and implementation of AML/KYC-policies to combat financial crimes;
  • ensuring financial stability and efficient management of cryptographic assets;
  • maintaining a transparent business-reputation;
  • provision of a complete package of documentation;
  • the presence of senior management and beneficial owners with regulatory approval.

Our professionals give fully-covering legal support at all phases of licensing and assistance in collecting mandatory documentation to obtain a permit to operate a crypto-currency organization.

Preparation of documentation

  1. Providing copies of constituent documentation, incl. the Statute and certificate of registration.
  2. Providing duplicates of accounting reports for a certain period.
  3. Preparation of a business-plan describing the key aspects of the company’s activities.
  4. Providing technological documentation and evidence of personnel competence.
  5. Providing a police clearance certificate, letters of recommendation from the banking establishment and other mandatory documentation.

Regulative authorities consider applications for cryptocurrency permits if a complete set of documentation is available.

Tax system

For organizations active in the Antigua domestic market-space, next-mentioned tax-policies apply:

  • corporate tax-rates of 25%;
  • VAT: standard rate is 15%; reduced rate (applicable to certain types of business-activities) is 12.5%;
  • real estate taxes, depending on the intended use, vary from 0.1% to 0.5% of the market value.

It’s essential to emphasize next-mentioned: for international business-corporations (IBCs) being tax-residents and not having a permanent establishment in Antigua, these taxes don’t apply. Nevertheless, they’re needed to pay annual state fees of 300 USD.

Regarding reporting for IBCs:

  • they need to maintain accounting records, but are exempt from providing annual reports, financial statements and audits;
  • all reports and copies of mandatory documentation need to be kept at the firm’s registered office.

With long-term expertise in the niche of licensing firms both in Antigua and in other jurisdictions, our professionals offer effective support to those seeking to get a permit to provide crypto-currency services worldwide.

Responsibilities

After successfully getting permission to engage in crypto-activities, service providers are needed to firmly adhere to next-mentioned principles.

  1. Conduct its business-activities with complete honesty and transparency.
  2. Show skill, hard work and perseverance.
  3. Maintain high standards of professional conduct.
  4. Avoid engaging in any activities being contrary to law or good practice.
  5. Maintain a stable financial position.
  6. Implement new mechanisms to protect clients’ financial and other assets.
  7. Meet all established internal control rules in the company.
  8. Develop, implement and maintain measures to ensure the confidentiality of service user data.
  9. Combat illicit circulation of funds and terrorism financial support.

Experienced lawyers of our team give deeply-covering support in getting permission to function as crypto-business in Antigua and others. Turn to us and receive free consultancy and fully-covering support throughout the licensing process.

Cost of a crypto-permit in Antigua is calculated individually for each client, because it ‘s based on plenty of related factors and nuances. Our experts give you an approximate price prior to starting official cooperation.

Advantages of our team

We provide a wide range of services needed for authorization of a crypto-provider, incl. establishment of an organization in Antigua and its affiliates. We’re involved in the development and launch of AML/KYC-policies and rules. It’s essential to note all steps, incl. organization registration and preparation of documentation, may be completed virtually, minimizing the need for your physical presence.

  1. Support in getting a crypto-permit in Antigua, incl. provision of the mandatory package of documentation.
  2. Preparation of procedures according to customer identification rules.
  3. Development of procedures meeting the rules for combating legalization of proceeds from crime.
  4. Getting an operator permit for crypto-exchange or a permit for wallets for storing cryptos.
  5. Accounting services.
  6. Drawing up reports.
  7. Accounting support and other services provided in response to the client’s request, aimed at successfully getting a crypto-license in Antigua and efficient functioning in this niche of business-activities.

Despite the relative ease of getting a crypto-permit in Antigua, it’s recommended to seek help from experienced lawyers. Our professionals guarantee assistance in launching a crypto-business according to the law. Lawyers assess all risks and help you get a crypto-permit, providing deeply-covering support at all phases, increasing the chances of successful approval.

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