Each country in the EU has its own rules for regulating the crypto industry; however, obtaining a license in one jurisdiction gives the right to operate throughout the EU legally. It allows companies to choose the country that perfectly matches their preferences. Crypto license in Poland is an excellent solution for large corporations and small startups. Today, we want to look at the most essential advantages of such a solution.
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The main reasons why people choose licensing in this jurisdiction
Getting a permit in this country has many advantages, but we want to discuss the most important ones.
The very simple permitting process
Most countries offer a complex licensing process, which often brings problems. In the case of Poland, obtaining permission is straightforward. Here, you need to perform just 3 simple steps:
- Register a company in the chosen jurisdiction. It can be done remotely; you need to provide a small package of documents;
- Get PESEL. You can apply for a tax number in person or by mail.
- Applying for a permit.
There is no license here as we are used to seeing it. There is a special register where all crypto organizations are entered. You can start working legally as soon as your company name is included in this register.
In the future, if you decide to close your business, you can apply, and your company name will be removed from the register within two weeks.
It is possible to make anonymous transactions
It is the only jurisdiction in the EU that allows anonymous transactions. Initially, users had the opportunity to make up to 15 thousand euros in transactions, but then it was decided to reduce their size to 1 thousand dollars.
This country requires all crypto organizations to pay taxes regularly. It created a straightforward and understandable tax system. Each company must pay a tax of 15% of profits.
However, if you have a small startup, you can count on tax benefits. If your organization employs up to 10 people and its annual financial turnover is at most $50 thousand, you can pay only 5% tax. In addition, such organizations may be exempt from annual audits.
It makes this jurisdiction incredibly attractive for every small firm or startup. It allows small businesses to invest more money in development.
High speed of decision-making
You can get permission in just 2 months. It takes about a week to register a company. Government agencies have up to 30 days to issue you a PESEL, but often, this happens much faster, provided that you give and receive the documents in person (without the post office).
Also, government bodies have 2 weeks to make decisions. In comparison, in the UK, this process takes about 6 months. Thus, if you want to obtain a work permit quickly, you should prefer this jurisdiction. Here, you can get your business up and running quickly and make your first profit.
Low requirements for applicants
There are no complicated requirements for applicants. Regulators here only pay attention to the level of reputation. The owner of the company and employees in key positions should not have a criminal record, and they should not be involved in fraud or high-profile scandals.
In addition, you must have at least 1 year of experience in similar positions and a higher education. You must have the necessary knowledge and skills to run a company. It can best be demonstrated in a well-thought-out business plan.
You should also adhere to AML and KYC compliance. It means that your platform must verify users and monitor their activities. As soon as you notice suspicious activity, you are required to report it to regulatory authorities.
However, no requirements relate to the local office or employees, authorized capital, or software quality. All you need is to show your high professionalism and impeccable reputation.
Despite the fact that obtaining a work permit here is much easier than in other jurisdictions, we advise you to seek help from specialized lawyers. Gofaizen-Sherle has top-notch specialists who can help you obtain your work permit quickly and easily. They will provide full advice, check whether this jurisdiction suits you, and help you collect the necessary documents (including drawing up a business plan).