Setting Up a Company in Malta - A Holistic Guide For Crypto Entrepreneurs
Updated: Jan 8, 2020
Do you know in Estonia they are over 700 registered international businesses related to Crypto & Blockchain technology? This figure was reported by a recent study done in April this year.
Malta, the heart of Estonia over the past decade has grown into a dream destination for starting a cryptocurrency venture. This is largely because of the Estonian government’s forward-looking IT policies. It gives people with aspirations the complete freedom of setting up a company in Malta with no policy barriers.
So, planning to become a Crypto entrepreneur in Estonia ? Then, this is well-curated guideline is for you to know the entire procedure for opening a Crypto/Blockchain business in Malta.
How To Get Started?
Getting your business registered in Malta can’t get any easier than this. The entire procedure of registration is via online, there is no need to physically submit your application to government offices.
The online Estonia Blockchain company registration facility is available to the people of Estonia and those holding e-residency of Estonia. However, if you are a foreign investor, then it is a no-brainer to request for Estonia’s e-residency to avail a variety of benefits-, the ease of starting a company here.
Costs Associated With Starting a Company in Malta
One of the big reasons why worldwide entrepreneurs are fascinated about Estonia as an idyllic destination for launching their startup is, purely because of the low set-up fees. The initial expenses are stated below-
If you want to get the E-residency of Estonia, then you need to pay a fee of 100 Euros
To register a Private Limited Liability Company, you have to pay a fee of 190 Euros to the government authority
The initial share capital is 2,500 Euros unless you are taking over a pre-registered Private Limited Company.
To Obtain the Cryptocurrency License, the cost is 345 Euros.
Legal, financial and other services will amount to about 1,000 Euros.
How To Obtain The Crypto License in Malta
At present, Estonia provides the Crypto license in two categories- one is the wallet based Crypto service providers and other being the people those who want to launch their Crypto exchange in the state.
You can obtain either of the licenses without much difficulty, it typically takes 30 days and cost as mentioned earlier is 345 Euros. However, in a scenario, you bought an existing company, and then there is no need for re-applying the license.
Generally, not much involvement or complicated documentation obligations is required for obtaining the license. However, one prerequisite is police verification. The Estonia government pays great emphasis to get your background check done by local police personnel. This is to deter the activities of money laundering the country.
Last, on the list, think company formation, do you want to launch a company as a sole trader, in a partnership or private limited? This decision must be taken by looking into your future aspirations-how you want to see grow in the coming years.