How to Register and Manage a Local Legal Entity?

In order to qualify for a Slovakia crypto license, you first need to establish a local business in the jurisdiction. Even though some other European jurisdictions have harsh requirements regarding who is able to set up a business, Slovakia has relatively few hurdles to the blockchain market. There are no citizenship requirements whatsoever, meaning even foreigners can set up shop in this country. A local business entity has to meet a certain set of requirements in order to be registered, including share capital of EUR 5,000, at least one stockholder, and a business account with a local bank. There are several documents that you will need to submit before your company is authorized. However, they are just relatively simple corporate documents and IDs. After all the documents are prepared and the application is submitted, a company is entered into the Trade Register. Then, you apply for a license and undergo a tax authority registration. You are free to start carrying out business operations the same day the trade register issues your crypto license. Managing a crypto business in this country doesn't differ much from managing a business in any other country.

How to open a local office (no physical office required) with zip code?

It's possible to set up a virtual office in this country. People unfamiliar with this jurisdiction and its rules might run into some trouble, so it's highly advised to seek outside help. There are many companies out there specializing in crypto company creation and they can easily help you out at every step of the way, including helping you open a local office with no brick-and-mortar premises needed. A virtual office will have its own real zip code, which means that you'll be able to open a number of business processes and carry out correspondence with government offices.

How to open a corporate bank account in Slovakia?

Every business has to have a bank account to carry out its operations because most operations require it. Having a verified corporate account with a local banking institution is necessary in order to run a crypto business in this country. Most banks have no issues opening bank accounts for foreigners if their documentation is in order. The only thing that you must understand about the process of registering a bank account in this country is the fact that it might take a while. On average, it takes about two weeks for your bank to approve your application. You might be asked to provide additional documentation as well, for instance, tax statements.

How to register company information in Slovakia registers?

It is time to register the company's information in the Trade Register.  You should inform the Trade Licensing office of your intention to launch a cryptocurrency business in this jurisdiction. You will have to get in touch with the office that's responsible for registering companies in the area in which your business is located. There's a small state fee to be paid (EUR 5 or EUR 15). Submission of the documents and other processes related to registering company data can be done other offline or via the Central Portal of Public Administration of the Slovak Republic.

How to prepare information about company officials?

You should prepare documents related to key executives and the owner of the company well in advance. So, the question of how to prepare information will be answered by the time you start interacting with your local authorities. Each jurisdiction is different, but usually, it's not too difficult to gather this information. The list of documents required usually includes CVs, copies of IDs, proof of residence in Slovakia or any other EU country, proof of no criminal record, proof of apt qualifications. 

What documents are required to confirm the official origin of funds?

While the amount of money that is required to register a business in this country, you might be questioned in regards to the legality of the investment. If the money used as the initial investment is legitimate, it won't be an issue. There are many different documents that you can produce in order to verify the validity of the funds, including tax statements or statements from your broker or government financial institution. The list of documents that can be used as proof of investment origin might be very long, and therefore, it's best to seek external assistance in this area.

How to apply to the Slovakia Tax Service for a permit?

Every company based in Slovakia is obliged to pay taxes to the government. In order to get a tax permit, the company must complete an official application. All profit received from crypto-related operations is subject to taxation by the government. The rates depend on some factors so its' best to get in touch with someone who has experience in optimizing taxes within this jurisdiction. You should be aware of the fact that it's possible to pay less taxes if you're able to find third-party assistance from companies that specialize in business registration.

How to pay state fees?

Slovakia is a very progressive country. It enables its citizens and foreigners to take full advantage of its technology-friendly features. Even when it comes to something as mundane as state fees that you have to pay during business registration, the Slovakian government is as pleasant as the weather is in July. It's possible for you to pay the fees via e-tax stamp, banking transfer, or cash. Depending on which option you end up choosing, there might be intricacies that you need to make sure to address, and therefore it's advisable to get in touch with an experienced and certified legal expert to help you through this process.

How long does it take to get a license?

The full process of obtaining a licensee within this jurisdiction can be divided into 3 major parts. First, you have to open a bank account and it usually takes around 2 weeks or more. All the things related to company creation usually take somewhere between 3 and 4 weeks. Finally, the process of qualifying for a cryptocurrency license takes 4 to 6 weeks. In the best-case scenario, you'll be able to get your business up and running in 9 weeks.