Basic price of incorporation the company with VASP authorization in Portugal starts from €11,000
Brief background of Portugalian cryptocurrency regulation
Portugalian government work paved the way for favorable regulation for crypto companies in the country. Primary regulator, Banco de Portugal, actively monitors the virtual currencies market keeping the regulations relaxed and friendly for a business, making Portugal a good starting point in the coming MiCA regulations.
On March 14, 2022, Bison Bank obtained the first VASP license for the bank, opening a new page for crypto in Portugal. It is absolutely clear that banks are subject to more stringent regulation. The fact that Banco de Portugal has issued a license to a bank signals its readiness to allow even such entities as banks into the crypto market and shows positive developments for the whole crypto sphere.
Government attitude to crypto regulations creates an advantageous opportunity to start a crypto company in the coming MiCA regulations
Step by step description
Step 1 – Initial setup:
Preparation documentation for company formation, opening a bank account and crypto license application.
Step 2 – Company registration:
Creation of a private limited liability company (Lda) after choosing a name and complying with all legal requirements (business plan, charter, AML/KYC requirements and other). No nominal capital required.
Step 3 – Opening a bank account:
It is an obligatory procedure. Includes evaluational the most suitable bank, preparation of documents required and further assistance.
Step 4 – Applying for a cryptocurrency license:
Obtaining a virtual asset service provider status to start crypto-related activities in Portugal.
Understanding the Portugalian Requirements
Cryptocurrencies in Portugal mainly do not have any specific regulations. It means that they are applied by general regulations. But it is important to mention that Portugal built a regulatory framework with the anti-money laundering regulations which were created to decrease the risks when using new technologies or products. Every company in Portugal has to monitor, analyze and document specific procedures to address any specific risks associated with money laundering and the financing of criminal activities. These regulations help to guarantee safety in the technology sphere for investors and business.
Requirements for VASP registration
There are several requirements that must be satisfied in order to register a company with the crypto-registry and to obtain a certificate of registration with the crypto-registry in Portugal:
- business plan;
- 3 preferred company’s names;
- AML/KYC policies and procedures;
- 2 shareholders / 1 director (no residency requirements);
- certificate of no criminal record.
There are no capital requirements for Lda
Taxes in Portugal
If our proposal is intriguing, we kindly request to complete the form provided below to learn more. By doing so, we guarantee access to a comprehensive commercial personalized offer, featuring up-to-date prices and detailed information.
We look forward to the opportunity of collaborating and delivering exceptional solutions that meet and exceed expectations of any Client.
The content of this article is intended to provide a general guide to the subject matter, not to be considered as a legal consultation.