In the current situation, the RLA SERVICES team is working hard to strengthen and develop a joint business with entrepreneurs from Ukraine. Today we attended @bigmoney.university business conference in Prague. Many thanks to all the organizers and participants of the event. In particular, thanks to @chernyak_yevgeny for being able to participate in the event in person! Good luck to everyone during this difficult time! Glory to Ukraine!
On February 23, 2022, Estonia adopted an updated version of the law on the prevention of money laundering and terrorist financing. The requirements for authorized capital have been increased: instead of 12,000 euros, the new minimum authorized capital is 100,000 euros for organizations providing “wallet”, exchange and issuance services, and 250,000 euros for organizations engaged in crypto-transfers. The state duty was increased from 3,300 euros to 10,000. Mandatory requirements for annual audits, as well as internal audits, were introduced. The new Law entered into force on March 15, 2022. The new requirements must be applied by market participants by 06/15/2022. Simultaneously with the adoption of new rules, the state began to check and clean up the crypto business, more than 500 licenses of crypto companies that violated the licensing conditions were revoked. Thus, having gradually “tightened the screws”, Estonia is currently losing its attractiveness as a “Crypto Mecca” for medium and small businesses.
Many types of international business can be conducted remotely, sometimes completely online. As a rule, a registered address is enough to start a business activity, a little less often a local contact person or sales representative is also required. However, when it comes to a business with high turnover or a business that requires a license, regulators and banks require a real presence in the country. Strictly speaking, “substance” means the physical presence of a business in a jurisdiction. RLA Services helps clients with substance in most popular business areas: EU, UK, CIS, Hong Kong and many others.