Requirements for Establishing Cryptocompany in Poland
Venturing into the Cryptocompany in Poland requires careful consideration of legal requirements and regulatory frameworks. This guide outlines the step-by-step process for establishing and operating a virtual currencies company in the country, covering essential aspects from company formation to ongoing compliance obligations.
1. Cryptocompany in Poland Establishment Process
Company Structure Selection: Opt for a Limited Liability Company (Sp z.o.o), the most popular choice for cryptocurrency ventures in Poland. This structure allows foreign non-residents to hold shares without appointing a local director, facilitating international investment.
Documentation and Notarization: Prepare necessary documentation, including a unique company name, power of attorney for remote registration, and notarized copies of directors’ passports with apostilles attached.
Office Premises Requirement: Register local office premises, which can be physical or virtual, and ensure compliance with lease agreements to meet regulatory requirements.
Bank Account Setup: Open a corporate bank account in Poland and transfer the minimum authorized capital, currently set at 5,000 PLN (approx. 1,084 EUR), subject to a 0.5% Civil Transaction Tax.
Statutory Numbers and Registrations: Obtain REGON (statistical), NIP (tax identification), and VAT numbers. Apply for company registration with the National Court Register (KRS), providing requisite information such as REGON and NIP numbers.
Management Board Appointment: Appoint a management board comprising individuals with relevant expertise to oversee company operations and governance.
2. Specific Requirements for Cryptocompany in Poland
Comprehensive Business Plan: Develop a detailed business plan encompassing hardware and software specifications for cryptocurrency operations, emphasizing transparency and operational efficiency.
AML/KYC Compliance: Establish robust internal processes for Anti-Money Laundering (AML) and Know Your Customer (KYC) standards to mitigate financial risks and ensure regulatory compliance.
Hiring an AML Officer: Employ an experienced AML officer, who does not need to be a Polish citizen or resident, to oversee compliance with AML regulations and risk management practices.
3. Registration with the Register of Cryptocompany in Poland
Electronic Application Submission: Submit applications electronically via the Electronic Platform of Public Administration Services (ePUAP), ensuring accuracy and completeness of information.
Application Review Process: The Tax Administration Chamber reviews applications within 14 days. Applicants have the option to make corrections if required to expedite the process.
Fees and Payments: Pay a stamp duty of 616 PLN (approx. 133 EUR) upon application submission. Additional fees apply for a virtual certificate of entry into the Register of Virtual Currencies.
4. Reporting Obligations and Compliance Requirements
Annual Reporting: Comply with annual financial reporting and auditing requirements. Submit annual financial statements and income tax declarations electronically to the e-Tax Office.
AML Reporting: Submit Anti-Money Laundering (AML) reports to the General Inspector of Financial Information (GIIF) in accordance with regulatory guidelines.
VAT Reporting: File VAT reports either monthly or quarterly, depending on business operations and turnover.
Certified Audit Requirements: Limited Liability Companies meeting specific criteria, such as exceeding certain revenue thresholds or employing a significant number of employees, are subject to mandatory certified audits.
Conclusion
Establishing and operating a Cryptocompany in Poland requires meticulous planning, adherence to regulatory guidelines, and ongoing compliance with reporting obligations. By navigating the company formation process effectively and implementing robust operational practices, entrepreneurs can establish a strong presence in the dynamic cryptocurrency industry of Poland, leveraging its favorable business environment and regulatory framework.
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