Many startups prefer offshore areas. Saint Lucia is a favourable environment for startups planning to expand their business through crypto activities. In addition, one of the advantages is low taxation and a stable economic atmosphere, which gives a financial advantage over other jurisdictions. Obtaining a crypto license in Saint Lucia will be easy due to low applicant demand.
The main benefits of this area
Obtaining permission in this area has many benefits, allowing startups to quickly enter the digital coin industry and earn a decent profit.
Transparent legislation
This state has created a favourable regulatory framework for activities with virtual assets. The authorities began actively implementing distributed ledger technology, establishing a legal framework for financial activities with virtual currency.
Attractive tax policy
There is no income tax for firms whose activities are related to digital coins. This aspect is essential for startups looking to increase profits and expand their business.
Ensuring confidentiality
Authorities value and support privacy. Thus, all financial transactions carried out will be reliably protected due to approved legislation and the use of blockchain.
Entering the international market
By receiving a permit for crypto activities, startups can immediately gain access to the market. It will provide an opportunity to acquire strong partners and secure a foothold in the market. Communication with firms from North and South America will be most accessible, given the geographical location of this area.
Stable politics and economy
The state has a stable political and economic atmosphere. It will create favourable exchange conditions, allowing them to do business with reduced financial risks. In addition, such an environment will attract reliable business partners who value stability.
Favourable commercial atmosphere
This area has a favourable atmosphere for starting a business. Registration is simple, and active support for startups is provided at the state level. It ensures a quick launch of the company with reliable legal support.
The actively growing importance
Every year, more and more people are showing interest in digital assets and distributed ledger technology. It promotes the internal exchange of experience and knowledge, strengthening the state’s ecosystem.
All these positive factors are of great importance for startups who want to enter the crypto space and expand the boundaries of their business.
Regulation
There are currently no laws regarding crypto activities. Given the potential of coins, the authorities have begun to move towards forming a legislative framework for actions related to virtual assets. Let’s consider important points that relate to the regulation of financial activities.
Regulatory framework
Despite the lack of laws for crypto exchanges, the authorities actively support startups in this area. Blockchain creates a secure environment for financial transactions. The FSRA has advised that laws and regulations will be published shortly.
Legislative acts on securities
Virtual assets with securities properties are subject to applicable securities laws. Firms must comply with these regulations’ demands if their assets are regarded as securities.
Registering a business and obtaining permission
Considering all the requirements, you need to register despite the lack of requirements. Let’s list some of them:
- there must be at least one shareholder;
- appoint at least one director;
- notarised copies of passport;
- recommendations from the bank;
- certificate of registration;
- document confirming no criminal record.
It is worth noting that one person can be both a shareholder and a director of a firm and the minimum amount of authorised capital requirements is none. And this is of great importance for startups that may still need to gain significant capital to invest.
This area is a favourable jurisdiction for startups that plan to engage in crypto business. The absence of authorized capital requirements will greatly facilitate business registration, and zero capital gains tax will allow you to have more profit.
