Recent content by PhantomOf ThePits

Yes that's unfortunately exactly the point. It doesn't make sense in the first place, but if you dig deeper into their understanding and it is your main source of income, you'd be considered doing a business activity (no matter if you're incooperated or not) @CryptoAnt: That you didnt get...

Googling for one minute you could have found that for example: https://en.wikipedia.org/wiki/Capital_gains_tax In some countries, such as New Zealand and Singapore, professional traders and those who trade frequently are taxed on such profits as a business income Switzerland and Malta and...

I got a contact at Revolut which told me they'll start soon onboarding Maltese companies again. DM if you need more details as I dont want to publish his contacts in a public forum

@Sigma: You'd need to register for VAT if your TURNOVER is over the 375k AED mark (no matter if foreign or local clients). If all income is foreign sourced, you could register for VAT exemption (to not to file the quarterly VAT returns). Otherwise 10k AED fine if not done in month you crossed...

Thank you for your reply fshore. I was under the impression that only with EU Reverse charge countries I can send them a net (without VAT) invoice? Otherwise Reverse Charge/Non Reverse Charge Countries would be treated same for non-physical B2B services (IT Consulting) Receiving company is...

Hi, thank you for the thread, thats what I was looking for. Just want to double-check so I understand correctly: - Dubai company 'delivers' consulting to German Company - B2B Consulting 1) In that case the German company needs to pay 19% VAT as they 'import' my services from non-EU? or 2) Me...

Hi, best is to open an account with interactivebrokers.com (they have FX interbank spread). From/to interactivebrokers you can send/receive many currencies (USD/EUR/NOK/GBP....) and take it as an AED on/off ramp. Important is that it needs to come or go to an account of your own name or from...

Fidor is not an EMI, but insta-settle with Kraken if thats an option for you or as @azb1 suggested take another typical non crypto exchange like LMAX Digital. Otherwise use an OTC broker as this may create even less issues for most banks as long as not the name Crypto comes up in the sender...

Running an exchange is a completely different business model -- my posts were all about managing/trading prop money. To run a crypto exchange, it will be important to work with people qualified enough to guide you to make it bullet proof. Otherwise you will run into deep trouble later on...

yes, just much more limited amount of underlyings, products and leverage and such if you just want to trade majors then you could go with them but fees are higher for active trading vs FTX or Binance

me personally I wouldnt open a Crypto related trading company in the US as you wont get access to full Binance or FTX etc. My setup is BVI for Crypto and US LLC for 'normal markets' trading Banking with BVI Crypto Co with US based Silvergate/Signature Bank no problem US Delaware LLC for...

clearly Delaware US LLC much easier to open bank accounts

If UBOs in Germany, I assume then you'd officially declare the shareholdings and unveil the UBOs with TIN. There are certain banks which for example service gaming/gambling or crypto. I'm not qualified enough to speak about HKG Cos, but from my experience BVI and Cayman if unregulated its the...

Hi, depending on your business sector and if you are in a 'clean' or more high risk business. Also assets and where UBOs live will influence the willingness for banks to onboard

Thank you for the incfile. What would be the advantage to go with agents like legalzoom and such? Regarding the banks, yes Silvergate/Signature are great as they have insta settlement of the cash leg if you do arb. However, other banks for BVI Cos are for example Swiss Crypto Focused Banks like...