Hello fellow „offshorers“!
My team and I want to raise fund for our startup trough an ICO.
Initially my preferred location was Cyprus due to the DTA with my country of residence (Austria)
But I found the following issues:
Due to us being a startup it will be difficult to be fully compliant for jurisdictions with Virtual Asset Legal Framework because we will not be able to get the necessary internal compliance managers in time and also don`t want to wait months for getting a license. Maybe it could work if we construct a case where our token will be classified as Utility Token and therefor we don’t fall in the same scope of compliances requirements as for Security Tokens. (Which is actually possible I think because we are offering Tokens to access our upcoming Saas platform in the future but they would be still tradable on DEX`s so I would need to check that)
My second thought would be be to incorporate in a jurisdiction without Virtual Asset Legal Framework like BVI, Panama, St.Vincent or Cook Islands and run the Presales fully compliant regarding KYC/AML.
Does anyone see a possibility to get a EMI or Bank if we incorporate in one of the above mentioned jurisdiction and use a renowned KYC/AML provider like KYC-chain.com for the Presales but don’t have an own internal Compliance/AML manager?
I was also wondering if we need nominee directors for those jurisdictions and how we can open a bank account or e.g. Binance cooperate Account if we have to send documents from all ultimate beneficial owners?
Or does anyone have a better idea how to setup the ideal company structure for an ICO? We will not be able to pay all our service providers and employees only with crypto and therefor need a flow where we can transfer our income from Crypto-to-Fiat without getting Bank accounts frozen.
Thank you for your help!
My team and I want to raise fund for our startup trough an ICO.
Initially my preferred location was Cyprus due to the DTA with my country of residence (Austria)
But I found the following issues:
Due to us being a startup it will be difficult to be fully compliant for jurisdictions with Virtual Asset Legal Framework because we will not be able to get the necessary internal compliance managers in time and also don`t want to wait months for getting a license. Maybe it could work if we construct a case where our token will be classified as Utility Token and therefor we don’t fall in the same scope of compliances requirements as for Security Tokens. (Which is actually possible I think because we are offering Tokens to access our upcoming Saas platform in the future but they would be still tradable on DEX`s so I would need to check that)
My second thought would be be to incorporate in a jurisdiction without Virtual Asset Legal Framework like BVI, Panama, St.Vincent or Cook Islands and run the Presales fully compliant regarding KYC/AML.
Does anyone see a possibility to get a EMI or Bank if we incorporate in one of the above mentioned jurisdiction and use a renowned KYC/AML provider like KYC-chain.com for the Presales but don’t have an own internal Compliance/AML manager?
I was also wondering if we need nominee directors for those jurisdictions and how we can open a bank account or e.g. Binance cooperate Account if we have to send documents from all ultimate beneficial owners?
Or does anyone have a better idea how to setup the ideal company structure for an ICO? We will not be able to pay all our service providers and employees only with crypto and therefor need a flow where we can transfer our income from Crypto-to-Fiat without getting Bank accounts frozen.
Thank you for your help!
