Portugal is one of the few countries in the world that has not implemented a charging system for the use of virtual currency, for individuals. If you want to open a cryptocurrency company in Portugal, you may do that by choosing the proper legal structure and following the incorporation steps like preparing the documents or opening a bank account. Below you can find information about this type of business, mentioning that one of our company formation agents in Portugal can manage the formalities.
How to set up a cryptocurrency company in Portugal
LDA is the variant for limited liability company in Portugal and the most popular business structure in this country. It is suitable for opening a cryptocurrency company in Portugal, and below we review some of the formalities:
- EUR 5,000 is the minimum share capital for LDA in Portugal, deposited in the local bank account.
- Articles of Association are the main documents of the company, with details about shareholders, activities, internal rules, etc.
- You need to create a business plan to present to the relevant authorities.
- You must obtain a crypto exchange license in Portugal before you can start your business.
- The company is registered for the payment of taxes, respectively corporate tax rate.
These are some of the formalities that you must follow to open a cryptocurrency company in Portugal. We remind you that you benefit from the support offered by our agents if you want to open a company in Portugal.
Steps for obtaining the crypto exchange license in Portugal
As mentioned above, you need to obtain a crypto exchange license in Portugal in order to open the company. Let’s review some of the formalities involved:
- It is necessary to present the business plan.
- The documents of the newly established company are presented.
- Authorities require a “Certificate of no criminal record.”
- A resident director is required to apply for a crypto exchange license in Portugal.
- Proof of registration for payment of taxes in Portugal is provided.
- Banco de Portugal is the institution that supervises virtual currency and which, in collaboration with other authorities, issues crypto exchange licenses in Portugal.
Those who want more details about crypto exchange licenses in Portugal can use our services. One of our local agents can help you open a cryptocurrency company in Portugal.
About National Blockchain Technology in Portugal
The Portuguese authorities have recently announced that they are working with specialists in the field to implement National Blockchain Technology. Practically, it is being studied how this technology can be implemented, for which a set of laws will be drafted and adopted meant to facilitate its use even better. Also, those interested in the implementation and development of virtual currency, have at their disposal, from 2020, Technological Free Zones. Here it can be tested various services and products related to blockchain technology and more.
Regarding the use of virtual currency in Portugal, we present some statistics:
- Over 2.37% of Portugal’s population uses cryptocurrency.
- Those who use cryptocurrency in Portugal are people under the age of 40.
- Bitcoin can be used as a currency in Portuguese casinos.
- There is a 0% capital gains tax for cryptocurrency transactions in Portugal.
Want to know more about how to open a cryptocurrency company in Portugal. You can contact our company formation experts in Portugal and discover the personalized services we offer.