Stages of Obtaining a Crypto License in Poland

Stages of Obtaining a Crypto License in Poland
Stages of Obtaining a Crypto License in Poland

Why is Poland interesting as a crypto business jurisdiction?

More and more budding crypto entrepreneurs are choosing Poland as a great place to start their businesses. We are witnessing some real growth in the Polish ecosystem and all of it has been enabled by a growing Polish crypto community and other key factors that obviously had a major impact on the prestige level of the now-coveted crypto license in Poland. Let’s examine the key advantages of Poland as a crypto-friendly jurisdiction.

  1. In recent years it’s become a major crypto hub. This, of course, makes it much easier for entrepreneurs to gain knowledge, meet and discuss new ideas and innovations. Also, the framework for holding and exchanging crypto is much more familiar to the Polish public.
  2. Positive attitude towards cryptocurrencies. A lot of political and economic experts in Poland have recently come out in favor of cryptocurrencies and even claimed that they are an excellent asset class.
  3. Favorable regulations and opportunities. Poland has a very favorable policy environment for crypto entrepreneurs. An example of this is the fact that you are not actually required to obtain a license in the traditional sense to open a crypto business.
  4. No physical office requirements. You are not required to pay for brick-and-mortar space to run your business from, although a few of the biggest crypto business offices are actually located in Warsaw.
  5. Great reputation. Poland as a country is regarded as being highly sophisticated and business-friendly. Polish companies also rank highly across international surveys.

These are just a few of the many advantages that Poland offers for crypto businesses. Others can be found online.

Preparation and submission of documents for registration of a company in Poland.

In order to register your company and obtain that crypto license, you are required to submit detailed documents to relevant authorities. A standard package includes the following:

  • Articles of Association, Memorandum of Association;
  • Stockholders certificate;
  • Company’s legal address;
  • State-issued ID for the director;
  • Documents proving that you paid all the fees;
  • Proof of residence;
  • KYC and AML documentation;
  • Electronic signature;
  • Additional documents.

Of course, the list of paperwork to submit may be longer than what was listed above. Even though you might be convinced that it’s not that much, you have to realize that doing all this work takes time, and if you don’t get it done, your business might be in serious trouble right from the get-go.

It’s highly recommended to take care of the paperwork well in advance. The process of preparation varies heavily depending on your current jurisdiction.

Obtaining a Polish tax number PESEL.

One of the most important parts of the process of registering a business in Poland is obtaining a Polish tax number. The first and only step of this process is submitting an application on ePUAP, the Polish electronic platform for public administration services.

Since Poland is one of the most progressive countries when it comes to e-government services, sending the application should be a piece of cake. Your ID needs to be translated into Polish and that’s pretty much the only major hurdle that has to be overcome during this process.

Otherwise, it’s really easy and shouldn’t take more than 30 days from the moment you first submitted the application. Keep in mind that you can always hire a company that specializes in business registration to take care of all the work for you.

Registration of the company in the register of organizations working in the field of cryptocurrencies.

In order to fully legalize your activities in the Polish jurisdiction, you must first register your business as a business that’s operating in the field of digital assets. There are certain steps that you have to go through in this process.

First, you will have to prepare all the paperwork required. The list of documents can be found on various official websites that are available both in Polish and English.

After you submit the documents, you are required to pay state fees. There might be some verification required. After that, you will have to wait 2 weeks or less.

The process can and should be done entirely via the Polish electronic platform for public administration services.

If there are some issues that arise along the way, it might take you longer than 2 weeks to enter your business data into the register.

Registration of a crypto company in Poland

Even though people talk about obtaining a crypto license in Poland, the fact of the matter is that there’s no crypto license to obtain.

A company dealing with cryptos doesn’t have to gain any kind of licensing but it has to register with a proper government office. The application is quite easy and should take a long time.

The good news is that this already simple process can be made even faster and simpler if you choose to seek outside help from companies that specialize in registering such businesses. If you’re serious about doing business in Poland, you should make sure that you have professional help on your side.

Terms and cost

It’s pivotal to understand the timeframe of the steps of the registration process in Poland. Without understanding how long it’s going to take, you will not be able to plan your business expenses effectively.

Usually, the process of obtaining a crypto license in Poland takes close to two or two and a half months. This, of course, if it’s done fully remotely. If you choose to book a flight to Poland, it’s possible to speed up the process.

If you’re willing to travel, you’ll be looking at around a month in total. One more important aspect to take into consideration is the total cost of registering your company in this prestigious jurisdiction. The lowest number you can hope for is somewhere around EUR 4,000.

Each company is different, each situation is different, so it’s impossible to predict how much is needed for your particular business. In general, it’s safe to assume that the overall cost will not be lower than 4,000.

You can easily save money if you choose to work with an experienced company that is capable of helping you with all of your registration needs. These businesses are usually well-aware of the most economical approaches.

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