Opening a Cryptocurrency Exchange in St.Lucia
There are many countries that are welcoming with open arms any investor who wishes to open a cryptocurrency exchange or blockchain based project on their country. Most smaller nations are starting to see the potential that comes with these two technologies while larger countries are limiting them. One of the best jurisdictions for an efficient and low tax cryptocurrency exchange is St. Lucia. In this article, we’ll look at what you need to know to open an exchange in St. Lucia.
Now that cryptocurrencies and blockchain have proven that they are worth the hype, the next question is where is the best jurisdiction to start operating your startup. The answer for blockchain is easy as many countries are much more interested in that technology than they are in in cryptocurrencies.
Cryptocurrencies have not been as welcomed by foreign jurisdictions as blockchain has. Still, there have been some countries around the globe that see the massive potential that opening a cryptocurrency exchange has for their economy.
Most of the countries where cryptocurrency exchanges are operating from are in Europe or in Asia. This is great as both of these options position you in a prime market next to financial institutions willing to invest.
Yet, opening a cryptocurrency exchange in this markets is costly. Opening a cryptocurrency exchange in Europe or Asia costs more money than it would any other country. So, this is why I am recommending the small caribbean country of St.Lucia as the home for your cryptocurrency exchange.
St. Lucia might not be the first country that comes to mind when you think about cryptocurrency exchanges, but it definitely should. The caribbean is a fantastic and gorgeous fiscal paradise that is also cheap.
There are industry experts who have said that the caribbean could be on its way to become the next crypto valley. The caribbean may not have the technological infrastructure than Switzerland or Estonia has, but it does have the financial services, willing governments, and the best tax laws on the books.
By opening a cryptocurrency exchange in St. Lucia you will have full support from the government as they welcome every investment made to the island. Also, you can purchase a second passport from St. Lucia at the time of your investment.
- The cost for a single applicant is about $130,000.
Although St. Lucia does not have a specific legislation to regulate cryptocurrencies it has signed up to participate in the ECCB pilot whose purpose is to test the use of cryptocurrencies alongside the country’s national currency. In simplest terms this is an indication that the country wishes to find a way in which the legislation that regulates its coin and cryptocurrencies could merge.
The requirements that you will have to meet in order to open a cryptocurrency exchange in St.Lucia include:
- One shareholder, one being the minimum
- Minimum of one director (same person can be both a shareholder and director)
- No minimum start up capital is required for the formation of the company
- Provide a clean police report (US persons should send an FBI report)
Note that companies can be incorporated within 24 hours of having received all necessary due diligence documents. There is also some documentation that is required to be presented by each shareholder and director which includes:
- Certified copy of 2 types of government issued ID, one needs to be a Passport
- Two reference letters issued by a bank
- Original utility bill or government financial institution issued document containing the residential address of the business
As part of the due diligence you must also apply by sending a company formation package that includes the following:
- Certificate of Incorporation
- Memorandum of Association
- Appointment of First Directors
- Inaugural Resolution of the Directors
- Register of Directors
- Register of Members
- Company Seal
The process can seem difficult at first glance, but compared to other jurisdictions it is quite simple to open a cryptocurrency exchange in St.Lucia. Please feel free to contact us if you wish more information on the subject.
I hope you’ve found this article on setting up a cryptocurrency exchange in St.Lucia to be helpful. For more information, and to be connected with our local expert, please contact us HERE.
Also, if you don’t already have the software, we can connect you to a turnkey provider. This firm offers software, license, banking, liquidity services, etc. The setup costs are $400,000 to $500,000.
I’ve included some additonal light reading, enjoy!
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