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How to open an IT company abroad?

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Information technology is one of the leading business sectors today. Each person actively uses dozens of different services every day. The need for new affordable IT services is growing year by year. Therefore, starting a business in the IT field is a very productive decision. Many entrepreneurs are interested in how to open an IT company in 2022, avoiding typical mistakes and bureaucratic problems.

How To Open An IT Company?​

First you need to solve a number of key issues. Your company must have a unique name. This requirement is relevant regardless of the country in which you plan to do business. If it is not fulfilled, the system will indicate plagiarism and the entrepreneur will be denied registration.

Our company performs business registration abroad on optimal terms. Professionals will analyze your company’s activities and select the state with the best conditions. At the same time, they necessarily take into account all the wishes of the customer and the peculiarities of local legislation.

How to choose a jurisdiction for an IT company?

The countries of the European Union and the USA are the most popular among those wishing to open their own business today. Each state offers its own advantages for IT companies. The entrepreneur makes the final decision, taking into account all the nuances of work and personal preferences. First, you should decide on the key features of the activity:

Operating conditions in different jurisdictions

When it comes to opening your own company in one of the EU countries, you need to take into account that investors prefer cooperation with local companies. First of all, an entrepreneur needs to know about tax rates and the availability of benefits for IT business.

Jurisdiction comparison for IT

How to open an IT company in Ukraine?

Technologies are quite widespread in Ukraine, because it is considered an IT hub. Therefore, opening should begin with thorough analysis of competitiveness and creation of unique offers.

From a legal point of view, starting a company is not difficult. It is enough to decide on the registration form. The most popular are FOP and LLC. The last option is suitable if the involvement of several founders and high turnover are expected. In this case, it is necessary to take into account the pitfalls of this form of ownership. For example, the need to create a charter and documents regulating the rights of share owners and options for exit.

Ukraine now offers a special mode of operation for Diya City IT companies. The regime provides preferential rules for the taxation of labor remuneration with personal income tax and social contribution, the possibility to choose a system of corporate taxation – ordinary income tax of 18% or tax on withdrawn capital of 9%. The main requirements: income from a qualified activity of at least 90%, no negative factors, the average number of employees and gig specialists of the company is at least 9 people, the average monthly remuneration of the employees and gig specialists of the company is at least 1,200 euros in hryvnia equivalent.

How to open your IT company easily and quickly?

The registration procedure is quite complicated and involves many nuances. Not every entrepreneur can go the entire process and to Open It Company Abroad without making mistakes. Especially if he does not have the necessary skills. The only way to simplify this procedure is to contact qualified lawyers. Our lawyers specialize in this area as well. We will carry out a thorough analysis of the planned business activity, take into account all your requirements and priorities and select the most favorable jurisdiction.

Our specialists are able to perform all the necessary actions for incorporation, in particular, prepare the relevant documents and organize the entire process. As a result, you will have a company registered under the current legislation of the chosen country, which will meet all the goals and requirements you have set.

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Africa’s Online Gambling Markets: Licensing, Prices, Legality

Table of contents Africa is growing rapidly since the availability of high-speed internet connections in even rural areas. Due to this, many companies are showing interest in investing in online gaming in Africa. Many African countries have legalised online gambling and incorporated their own gaming laws for their economic growth.   You can contact the Betting and Licensing Board Kenya, the Gaming Board of Tanzania, etc., to get a license in these African countries. Here, we will explore licensing, prices, and legality to get involved in Africa’s online gambling markets. Africa Gaming Market Analysis The Africa gaming market is expected to generate more than $2 billion in 2024, and the CAGR is estimated at 9.43 % for the 2024-2029 period. The market of gaming in Africa is reaching a broader audience base, and both local and foreign operators are available in this region. According to the United Nations, the number of young people in Africa is rising. Many players are getting involved in gaming in Africa to have fun from betting. Also, countries like South Africa, Nigeria, and Tanzania are providing gambling licences to operate freely in the region. Let’s analyse Africa’s gaming market in a bit more detail. Closed Markets Many African countries have prohibited gambling in their countries, especially Muslim-majority countries. Some countries like Egypt, Morocco, and Tunisia allow land-based gambling in certain hotels. However, only foreigners are allowed to participate in online gaming in Africa in these countries, not the local players. Tunisia runs state-owned sports betting to support local communities. Also, Morocco and Egypt do not regulate online gambling, which means foreign operators can enter the market, but they cannot get a valid license. Markets Lacking Regulatory Oversight Some countries lack regulatory oversight in online gaming in Africa, which poses several risks. Somalia and Sudan are examples of countries that lack regulatory oversight. If you operate online gambling in these markets, you may face problems in payments. Also, you cannot take legal action because there are no relevant authorities. Markets Offering Licenses Certain countries offer licenses for operating online gaming in Africa, however they do not regulate it properly. Also, you may have to pay different amounts depending on whether you are a local or foreign operator. For example, the gambling license cost in Kenya is around 460,000 KSH for local applicants and 910,000 KSH for foreign applicants. Uganda and Zambia are also examples of countries that offer land-based gambling licences and do not regulate online gambling. However, the Betting and Licensing Board Kenya offers the same license to both online and offline gambling operators. Even though these countries do not regulate online gambling, you should get a license to avoid legal issues and make profits from your investment. There are also countries which provides full-fledged online gambling licenses such as Nigeria, South Africa and Tanzania. In Which Country Can You Obtain A License For Online Gambling? Several African countries, such as Nigeria, South Africa, and Tanzania, offer valid licenses for online gambling. If you follow the process and pay the required fees, you can obtain a license for online gaming in Africa. The charges include application fees, license grant fees, investigation fees, etc. Let’s take a detailed overview of how to get a gambling license in South Africa, Nigeria, and Tanzania. Nigeria Gambling License Nigeria is a wonderful country and provides the utmost infrastructure for running a gambling business. You can obtain a Nigeria gambling license from the National Lottery Regulation Commission (NLRC) and the Lagos State Lotteries and Gaming Authority (LSLGA). You can also get a license in different categories, such as casino games, sports betting, poker, etc. To obtain a license for online gaming in Africa, you must submit your application with the required documents and a fee of 2,000,000 Naira to the NLRC. If you want to operate online gambling from outside Nigeria, you can get a remote permit. Online Gambling Licensing In South Africa South Africa allows online sports betting, and it is an awesome place for operators. You can get your South African online gambling license from the Western Cape Gambling and Racing Board (WCGRB). You have to submit the required documents and an application fee to get a bookmaker license. Also, you have to follow the betting laws when you get an online gambling license South Africa to renew the license after specified validity.   Online Gambling Licensing In Tanzania Tanzania is also a great country to operate online gaming in Africa. The Gaming Board Of Tanzania (GBT) provides licenses for online gambling, whether it is for casinos or sportsbooks. Also, you have to make an investment in Tanzania in order to get an online gambling licence. The minimum investment amount for a local company is $300,000 and a foreign company is $500,000. Moreover, the application fee for online casinos is TZS 1,000,000, and for online sports betting, it is TZS 500,000. Additionally, you have to pay a 25% income tax from the revenue of your online gambling. What Assistance Does InteliumLaw Offer? InteliumLaw offers legal solutions for operating your business in different countries. Understanding the different rules in different countries can be challenging for you. You can consult experts from InteliumLaw to get specific solutions to meet your requirements. It can help you get a valid license in countries that regulate online gaming in Africa. It can also help you comply with the rules of the local government. It can also provide you with tax consultation services according to local or international laws. You can get a valid license and operate online gambling in Africa without any hassle with the assistance of InteliumLaw. FAQ Which African countries offer online gambling licensing? African countries that offer online gambling licensing are Nigeria, South Africa, Tanzania. Uganda, Kenya etc. What are the key considerations for obtaining online gambling licensing in Nigeria, South Africa and Tanzania? The key considerations for obtaining online gambling licensing in Nigeria, South Africa, and Tanzania are reaching out to the relevant authorities and paying application fees

Safe deposit boxes room inside of a bank vault.

Сould I open account with a foreign bank?

Table of contents Сlients are becoming more and more  interested in opening an individual accounts with foreign banks. Someone could tell it can be done quite simply, while others claim that this process is very complicated. Both will be right. The fact is that each of the clients choose a bank in their own way. Someone knows from the beginning what financial organization he/she needs, while others need more time to decide, because they want quick, convenient procedure, and the reliable bank. The bank can open an account in different ways – remotely or upon personal visit of the client. In most cases, the client asks for assistance with account opening from a company that represents the client’s interests, or tries to do everything on his/her own that might lead to many mistakes, which then have to be corrected. In the first case, no special efforts are required from the client and as a result, he/she does not have any difficulties. In the second case, the procedure becomes really complicated and long. Why do you need a foreign bank account? If you have an account in a foreign bank, it will give you the opportunity to purchase real estate in this country, to receive salary and dividends, to pay for foreing  accommodation during the trip, etc. However, usually, the purpose of obtaining a foreign account is much simpler – to save and increase client’s own capital. Before opening an account in a foreign bank, you should determine the purpose. A representative of a financial organization will definitely ask about it. If a person lives and works in another country and needs a bank account there only to receive a salary, then there may not be any additional questions. If a person has other plans, he will have to answer various related questions: In addition, it will be necessary to provide a package of documents (tax declaration, documents confirming that the person is the owner of the company, contract for the sale of real estate and other property, etc.). What jurisdiction to choose? Banks opening accounts for non-residents are divided into four types: What bank to choose? The choice depends on the goal and desire of the client, in particular, on the primary reason for which the account is needed, e.g.:  There are many options for opening an account in a foreign bank by an individual. And not only for a businessman, but also for an investor and for an ordinary person. Also, it is necessary to study bank’s requirements and conditions: All above points are important, so you need to consider them well. If you don’t want to go through all these subtleties, you can give the process  to the specialists. What types of personal accounts exist? Based on the purpose of bank account, they could be classified as follows:  Not all foreign banks offer the opening of current bank accounts for transactions on a daily basis. Two types of accounts are more common – investment and savings accounts. Opening an account in a foreign bank with assistance of Intellium Law The specialists of our company know the specifics of banks worldwide and the list of conditions and requirements in most institutions. Our most professional tax consultants and lawyers will be happy to assist you during the process. The process of account opening will go in the following way:  Our company works closely with banks of Slovakia, Serbia, Georgia, Switzerland, Hungary, Armenia, Portugal, Macedonia, Austria, Latvia, Liechtenstein, Bulgaria, Hong Kong, payment systems of Latvia, Lithuania, Cyprus, Czech Republic, Singapore and Spain. Our lawyers will do our best to reach the required target. Working with us, you will easily achieve your goal. Conclusions You can open an account in a foreign bank yourself, but it is usually a very complicated process. Many people have difficulties already at the initial stage, when it is necessary to analyze the banks in different jurisdictions. The difficulties might appear later, at the stage of documents preparation and passing bank compliance. So, it is better to use professional assistance to achieve the desired results.

Crypto Friendly Countries: 10 Best Country for Cryptocurrency

Table of contents Cryptocurrencies are digital assets that operate on decentralized networks, free from the control or interference of any central authority. They offer a new form of individual empowerment, innovation, and financial inclusion. However, not all countries share the same vision or enthusiasm for the crypto industry. In the dynamic landscape of cryptocurrency, the world is witnessing an evolution that involves regulators, investors, and businesses. This innovative sphere has garnered attention, sparking reactions from countries worldwide. When exploring crypto-friendly countries, it is easy to notice how differen could be approach of countries to this new sphere. Some nations are welcoming this financial revolution with open arms, some adopting a neutral stance, and others proceeding with caution or imposing restrictions or outright bans. In this article we will go through the crypto landscape of most crypto friendly countries, where nations navigate this transformative wave with highest perspectives and friendly approaches. What does it mean for a country to be “crypto-friendly”? The term “crypto-friendly” means a country’s positive disposition and supportive ecosystem for the development and utilization of cryptocurrencies and blockchain technology. Such nations typically exhibit several key characteristics:   Clear and Favorable Legislative Regulations: countries with crypto friendly regulations that provide legal certainty and protection for both cryptocurrency businesses and users are commonly consider as crypto friendly countri This legal clarity fosters a conducive environment for the growth of the crypto industry. Low or No Taxation on Crypto Transactions: crypto-friendly countries often have low or no taxation on crypto transactions and profits, or they may offer incentives for engaging in crypto-related activities. This encourages businesses and individuals to participate in the crypto market without undue financial burden. However, this criteria is not mandatory. Sometimes countries with high tax rates are also among top crypto friendly countries, because of the general welcoming approach to crypto. Active Cryptocurrency Community: A vibrant and active cryptocurrency community is a hallmark of so called “best country for cryptocurrency”. This community comprises investors, traders, developers, entrepreneurs, educators, and enthusiasts who contribute to the ecosystem’s dynamism and growth. High Rates of Cryptocurrency Integration and Adoption: Crypto-friendly countries witness high levels of cryptocurrency integration and adoption, not only within the public and private sectors but also among the general population. This widespread acceptance contributes to the mainstreaming of cryptocurrencies. Availability of Crypto Infrastructure: The presence of a significant number of Bitcoin ATMs and other crypto services is indicative of “best countries for crypto”. This infrastructure facilitates easy and convenient access to the crypto market for users. Robust Security Measures: To mitigate risks associated with the crypto industry, crypto friendly countries implement robust security measures and best practices. These measures aim to prevent cyberattacks, fraud, theft, and other potential threats to ensure the safety of participants in the crypto ecosystem. Crypto-friendly countries are often recognized as pioneers and innovators in the global economy. By embracing the potential of cryptocurrencies and blockchain technology, these countries position themselves to create new opportunities, solutions, and value. Additionally, they benefit from the increased competitiveness, efficiency, transparency, and inclusiveness that the crypto industry brings to their economic landscape. While a countries’ crypto friendly status is significant, choosing the best country for crypto for your specific business requires careful consideration of various factors. InteliumLaw offers specialized expertise to help you navigate the complexities of crypto regulations and choose the most suitable environment for your project. The 10 Best Countries for Cryptocurrency El Salvador Pioneering Financial Inclusion: El Salvador made history in September 2021 by becoming the first country to adopt bitcoin as legal tender. This made El Salvador one of the most bitcoin friendly countries. The government aimed to promote financial inclusion by encouraging citizens to use cryptocurrencies. Despite facing challenges in implementation and acceptance, El Salvador’s move showcased a bold approach to embracing decentralized currencies. The government offered financial incentives to citizens, and a dedicated cryptocurrency app was introduced to popularize and regularize bitcoin use.. Strategic Citizenship through Bitcoin “Donations”: In December 2023, El Salvador’s Congress approved a migration law that grants expedited citizenship to foreigners making bitcoin “donations” to government social and economic development programs. This innovative strategy further emphasizes El Salvador’s commitment to leveraging cryptocurrency not only for national economic strategies but also for global collaboration and development efforts. Thus, it could be ranked among the best crypto friendly countries. Ongoing Challenges and Opportunities: While El Salvador’s endeavor to embrace cryptocurrencies has garnered attention, there are challenges in achieving widespread adoption. Not all businesses comply with the requirement to accept bitcoin, and the country faces the task of overcoming barriers to implementation. The ongoing developments in El Salvador provide an intriguing case study for countries considering similar approaches, illustrating the complexities, benefits, and potential pitfalls of integrating cryptocurrencies into the fabric of a nation’s economic system of best crypto countries. Malta Blockchain Regulatory Haven: Malta has strategically positioned itself as a global hub for blockchain and cryptocurrencies, and therefore one of the most crypto friendly countries. The Virtual Financial Assets (VFA) Act provides a robust regulatory framework, distinguishing between various virtual assets. Malta’s regulatory environment fosters innovation while ensuring consumer protection and market integrity. The country’s commitment to blockchain regulation has made it an attractive destination for numerous crypto-related businesses, including exchanges and wallet providers. With membership in the European Union, Malta aligns its regulations with international standards, exemplified by its adherence to the Market in Crypto-Assets Regulation (MICAR). Diverse Classification of Virtual Assets: Malta’s VFA Act classifies virtual assets into categories such as utility tokens, electronic money tokens, financial instruments or security tokens, and VFAs (Virtual Financial Assets). This clear classification provides legal clarity for businesses and investors, setting a precedent for other jurisdictions. Given that it might be named as one of the “best country for cryptocurrency”. Continued Alignment with International Standards: Malta’s proactive regulatory stance continues to evolve, with an eye on international developments. As of April 2024, member states are expected to transpose the new Market in Crypto-Assets Regulation into national law. Malta’s alignment with these regulations

CountryTax rateAvailability of benefits for ITAlternative modesOpening cost
CyprusIncome tax — 12,5%. VAT — 19%. For the payment of dividends — 0%2,5% according to IP Box rules.NoAverage
BulgariaIncome tax — 10%. VAT — 20%. For the payment of dividends — 5%.NoNoBelow average
RomaniaIncome tax — 16%. VAT — 19%. For the payment of dividends — 5%.NoA preferential tax rate applies to revenues of less than 1 million euros. 1% if there are employees and 3% if there are no employees.Below average
LithuaniaIncome tax — 15%. VAT — 21%. For the payment of dividends — 5%.5% according to IP Box rules.If the annual income is less than 300,000 euros, and the number of employees does not exceed 10 people, the tax is not charged in the first year. In the future, it will be 5%.Low
LatviaTax on withdrawn capital — 20% VAT — 21%.NoNoBelow average
EstoniaTax on withdrawn capital — 20%. VAT — 20%. For the payment of dividends — 0% (but there are exceptions).NoNoAverage
PolandIncome tax — 19%. VAT — 23%. For the payment of dividends — 5% (under certain conditions).5% according to IP Box rules.For newly created companies and those with an annual turnover of less than 2 million euros, a rate of 9% is applied. The company can switch to payment of tax on withdrawn capital at the rate of 20% or 10%Average
GeorgiaTax on withdrawn capital — 15%. VAT — 18%. For the payment of dividends — 0% (under certain conditions).With the status of an international company, the income tax will be 5%. Firms with Virtual Zone status are exempt from VAT and income tax.NoAverage