Crypto License in Bulgaria

Inteliumlaw » Crypto licenses » Crypto License in Bulgaria

For an extended period, Bulgaria has maintained a cautious stance towards cryptocurrencies, lacking specific regulations or extensive discussions about their status.

The Bulgarian National Bank (“BNB”) and the Bulgarian Financial Supervision Commission (“FSC””) have yet to classify cryptocurrencies as financial instruments or electronic money, allowing them to remain unregulated and not deemed illegal. The lack of a defined regulatory framework has led to no special licensing regime for establishing a crypto asset entity in Bulgaria.

Thus, the widely used term "crypto license in Bulgaria" refers to an additional registration requirement with the National Revenue Agency (“NRA”) in Bulgaria, rather than a distinct licensing process. This registration enables entities to engage in various crypto-related activities, including cryptocurrency exchange, custody services, wallet provision, crypto payment services, and crypto advisory services given a way for a “Bulgarian crypto license” in the industry.

Bulgaria's regulatory approach to cryptocurrencies has largely followed the guidance of the European Central Bank. The BNB expressed concerns about the inherent risks of buying virtual currencies in 2018, highlighting their extreme price volatility and potential pricing bubbles. The FSC echoed these sentiments in 2022, issuing warnings about the volatility and unregulated nature of crypto investment funds.

Despite the absence of specific regulations, cryptocurrencies in Bulgaria are indirectly regulated by measures aimed at preventing money laundering. In 2019-2020 the Measures Against Money Laundering Act in Bulgaria (or well-known “MAMLA”, in Bulgarian “Закон за мерките срещу изпирането на пари”) introduced the first legal definition of cryptocurrencies in Bulgarian legislation. It defines "virtual currencies" as digital representations of value accepted by individuals or entities as a medium of exchange, without being issued or guaranteed by a central bank or public body. Based on the 5th Money Laundering Directive (Directive (EU) 2015/849) MAMLA also implemented the definition of “wallet provider, offering custodial services” is defined as “a natural or legal person, or other legal entity, providing services for the protection of private cryptographic keys on behalf of its clients for owning, storing and transferring virtual currencies” Further referring to these concepts the Additional Provisions of Ordinance No. Н-9 of 7 August 2020 in Bulgaria, established requirements to crypto-asset exchanges and custodial wallet providers to register in a public register maintained by the NRA in Bulgaria. This created a so-called “cryptocurrency license in Bulgaria”.

Upon registration, companies receive a crypto-certificate or crypto-license, the only state-issued document allowing them to provide crypto-related services.

In summary, Bulgaria's regulatory landscape for cryptocurrencies remains open, recently a registration process replaces a formal licensing regime. The position on unregulated status of cryptocurrency activity is confirmed in court practice and opinions of BNB and FSC in Bulgaria. There are no specific crypto-currency or fintech law that regulated this shpere. The country's approach aligns with preventing money laundering, ensuring transparency, and promoting responsible crypto-related activities. It is expected that in its further movements towards “crypto license in Bulgaria” regulation the country will mainly follow European Union approach.

Advantages of Bulgaria Crypto License

Bulgaria crypto license has several advantages, few of which are listed below.

These advantages collectively position Bulgaria as an appealing destination for obtaining a Bulgarian crypto license, attracting businesses seeking a conducive and cost-effective environment for their crypto-related operations.

Types of Cryptocurrency Licenses in Bulgaria

Despite the fact that crypto activity is not specifically regulated in Bulgaria, there might be situations when certain part of crypto activity falls under the existing licensing rules. Therefore, we could conditionally divide the following types of cryptocurrency licenses in Bulgaria:

I. Registration with National Revenue Agency (NRA):

II. Financial Services Commission (FSC) License:

Scope of Financial Services: If the crypto-related activities potentially qualify as financial services or be categorized as related to financial instruments, a license from the Financial Services Commission (FSC) might be required.

Understanding the distinct licensing options in Bulgaria is crucial for businesses to align their crypto-related activities with the appropriate regulatory framework, obtaining of respective so-called Bulgarian crypto license and ensure compliance with national and EU financial regulations.

InteliumLaw's Bulgaria Crypto License Services

InteliumLaw provides comprehensive services related to Bulgaria Crypto License.

  • Crypto Company Setup in Bulgaria Assistance:
    • Professional Guidance: InteliumLaw provides expert assistance in crypto company setup in Bulgaria, ensuring a seamless and compliant establishment process.
    • Structuring Support: Our team aids in structuring the company to align with the regulatory requirements and industry best practices.
  • Crypto License Bulgaria Procurement Support:
    • Licensing Expertise: InteliumLaw offers valuable support in the process of obtaining a crypto license in Bulgaria, guiding clients through the necessary steps and requirements.
    • Regulatory Compliance: We ensure that the crypto licensing process complies with all relevant regulations and legal frameworks, providing a smooth path to acquiring the necessary authorization (Bulgarian crypto license).
  • Terms & Conditions (T&C) Drafting: Tailored Documents: Our legal experts assist in drafting comprehensive Terms & Conditions specifically tailored to the client’s crypto-related activities, ensuring legal clarity and user protection.
  • GDPR Assistance: Data Protection Compliance: InteliumLaw provides support in aligning crypto businesses with the General Data Protection Regulation (GDPR) requirements, safeguarding the privacy and data rights of users.
  • AML Policies Drafting and Compliance Setup:
    • Policy Crafting: Our team drafts robust Anti-Money Laundering (AML) policies tailored to the crypto business in Bulgaria, meeting regulatory standards and ensuring effective risk management.
    • Implementation Assistance: InteliumLaw assists in the practical implementation of AML compliance within the company, ensuring adherence to legal obligations and industry best practices.
  • Communication with Regulatory Authorities: Liaison Services: We manage and facilitate communication with regulatory authorities on behalf of our clients, ensuring a transparent and compliant dialogue throughout the crypto licensing and operational phases.
  • Legal Qualification of Crypto Activity:
    • Expert Evaluation: InteliumLaw provides expertise in legally qualifying crypto activities, ensuring that the business aligns with the appropriate regulatory categorization.
    • Risk Mitigation: Our team assesses potential legal risks associated with crypto activities, offering strategic advice to mitigate regulatory challenges.

InteliumLaw stands as a reliable partner for businesses seeking to establish and operate within the Bulgarian crypto license ecosystem, offering a comprehensive suite of legal services to navigate the complexities of the regulatory landscape effectively.

Leave Us A Message

And we wil get back to you

Requirements for Bulgaria Crypto License

  • Corporate Requirements for Crypto Businesses: The prevalent choices for the corporate structure of crypto businesses in Bulgaria revolve around Limited Liability Companies (LLCs) or Joint-Stock Companies (JSCs).

    Key Elements in Crypto Company Setup in Bulgaria:

    • Minimum one shareholder (good reputation is mandatory, source of funds confirmation will be a plus)
    • Local director is not mandatory, but recommended
    • Minimum Share Capital: a Bulgarian LLC seeking a crypto license in Bulgaria necessitates a minimum capital of BGN 2 (€1).
    • Local Registered Office Address
  • Authorization Procedure:
    Transparent Entry into Public Register: As part of the authorization procedure, applicants are mandated to apply for inclusion in a public register meticulously maintained by the National Revenue Agency. This process not only underscores regulatory compliance but also emphasizes the importance of transparency in crypto operations.

    KYC Proceedings and Strategic Implementation of AML Measures: 

    • Mandatory KYC Verification: Entities aspiring to obtain a Bulgaria Crypto License must diligently conduct Know Your Customer (KYC) proceedings. This crucial step ensures the thorough verification of client identities, aligning with stringent anti-money laundering (AML) regulations
    • Prudent Focus on AML Compliance: Crypto company formation in Bulgaria places paramount importance on the meticulous implementation of Anti-Money Laundering (AML) measures.
    • Stringent Requirements under MAMLA: In accordance with Paragraphs 38-39 of Article 4 of the Anti-Money Laundering Measures Act (MAMLA), entities engaged in crypto exchange and wallet provision are obligated to perform:
      • Collection and Custody of essential documents, data, and information.
      • Rigorous assessment of the risk associated with money laundering and terrorist financing.
      • Disclosure of pertinent information concerning suspicious transactions, ongoing transactions, and client profiles.

InteliumLaw provides comprehensive assistance to crypto businesses in Bulgaria, guiding them through the intricate processes of KYC proceedings, public register entry, and the establishment of a solid corporate structure. Our focus on AML measures ensures compliance with regulatory requirements and fosters a secure operational environment for crypto-related activities.

Crypto license application documents in Bulgaria

The process of obtaining a cryptocurrency license in Bulgaria involves preparation and submission of various documents. The application form, crucial for inclusion in the public registry of entities providing professional services related to virtual currencies, mandates the provision of comprehensive information. The key documents and details required include:

  • Identification Documents: Passport and utility bill of the Ultimate Beneficial Owner (UBO) and the director of the company.
  • Company Information:
    • Name of the company.
    • Location and office address of the legal entity.
    • Correspondence address.
    • Email address for correspondence.
  • Key Personnel Details: Details of the UBO and individuals representing the company’s interests if different from the UBO. Contact persons’ information, including name, title, telephone number, and email address for correspondence if different from the UBO.
  • Corporate Information: Unique Identification Code (UIC) in the commercial register.
  •  Financial Details: Information on the opened payment account, including account number and the name of the payment service provider (multiple accounts can be indicated).
  • Online Presence: Website or mobile application address for virtual currency exchange or digital wallet services.
  • Business Details: Comprehensive description of the intended activity the applicant plans to perform.
  • Global Reach: List of countries in which the applicant intends to offer its services.
  •  Cross-Border Information: Clarification on whether the applicant is a cross-border company or part of a cross-border entity.

Submitting these documents ensures a thorough representation of the crypto entity in Bulgaria, facilitating a smoother evaluation process for the issuance of a crypto license in Bulgaria. InteliumLaw's expertise in guiding clients through this documentation process streamlines the application journey, ensuring compliance with regulatory requirements.

Process of obtaining a crypto license in Bulgaria

An obtaining of a crypto license in Bulgaria involves a structured process, ensuring legal compliance and authorization for engaging in cryptocurrency-related activities. The key steps include

I. Crypto company formation in Bulgaria:

II. Notification and Authorization of the Company with the National Revenue Agency (NRA):

Obtain the so-called “Bulgarian crypto license”, also known as the registration certificate, by registering the company with the National Revenue Agency. The registration certificate, issued as an electronic document with a qualified electronic signature, is sent to the registered person via email.

III. Optional Step: Opening a Bank Account:

While not a mandatory step for crypto authorization, opening a bank account is very important for the operational setup.

InteliumLaw provides comprehensive assistance throughout this process, ensuring a smooth and compliant journey towards obtaining a crypto license in Bulgaria. Our expertise encompasses guiding clients through legal requirements, facilitating necessary registrations, and ensuring adherence to regulatory protocols.

Leave Us A Message

And we wil get back to you

Regulation of cryptocurrencies in Bulgaria

As already described above, at present, cryptocurrencies in Bulgaria are not subject to specific financial services regulations. Crypto related businesses are subject to authorization with NRA in Bulgaria (so-called “Bulgarian crypto license”). However, the country might be affected with the transposition of the Markets in Crypto Assets (MiCA) regulation.

Key Legislation Governing Cryptocurrencies:

  • Fifth Anti-Money Laundering Directive (Directive (EU) 2018/843 or 5AMLD)
    • Introduced the concept of “virtual currencies” and defined them as digital representations of value.
    • Obliges crypto businesses to implement customer due diligence procedures, with complex due diligence for transactions exceeding BGN 30,000.
    • Created a Public Register for Crypto Service Providers: In response to 5AMLD, Bulgaria established a special register for companies providing cryptocurrency services. This register, under the regulation of the National Revenue Agency (NRA), aims to enhance AML compliance and restrict the potential for terrorism financing.
  • Bulgarian Law on Measures against Money Laundering (“MAMLA”)
    • Adherence to the EU’s Anti-Money Laundering Directive (AMLD) for common AML requirements across member states.
    • Mandates crypto businesses to obtain a crypto license.
    • Requires robust AML and Know Your Customer (KYC) procedures to mitigate financial crime risks.

Regulatory Authorities:

The key regulatory considerations for holders of cryptocurrency license in Bulgaria are outlined below.

  • AML Compliance Requirements for Crypto Companies.
    • Customer due diligence, risk assessment, and disclosure of information for transactions exceeding specified thresholds.
    • Internal policies and procedures, including checks on key employees and control of financial instruments.
    • Identification of donors and beneficiaries, accompanied by documentation and risk assessment.
    • Reporting of suspicious activities or transactions.

  • Consumer Protection Measures:
    • Compliance with consumer protection legislation.
    • Provision of preliminary information to consumers regarding services.
    • Ensuring fairness in contract terms and avoiding misleading commercial practices.
    • Right to withdraw from the contract within 14 days and mechanisms for dispute resolution.

  • Data Protection Considerations:
    • Application of GDPR to processing data of Bulgarian/EU data subjects.
    • Compliance with GDPR requirements for controllers or processors not established in the EU.
    • Consideration of Bulgarian Personal Data Protection Act (PDPA) for data subjects in Bulgaria.
    • Implementation of safeguards for storing personal data in a cloud, especially when located outside the EU/EEA.

The regulatory landscape for cryptocurrency services in Bulgaria is not extensive and mostly consists of general AML compliance, consumer protection measures, and data protection considerations. Crypto service providers must navigate these requirements diligently to mitigate risks and ensure legal adherence. Also, upcoming changes should be monitored diligently as the new developments yet to come.

Cryptocurrency taxation in Bulgaria

Although Bulgarian tax law doesn't explicitly regulate cryptocurrency taxation, the issued guidance from the tax authorities consider cryptocurrencies as financial assets for tax purposes. Rulings from the Bulgarian tax authorities of 2014 require individuals to pay taxes on gains from the sale of cryptocurrencies as financial assets.

For Bulgarian resident individuals, the taxable capital gain from selling cryptocurrencies is subject to personal income tax at a flat rate of 10%. If the cryptocurrency trading activity is conducted systematically and serves as the main source of income for the individual investor, the gains are taxed as business income at a flat rate of 15%.

Bulgarian resident companies, on the other hand, include any capital gains from the sale of financial assets, including cryptocurrencies, in their corporate income tax base. Corporate income tax is levied at a rate of 10%.

In alignment with the Court of Justice of the European Union's case law, the Bulgarian tax authorities consider the exchange of fiat currency for bitcoins and vice versa as a VAT-exempt transaction. This VAT exemption, however, contributes to the turnover calculation for determining the VAT registration threshold.

How much is the cost of a cryptocurrency license in Bulgaria?

The cost of a cryptocurrency license in Bulgaria can vary based on several factors, including the specific services you intend to offer, the scale of your operations, and other individual circumstances. Due to the nuanced nature of licensing requirements and the need for tailored advice, it's recommended to contact a representative from Inteliumlaw for precise information on the cost associated with obtaining a cryptocurrency license in Bulgaria. They can provide personalized guidance based on your business model and requirements.

How long does it take to get a cryptocurrency license in Bulgaria?

The timeline for obtaining a cryptocurrency license in Bulgaria involves several steps.

First, the crypto company formation in Bulgaria, usually a limited liability company, needs to be completed, and it is then entered into the public register of the National Revenue Agency. The duration of this process depends on factors such as the timeframe for opening a domestic bank account, which can vary based on management choices (local or foreign).

The Authorization procedure (obtaining of a Bulgaria crypto license) typically takes around 14 days, and the application is processed within this timeframe.

Therefore, considering the crypto company setup in Bulgaria and the subsequent Authorization procedure, the overall process can take between 3 to 6 weeks. It's essential to note that these timelines are approximate and may vary based on specific circumstances and individual factors.

Additional Services

In addition to assisting with cryptocurrency licenses in Bulgaria, InteliumLaw offers a range of additional services to support crypto businesses:

By offering these additional services, InteliumLaw aims to provide comprehensive support to cryptocurrency enterprises holding a 'crypto license' in Bulgaria, ensuring they navigate legal complexities, stay informed about industry changes, and receive expert assistance in accounting matters.

Leave Us A Message

And we wil get back to you


Is crypto regulated in Bulgaria?

Crypto-related businesses in Bulgaria are not governed by a specific financial services law. However, it's essential to note that certain aspects of crypto activities may fall under the purview of other financial licenses regulated by the Financial Supervision Commission (FSC) in Bulgaria. Holders of a 'crypto license in Bulgaria' are subject to general Anti-Money Laundering (AML), Know Your Customer (KYC), and consumer protection regulations.

Do I need to be physically present to register a crypto business in Bulgaria?

No, all processes for Bulgarian crypto license could be done remotely.

What are the AML/KYC requirements for crypto businesses in Bulgaria?

Crypto businesses holding a 'crypto license' in Bulgaria are obliged to adhere to Anti-Money Laundering (AML) and Know Your Customer (KYC) regulations. The requirements include:

  • Customer Due Diligence (CDD): Crypto businesses must conduct thorough due diligence when establishing a business relationship, executing transactions, or in the case of any suspicious activities. CDD involves collecting and verifying customer information, assessing the risk of money laundering and terrorist financing, and disclosing information about suspicious transactions.
  • Documentation: Crypto businesses holding a 'crypto license' in Bulgaria are required to collect and prepare necessary documents and information, including the passport and utility bill of the Ultimate Beneficial Owner (UBO) and director. Additionally, details about the company, its location, office address, contact information, and other relevant details need to be provided.
  • Custody of Documents: Maintaining custody of collected documents, data, and information is essential for compliance.
  • Risk Assessment: Bulgarian crypto license businesses must assess the risk of money laundering and terrorist financing associated with their operations.
  • Reporting: Crypto businesses with crypto license Bulgaria need to disclose information about suspicious transactions, activities, and customers to the appropriate authorities.

These measures are crucial to ensuring compliance with AML/KYC regulations and preventing illicit financial activities within the cryptocurrency space.

How does InteliumLaw ensure legal compliance during the licensing process?

InteliumLaw employs a comprehensive approach to ensure legal compliance throughout the crypto licensing process for crypto businesses in Bulgaria. Our strategies include:

  • Legal Expertise: InteliumLaw's team consists of legal experts well-versed in cryptocurrency regulations, financial laws, and crypto licensing procedures in Bulgaria. This expertise ensures accurate interpretation and application of relevant legal frameworks by holders of crypto license in Bulgaria.
  • Regulatory Monitoring: We stay abreast of regulatory changes, industry trends, and emerging legal considerations. Continuous monitoring allows us to adapt strategies to align with evolving regulations and compliance standards.
  • Tailored Solutions: Every client's situation is unique. InteliumLaw provides tailored legal solutions, considering the specific needs, activities, and goals of each crypto business seeking licensing in Bulgaria.
  • Documentation Assistance: Our team assists in preparing and submitting the required documentation for licensing, ensuring that all necessary information is accurately provided and complies with regulatory standards.
  • Communication with Authorities: We facilitate communication with regulatory authorities on behalf of our clients, addressing inquiries and providing necessary clarifications during the licensing process.
  • Proactive Legal Support: Beyond the crypto licensing stage, InteliumLawoffers continuous legal support, keeping clients informed about regulatory changes and providing proactive solutions to emerging legal challenges.

Can non-residents open a crypto company in Bulgaria?

Yes, the foreign residents are not prohibited from a crypto company formation in Bulgaria.

Who can conduct crypto activities in Bulgaria?

A crypto company that obtained a so-called “cryptocurrency license in Bulgaria” (i.e. authorized by NRA) can conduct crypto activities in Bulgaria.

Other services

International Corporate Structuring

International Structuring

International structuring is of great importance for any business, both already functioning and planning to enter the international market. The correct organization of the legal structure and rational tax planning is the initial and basic guarantee of successful business development in the future. Given the current global trends, among the rest of the automatic exchange, counteracting the erosion of the tax base, the shift of profits, and other measures to combat tax evasion, the competent structuring of business in world markets becomes even more important. The support of professionals in this area will be of great importance for the adaptation of businesses to various innovations, ensuring their continuous operation and protecting interests in the new realities. The most optimal solution is to entrust the planning to a specialized law firm. Key factors International structuring is an extensive set of legal processes. All of them contribute to protecting business assets, minimizing legal and tax risks, using the most rational ways in the field of taxation, and solving other tasks set by the client. The necessary solutions are developed using legally acceptable mechanisms and tools. Specialists use the available tools in such a way as to ensure the maximum effectiveness of the measures taken to protect and optimize the business of clients. A full international structuring in most cases consists of the following steps: First, a meeting or call is scheduled with the client. During it, we discuss the initial data, as well as determine the goals and objectives. Our experts analyze the provided description, work out all the preliminary options and possibilities. Further, communication with the client continues to clarify the details and features, preliminary agreement on possible jurisdictions and mechanisms for their further more detailed consideration by professionals. A memorandum is being prepared outlining the structuring options. Next, the specialists present the options developed in the memorandum to the management of our client. After that, we further discuss and agree on the most suitable options. At the final stage, our company provides full support for the implementation of the structuring option, and individual restructuring elements chosen by the client. Benefits A number of positive factors influence the demand for the services of our lawyers. Our specialists have significant experience in international planning, they know the practical features and all the possible difficulties that may arise in this area. Inteliumlaw constantly monitors current trends, planned transformations and innovations in the field of international taxation. Thanks to the accumulated experience and monitoring of upcoming changes in this area, we work proactively for our clients and develop structures for businesses that are most adapted to modern conditions. Our offer Our specialists provide full support for the process of international corporate structuring. Inteliumlaw provides a wide range of services in this area. Specialists conduct preliminary consultations on optimizing the structure of groups of companies. At the request of our client, we prepare legal opinions on the peculiarities of the work of jurisdictions and taxation in certain countries. Our company develops optimal business structures according to customer requests. We take into account the peculiarities of the business and the priorities set. We also analyze the current structures of groups of companies and their restructuring. Inteliumlaw provides full legal support for the implementation of the developed business structure, as well as the inclusion of individual companies in the group structure. In addition, our client can receive a complete implementation of the international business structuring project with professional support at every stage – from consulting to the full implementation of the project. Other services Leave a request for a service The accumulated experience and tracking of future changes in this area allow us to be proactivefor our clients and develop the most adapted business structures to modern conditions. By submitting this form, you hereby authorize Inteliumlaw to process your information for the purpose of addressing your inquiry. You retain the right to revoke this consent at any point. For further details, please review our Privacy Policy.

More »

Bank and merchant accounts opening

Inteliumlaw has a developed network of foreign banks and non-banking financial institutions, as well as payment aggregators around the world to offer our clients tailored Payment Solutions for Business. We help our clients with the selection of an institution for opening an account that meets their goals and wishes and fully support the account opening process, including bank compliance stage. We provide services for opening personal and corporate, current, savings and wealth management accounts, merchant accounts, accounts in crypto-processing, which allow our clients to accept payments in crypto-currencies. Corporate accounts well-functioning Corporate Bank Account is an important element for any type of businesses, regardless of jurisdiction or industry. Company exists only on paper if it does not have a bank account. It could not be a fully-functional market participant, conduct its activities, accept incoming and make outgoing payments, accumulate earned funds, and distribute profits. Even working with cryptocurrencies, in order to organize transparent activity of your business, increase economical substance, etc. your company will need a bank account, as well as solutions allowing processing of crypto-payments on your web-site and conversion of cryptocurrencies into fiat. Based on the analysis of your business, our firm will advise you on payment solutions the most suitable for your business needs and help you to Open Bank Account with a Foreign Bank. It could be a traditional account with a foreign bank and/or account with non-banking financial institutions (Electronic Money Institutions, Payment Institutions), integration with payment aggregator or crypto processing. Process of opening accounts in banking institutions is becoming an increasingly complex. Banks are ready to consider the most transparent businesses with a low-risk level, in particular traditional offline businesses. The nexus approach becomes more popular, as a result just limited number of banks accept foreign companies (not incorporated in/tied to the country of bank location). Given all the difficulties with opening accounts in traditional banking institutions, accounts in non-banking financial institutions (EMI or PI) are considered as solutions for online businesses – software companies, eCommerce, digital marketing, online gambling and others. At the same time, it should be noted that due to the tightening of global legislation in the field of combating the financing of terrorism and money laundering, passing the Know Your Client (KYC) procedure during the acceptance of clients has become more difficult not only in banks but also in non-banking financial institutions. To open an account, it will be important for the client to show the business plan for the project / business, justify the source of wealth for the business and beneficiaries, ideally, disclose the experience in the chosen business field, the planned first contracts with clients, and so on. Inteliumlaw will be happy to assist you with selection of a relevant payment solution for your business, support the process of account opening and make it to the extent possible smooth and easy. If you have any questions or require assistance, please contact our specialists. Personal bank account Opening personal accounts in reliable banking jurisdictions for the placement of distributed profit, saving and disposing of personal funds is a matter of particular importance that every business owner faces. The choice of a bank in this case can significantly affect the level of asset protection. Depending on the goals pursued by the client, it is possible to open two types of accounts: current account and savings account. It should be note that today only few banks are ready to consider foreign clients for the purpose of current accounts opening. In this regard, accounts in non-banking payment institutions (Electronic Money Institutions, Payment Institutions) are becoming increasingly popular, which, due to their functionality, can fully replace ordinary banks. Savings accounts It should be note that today only few banks are ready to consider foreign clients for the purpose of current accounts opening. In this regard, accounts in non-banking payment institutions (Electronic Money Institutions, Payment Institutions) are becoming increasingly popular, which, due to their functionality, can fully replace ordinary banks. Today, the process of personal account opening is no less complicated than the process of opening a corporate account. Banks carefully check the candidacy of potential clients within the KYC procedure. Among others, the key aspects of the research are the source of origin of clients’ funds, its history, reputation, etc. If you are interested in opening of a personal current or savings account, please contact our specialists, we will be happy to help you with your query. Leave Us A Message And we wil get back to you Contact Us Other services Leave a request for a service The accumulated experience and tracking of future changes in this area allow us to be proactivefor our clients and develop the most adapted business structures to modern conditions. By submitting this form, you hereby authorize Inteliumlaw to process your information for the purpose of addressing your inquiry. You retain the right to revoke this consent at any point. For further details, please review our Privacy Policy.

More »
Legal Audit

Tax and legal audit of the project / organization

Despite the common stereotype, tax accounting and bookkeeping are very different. Therefore, many firms have problems during inspections by regulatory authorities. As you know, the penalties for non-compliance with tax reporting rules are quite serious. And the legislation undergoes constant changes. A tax and legal audit of the company will help to avoid unwanted additional costs for paying fines. Tax and legal audit of a project/organization: what is it? Tax and legal audit is a part of legal audit. The essence of a tax-legal audit is a thorough examination of the taxation aspects of a group/project/company with a legal bias. Thanks to such an inspection, it is possible to identify tax and legal risks, check the effectiveness of the current level of taxation of the group and develop possible recommendations for eliminating/minimizing such risks and establishing the rationality of the structure and work of the project with an optimal level of tax burden. In most cases, this procedure is performed by tax lawyers without the involvement of accountants and/or auditors. This audit is not a full-fledged financial audit with an assessment of the correctness of the company’s financial and tax reporting and/or the correctness of the calculation and timeliness of the payment of tax liabilities. Tax and legal audit is performed by an independent organization. So the customer receives the most objective information. The list of aspects that will be checked will directly depend on the agreement with the client. In what cases is it necessary to order a tax and legal audit? A tax and legal audit may be necessary, in particular, in the following cases: Preparation for a tax inspection Pre-sale preparation To optimize the taxation system When choosing a taxation system The price of a tax and legal audit The final cost of a tax-legal audit will depend on the scope and type of audit. Usually, this process consists of the following stages: Analysis of the current taxation system Identification of factors that increase the tax base Verification of compliance of documentation with current legislation Studying the system of economic relations Study of business methods Preparation of recommendations for reducing risks and increasing tax efficiency Other services Leave a request for a service The accumulated experience and tracking of future changes in this area allow us to be proactivefor our clients and develop the most adapted business structures to modern conditions.

More »

Leave a request for a service

The accumulated experience and tracking of future changes in this area allow us to be proactive
for our clients and develop the most adapted business structures to modern conditions.

By submitting this form, you hereby authorize Inteliumlaw to process your information for the purpose of addressing your inquiry. You retain the right to revoke this consent at any point. For further details, please review our Privacy Policy.


The accumulated experience and tracking of future changes in this area allow us to be proactive
for our clients and develop the most adapted business structures to modern conditions.

By submitting this form, you hereby authorize Inteliumlaw to process your information for the purpose of addressing your inquiry. You retain the right to revoke this consent at any point. For further details, please review our Privacy Policy.