wincForum.com

Opening an Estonian cryptocurrency-related company: Not so easy but possible.

There are times on one’s life when a decision has to be made. Changes are scary, yes, but it’s a fact that stagnant waters rot.

The pessimist complains about the wind; the realist adjusts the sails; the wise anticipates its coming and prepares itself for it.

A few forces converged recently to bring me to the idea of opening a company for my ICO consultancy activity.

Researching alternatives, I stumbled upon that amazing e-Residency program launched by Estonia a few years ago, which provides a government-issued digital ID that enables its bearer to easily start and manage a 100% online location-independent business in a trusted EU environment.

 

Applying for the e-Resident digi-ID card was the easy and straightforward part. We even chose to pick up our cards in Tallinn as an excuse to visit that lovely country. The staff at the Estonian Police and Border Guard A.H.Tammsaare service point were most courteous and helpful.

 

 

The digi-ID card comes in a nice kit (see the cover picture) that includes a cute small card reader and the PIN1 and PIN2 codes to do the various authentications and signings it is conceived for.

With the digi-ID card in hand, we were proud Estonian e-residents, a privilege we share with notable people such as Shinzo Abe, Prime Minister of Japan; Angela Merkel, Chancellor of Germany; and Prince Andrew, The Duke of York. Not bad, huh?

Even though we could live with a company profile on LinkedIn, it was quite clear that we deserved a professionally-made site. I could not think of another web designer than my brother-in-law Mateus Michaelsen, whose work I was already enjoying for some time.

 

 

Mateus was able to grasp our business concept so well that produced an immensely creative and appropriate result for the company logo and site (Another article will be needed just for it).

 

 

I was so enthusiastic about our company’s logo that I wanted T-shirts stamped with it. Again, Mateus did a great job in producing many different models.

 

 

After some searches, I found the We Print press centre in Tallin and Kaarlo Kosesson made my dream reality.

 

 

Finding a service provider to help to open the company, however, was not so easy as I previously imagined from reading all those enthusiastic testimonial posts in the web.

As most of my clients prefer to pay for my services with their new-issued tokens, almost all of those companies were not willing to do business with me as they are not familiarised or wanting to work with a cryptocurrency-related company.

After dozens of negatives, the very last one in the list, said yes! Handelshaus, and especially its Development Director, Lauri Kurs, were most helpful and patient with all my questionings and everything went smoothly.

 

 

Opening a business bank account was another challenge. Commercial banks and even fintechs refused to deal with invoice payments made in cryptocurrencies. Handelshaus was helpful once again by suggesting MisterTango, a fintech that received a solid license to operate as an Electronic Money institution, issued and supervised by the Central Bank of Lithuania. Installing their app in my smartphone, taking photos of my passport and of myself with the app, and sending digital copies of few documents, followed by a short talk over Skype is all that was needed to open the business account.

 

You are now invited to visit our site to know more about ICO consultancy work.

 

 

However, I could not have done this so far without the caring support of the most remarkable people I got to know here in LinkedIn, which I dare to call my friends. They have no idea of the extension of the positive influence they have on the lives of many persons around the world, mine included. Risking unforgivably omitting a few ones, they are: Desmond Brennan, Melanie Swan, Shahar Larry, Carla Gentry, Charles Moore, Andrew J. Chapin, Ibrahim Mokdad, Kris Bennett, Maxime Legros, and Sophia Ha Ho.

Originally published at https://www.linkedin.com on July 28, 2018.

 

Renato P. dos Santos

Add comment