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Obtain UK Crypto Exchange Company Formation

UK Crypto Exchange Company Formation

Crypto Exchange License
Starting your Crypto Exchange company in the UK is a great choice due to the absence of any specific regulation of the industry by the Financial Conduct Authority. However, it is highly recommended that Crypto Exchange Companies completed an analysis of their planned activity in order to clarify whether the particular Crypto Exchange project complies with the legislation of the United Kingdom.
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Timeframe: up to a month


Overview

The UK is a great choice for Crypto Exchange setups due to the absence of any specific regulation introduced by the Financial Conduct Authority or FCA. However, it is highly recommended that Crypto Exchange Companies completed an analysis of their planned activity in order to clarify whether the particular project complies with the local legislation, mainly because the legal framework to the cryptocurrencies remains unclear for most potential investors. Although, there is no specific regulation, the FCA is of opinion that some Crypto Exchange setups may fall within the FCA’s regulatory boundaries depending on how they are structured, and it can only be decided case by case. Still, most Crypto Exchanges will fall outside the regulated area and will not involve any regulated investments under the relevant law. In other words, promoters involved in Crypto Exchanges are recommended to carefully consider whether their activities could mean they are arranging, dealing or advising on regulated financial investments.

Furthermore, digital currency exchanges that contribute the exchange of certain currencies should consider if they need to be authorized by the FCA to be able to provide their services.

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Licensing Criteria and Procedures for Applying for UK Crypto Exchange Company Setup

Notable features
Procedure
Documents Required

General information

Company structure

  • At least one shareholder (natural person or legal entity, no restrictions with regards to citizenship or residence)
  • At least one director (foreign residents are allowed)

Taxation

  • In general, UK companies are subject to 19% corporation tax
  • Special rate of 20% is applicable to unit trusts and open-ended investment companies
  • Standard VAT rate is 20%, reduced rates are 5% and 0 %

Accounting requirements 

  • Submission of Accounts and Annual Return is obligatory
  • Accounting records shall be kept in English
  • VAT declarations are filed once in 3 months

Secretary - Not Required

Registered Agent - Not Required

Registered office - Not Required

Registered address - Required

Company name

  • Language: Any
  • Letters: Roman alphabet
  • If a name includes words which imply specific functions e.g. “holding company”, “group”, etc. further information will be required
  • Cannot contain such words as Bank, University, Society, co-op, etc. without being approved by relevant bodies

N.B.

  • Restricted connections for company name: name of state, national or local government.
  • Company name is restricted to be identical or similar that of an existing company.

In order to establish the Crypto Exchange company, the following steps will be carried out:

  • Selection of preferable  names by a client
  • Preparation of required due diligence
  • Initiation of the incorporation process once the company name is approved to be available
  • Opening a bank account

In order to obtain license, Offshorelicense will fill all necessary application forms and also acquire apostilled corporate documents.

For that reason, please provide us with the following documents.

For each director and shareholder:

  • A notarized copy of valid passport
  • A copy of proof of residential address (ex. utility bill that is not older than 3 months)

If shareholder is a legal entity:

  • Valid certificate of Good Standing
  • Valid certificate of Incumbency

In order to open a bank account for the UK Crypto Exchange company, you will be required to provide the following documents:

  • Certified copy of a valid passport (of each Shareholder and Director)
  • Proof of address (e.g. recent utility bill of each Shareholder and Director)
  • CV (of each Director and Shareholder)
  • Optional: Bank reference (of each Director and Shareholder)

  • Optional: Legal reference (of each Director and Shareholder

N.B.

  • If documents are not in English language or language of particular country, then they must be accompanied by a notarized translation.
  • Please ensure that notarization is in English language if not then please provide with notarized English translation.
  • When Shareholders are legal entities, it is required to provide apostilled set of corporate documents and certificates of Incumbency and Good Standing.

Additional documents may be requested by the Company House or local bank at any point to verify specific information