What requirements must a crypto organization meet to obtain a work permit in Poland?
Many crypto organizations want to work legally in the EU because many crypto enthusiasts live here and have a stable economy and development opportunities. However, to work legally, you need to obtain a work permit. If you are looking for the most suitable jurisdiction, we advise you to pay attention to the Poland crypto license. This jurisdiction sets shallow requirements for applicants, has a stable economy, and has elementary rules for regulating the crypto industry.
A few words about this jurisdiction
Poland is a rapidly developing country previously part of the eastern bloc. Still, after the collapse of the USSR, it carried out many beneficial reforms, which allowed it to create a stable economy and join the EU. In 2021, it took the first steps in creating legislation to regulate the crypto industry. All crypto organizations that want to work here legally must be verified and registered in the register of crypto companies. At the moment, there is no standard license.
It is one of the few jurisdictions that allows anonymous crypto transactions. Initially, the size of such transactions was 15 thousand euros, but later it was decided to reduce this to 1 thousand euros.
Signed bilateral agreements on avoiding double taxation between Poland and more than 84 countries worldwide make this jurisdiction very attractive regarding tax.
Obtaining a work permit in this jurisdiction has several significant advantages:
- Simple taxation;
- Sustainable economy;
- No complex requirements for applicants;
- Loyalty on the part of the state to crypto organizations;
- A considerable number of crypto enthusiasts live here;
- Allows you to work legally throughout the EU.
Poland is an excellent solution if you seek a reliable jurisdiction where your organization can operate legally and overgrow.
Basic requirements for applicants
As mentioned, this jurisdiction does not impose complex requirements for crypto organizations wanting to obtain a work permit here.
First, your company must be registered in that jurisdiction. It can be done remotely within 5 business days. To do this, you just need to send the necessary documents electronically.
Second, your organization must receive PESEL. It is a unique tax number assigned to all individuals and legal entities in that country. It may take up to 30 days but is usually assigned earlier. You can submit documents to the tax system in person or by mail. If you are a foreigner and are not in the country, after receiving your PESEL, you must contact the nearest embassy.
Thirdly, the owner and all team members must not have a criminal record in the past. To obtain a work permit, employees who occupy key positions must have an impeccable reputation and at least 1 year of experience in the relevant position. They must have the necessary knowledge and skills to perform their duties efficiently. To demonstrate high professionalism, you must provide a well-thought-out business plan for at least 2 years, describing all the services you will provide, information about the software, and financing. It is worth saying that there are no requirements for authorized capital, but this size should allow your organization to work stably.
Fourth, your organization must comply with AML/KYC requirements. So, your company should have a specialist who will ensure that none of your employees and clients use your company for money laundering or fraud. They should also regularly report your organization's activities to the regulatory authorities.
When all documents are prepared, and you ensure that your organization complies with all state requirements, you can apply with a request to enter your company in the register. Government authorities have 2 weeks to study your company's activities and make a decision. If officers have questions, they can formally request the necessary documents.
Taxation
All companies that operate in the territory of this jurisdiction must regularly pay taxes:
- CIT – 9%;
- VAT – 23%;
- Tax on dividends – 19% (from residents and non-residents, the amount of tax depends on the country).
In addition, when you hire employees, you must make contributions to the pension fund and pay for health insurance, which is 64% of the net amount.
