The popularity of cryptocurrency has also conquered Spain from a business point of view, especially in the startup sector which aims a fast development through the blockchain technology. In a continuous path for life improvement by adopting and implementing all kinds of brand-new tech, Spain aligns with the powerful countries that enjoy the benefits of the digital money. Entrepreneurs who develop an interest in establishing cryptocurrency companies in Spain should bear in mind that a tax registration in this matter is mandatory. Even if it respects the main regulatory framework for business in Spain, a cryptocurrency business is also subject to additional requirements, a matter where a local company formation consultant can offer support.
The meaning of cryptocurrency
The financial sector has established since 2009 a new term for money: cryptocurrency. This represents a virtual currency or a form of payment without having to use liquid money. The most recognized virtual currency is the Bitcoin, but countries worldwide can develop their own currencies, just like Spain did by introducing and still developing the PesetaCoin and the SpainCoin, among other cryptocurrencies which are not yet presented on the Spanish market. The asset trades between companies can be done with the help of cryptocurrencies, an important bet for players worldwide who consider that the digital money is the next big thing on the financial market, including in Spain.
Establishing a cryptocurrency company in Spain
As the cryptocurrency phenomena gains territory in Spain, the financial institutes in the Latin country are working on a solid and reliable regulatory that should cover all the activities issued with the help of the digital money. Setting up a cryptocurrency company in Spain may start with a limited liability company which is a prolific and appreciated business structure in the country, due to a simple company registration procedure and less bureaucracy which is supervised by Registro Mercantil or the Trade Register.
Necessary documents for your cryptocurrency company in Spain
If you have decided for the business form you wish to use when opening the virtual currency company in Spain, it is suggested to choose and verify the name with the Trade Register, and then submit the necessary documents. Incorporating a company in Spain is subject to the following documents:
- the Articles of Association with details about the owners and the managers of the firm;
- the application for NIE which is the tax identification number;
- documents providing the business address;
- ID copies of the owners of the business in Spain;
- a bank statement providing details about the minimum share capital.
One should know that a Spanish attorney or a local company formation agent can offer the necessary support for company registration and similar activities, which is recommended if you want your cryptocurrency business to enter the market in a fast manner. There are also other countries where you can start this type of company and benefit from a low taxation.
Reasons to use cryptocurrency company in Spain
According to experts, the cryptocurrency will represent a unique and stable form of money which soon will be present on a large scale of business. The transactions through cryptocurrency can be seen in any second because these are safe virtual transfers. Another advantage of the digital money in Spain is linked to the transactions of such kind which are not subject to fees or hidden taxes. Betting on a cryptocurrency business in Spain means betting on the future, a reason why numerous financiers decide to focus on virtual money and related affairs.