Features of obtaining a work permit in Poland
Main Provisions of Cryptocurrency Regulation in Poland
- Chamber of Commerce for Blockchain and New Technologies;
- Innovation Center.
How does the legislation of this country perceive crypto assets?
What does a cryptocurrency license mean in Poland?
Poland’s cryptocurrency regulation does not require a license in the classical sense of the word. State authorities require crypto organizations to be verified and registered in a special register of companies that carry out crypto activities. All types of licenses are the same for organizations that offer different services. Regardless of what activity you plan to conduct with crypto assets, you need to go through a single registration. Once you have registered, you will receive a work permit and can run your business legally.
Types of licenses for working with cryptocurrencies in Poland
Crypto regulations have yet to develop different types of permits for companies that provide additional services. Regardless of your activity, you must go through a single registration.
Required documents for applying for a crypto license in Poland
If you want to get a cryptocurrency license in Poland, you need to collect a specific package of papers:
- Complete information about your employees (work experience, place of residence, skill level, and much more);
- Certificates of non-conviction;
- Business plan;
- Risk assessment and some others.
When drawing up a business plan, you must pay special attention to anti-money laundering and risk assessment. When reviewing your business plan, the inspector should understand that you know how to run a crypto organization, what problems you may encounter, and how you will solve them so that customers do not suffer.
Taxation
In this country, all companies and individuals are subject to taxes, such as corporate income tax, the percentage of which depends on the volume of sales, VAT, personal income tax, and dividend tax, where the tax percentage depends on whether you are a resident or a non-resident.
Since January 2019, taxes have also appeared in the field of cryptocurrency. It is a corporate tax, which is 19%, and possible taxation at a preferential rate, which will look like 15%. Depending on the progressive tax scale, income tax may change when exchanging cryptocurrency for virtual or fiat currency. It will vary from 17% to 32%.
if your company has less than 10 employees and revenues up to 2 million euros per year, then Corporate Income Tax will be 9%.
When officially hiring employees to work in the organization, the employer must pay social and medical insurance and contributions to the pension fund, which is approximately 60%.
Conditions for obtaining a work permit
This country has the exact basic and primary requirements for working with cryptocurrencies as many other countries. It is necessary to create only 2 rules. Therefore, the Polish legislation provides available opportunities in the crypto exchange market.
Poland is one of the few countries in the EU that allows you to make anonymous transactions, but for an amount not exceeding 1,000 euros (previously, it was 15,000 euros). In this country, the requirements are the most lenient compared to other jurisdictions, so there will be no particular problems.
No convictions
Executives, investors, and beneficial owners of a cryptocurrency organization in this country must prove that they have no criminal record. Convictions for a deliberate crime against the activities of state and local authorities are taken into account. It includes tax crimes, offenses against justice, fraud with property and cash flows, and violation of the authenticity of documents. Individuals who own or work with a licensed applicant organization must provide a certificate issued by law enforcement. If you are a non-resident, you should notarize your criminal record document.
Professional qualification
A person who plans to open a business or obtain a work permit for an existing one must have education or sufficient experience in cryptocurrency activities. You must complete training in legal and practical issues related to cryptocurrency activities to prove this claim. Good work experience is working in cryptocurrency for at least one year. To prove it, you need to provide accounting documents, for example, transactions, deals, and contracts.
Accordingly, only those participants who comply with these 2 basic requirements will be entered into the activities register.
How much does it cost to get a work permit in this jurisdiction?
The price depends on the jurisdiction and the service package you choose. Specialists can help you collect all papers and advise on notarization. You also don’t have to worry about getting a PESEL; everything can be done for you. Experts will ensure a minimal waiting period, and you can start your work in a crypto organization as soon as possible. Depending on your activity type, you can also be provided services such as opening a bank account and assisting with a business plan or model. If you have yet to have the opportunity to be present during the entire process, then the jurisdiction employees will help you with remote authorization of the company.
Main Stages
- Documents. It includes collecting a preliminary package of documents, a list of which will be provided below. If more than this package is needed, or if any documents are invalid or incorrectly completed, you will be asked for additional information during the process. In advance, you must take care of the translation and certification of papers.
- Tax number. At this stage, you need to get a PESEL, which is required to submit an electronic application. It is left on the state ePUAP platform. PESEL can be obtained electronically; for this, you need to send all your documents already notarized by a Polish lawyer to the official website and wait for the courier to bring your tax number. Upon receipt, you need to come to the Polish consulate and activate your coin, after which you can apply for registration in the registry operating in the crypto-currency field.
- Registration. Here you need to check whether all papers and documents are ready, pay the state fee, and go through the AML procedure, which is mandatory because the EU carefully monitors illegal money laundering and financial terrorism. Registration lasts 14 days after signing the application by the director of the company and may be extended if some data is missing.
- Copy of the passport of the country where you live;
- The business model or business plan of your organization;
- Budget, start-up capital, and scale of the company;
- Preferred name;
- Completed profiles of project participants, as well as their addresses.
Regulation of crypto activities in Poland
For a long time, crypto activities were not regulated in this country. Then in 2020, the first proposal to regulate this industry was published. Any crypto organization operating in this jurisdiction must be audited for compliance with anti-money laundering requirements and registered. Obtaining a cryptolicense in this jurisdiction is mandatory. If you refuse this idea, your business will be recognized as a fraud, and you will have to pay a hefty fine. This jurisdiction is suitable for both large corporations and small start-ups, as there are no complex requirements for authorized capital or services you want.
Procedure for registering cryptocurrency activities in Poland
If you want to work with Poland crypto, you need to go through several necessary steps. So, you need to register an organization in this jurisdiction. It can be done remotely; all documents are submitted in electronic format. If you are a citizen of the other party, you must translate it into Polish under an apostille. Next, you need to get PESEL. It is a unique tax number. It takes about a month to receive this document. You will have to prepare 2 electronic signatures. After you complete all the documents, you can apply to be included in a special register. In general, obtaining a work permit takes about 2 months if you think through all the points related to the functioning of your organization and the creation of software in advance. Your organization must have a unique name and take into account all the requirements for government requirements.
Requirements for persons planning cryptocurrency activities
To get a work permit, you must meet specific requirements.
No criminal record
Competence and reputation
Benefits of this jurisdiction
In addition to the minimum requirements, cryptocurrency regulation can give you the following features:
- A non-resident of this country can manage the organization.
- Fast project implementation. You can get a license remotely, which will take 2 months, or you can come to the country and reduce this time to 1 month.
- There is no clearly established authorized capital.
- European banks do not accept digital assets as money, so they do not open accounts. A bank account is not obligatory.
- No obligatory local employee is needed.
Because the EU countries are actively fighting against illegal money laundering and financial terrorism, you can work only with proven and honest people in business from different countries.
Our services
To better understand how crypto assets are regulated in this jurisdiction, you should contact our experts for help. The list of our services includes:
- Consultation;
- Assistance with paperwork;
- Checking the readiness of your company for registration;
- Assistance in choosing specialists, and much more.
You need to be prepared for the fact that the first consultation takes a lot of time, as the specialists will provide complete information, analyze the activities of your company and tell you how this jurisdiction suits you, how you need to refine your company so that it begins to comply with the requirements of state regulators. You can give the process of obtaining a license on a turnkey basis, then your participation in this will be minimal. Or vice versa, you can take an active part in this and control all stages. If you choose the premises or staff yourself, you can save a lot of money and get the result you were counting on.
Conclusion
Considering all the offers and opportunities, the Poland cryptocurrency regulation gives, the best choice would be to register your crypto business. Although there is no license for the crypto business, it is equivalent to crypto authorization, which is very easy to obtain. Due to the minimum requirements and terms, you can get registration much faster than in any other jurisdiction. The authorization process is not laborious and not expensive, which makes the Polish crypto exchange even more attractive.
FAQ
Obtaining a license in this jurisdiction involves going through several steps. It will be good to involve professional lawyers who can collect the necessary documents.
Yes, you can get a work permit without being a country resident. But we advise you to choose a director and other key employees among the country’s residents.
Yes, companies that earn on crypto assets are required to pay taxes.