I’m looking at Wyoming to open a company which would focus on Cardano based products, solutions and services.
I’ve considered a few countries but recent SPDI granted to Kraken and Avanti pushed me to seriously consider Wyoming and take first steps to start a legal Cardano based business.
Can anybody recommend a company(ies) to incorporate in Wyoming, accounting services and similar which would be required for this kind of a company?
I don’t know specifically about Wyoming but it’s pretty easy to start business here in the US and I would imagine Wyoming to be better then most states when it comes to starting a business… depending on the business your going to start you may need just a basic license but, if you are getting into regulated space, there will most definitely be more licensing. It really depends on what you are planning on doing.
To start you could very easily jump into a LLC (limited liability company) with no help. If things grow, and you have to, you can transfer your business into a full blown corporation and at that point you should have funds to hire all the people you need… hope this helps a little.
Thanks for replying but opening a company is not a problem.
Opening a company with a bank account, working with ADA and finding accounting and similar services which will be able to provide straightforward instructions how to buy/sell/invoice/etc. in ADA and how to apply taxes and comply with regulations is problematic.
And this is just for basic day-to-day operations.
What happens when you actually start doing something, like being a Stake Pool Operator?
How are ADA rewards taxed? What goes under expenses? Who defines value of ADA/USD for IRS related compliance?
Doing crypto/blockchain business is complicated. It’s why I’m not doing it in my country where I already have a company.
I’m looking for a country to do blockchain based business without spending a lot of time and money on day-to-day operations.
( c ) Limitation on local filing obligation
9. The Seychelles does not have a local filing requirement.
Thats kind of the issue with crypto, not just ada… Bitcoin has been classified as a property, " In 2014, the IRS issued Notice 2014-21, 2014-16 I.R.B. 938 PDF, explaining that virtual currency is treated as property for Federal income tax purposes and providing examples of how longstanding tax principles applicable to transactions involving property apply to virtual currency." here is a link to the page and FAQ (https://www.irs.gov/individuals/international-taxpayers/frequently-asked-questions-on-virtual-currency-transactions)
for instance, say you bought $1000 worth of bitcoin and it went up and it’s now worth $10,000. If you use papal (they are checking) and pay for something in bitcoin, not only do you have to pay regular sales tax, you have to pay tax on the bitcoin you used (because you sold the asset (bitcoin)). you made a capital gain on bitcoin when the price went up and owe the irs once you sell it (property)… same as gold, property, etc…
All this will probably change in the future. In fact, they are thinking about regulating how crypto reporting is done before Trump leaves office. It’s still the wild west with this stuff.
I run a pool and am not even worrying about it yet. As long as I don’t sell anything, i should be ok. And, i will keep track of the laws as they come into effect…
Hope that helped but really, no one knows…
Anthony