Author: RLA Services

Current State of Estonia

On February 23, 2022, Estonia adopted an updated version of the law on the prevention of money laundering and terrorist financing. The requirements for authorized capital have been increased: instead of 12,000 euros, the new minimum authorized capital is 100,000 euros for organizations providing “wallet”, exchange and issuance services, and 250,000 euros for organizations engaged in crypto-transfers. The state duty was increased from 3,300 euros to 10,000. Mandatory requirements for annual audits, as well as internal audits, were introduced. The new Law entered into force on March 15, 2022. The new requirements must be applied by market participants by 06/15/2022. Simultaneously with the adoption of new rules, the state began to check and clean up the crypto business, more than 500 licenses of crypto companies that violated the licensing conditions were revoked. Thus, having gradually “tightened the screws”, Estonia is currently losing its attractiveness as a “Crypto Mecca” for medium and small businesses.

Substance

Many types of international business can be conducted remotely, sometimes completely online. As a rule, a registered address is enough to start a business activity, a little less often a local contact person or sales representative is also required. However, when it comes to a business with high turnover or a business that requires a license, regulators and banks require a real presence in the country. Strictly speaking, “substance” means the physical presence of a business in a jurisdiction. RLA Services helps clients with substance in most popular business areas: EU, UK, CIS, Hong Kong and many others.

VPN

Russian government is struggling to block social networks, independent media and other resources that hinder propaganda. Many foreign companies closed the Russians access to their resources. A number of problems emerged:
1 – for many services, some other CIS countries are also tied to the Russian region, which is why access problems have spread to them.
2 – there are still many foreigners in Russia, as well as the citizens, who do not support the government. The restrictions are territorial in nature, so the problems affected them too.
3 – the government of the Russian Federation also blocks its media resources for people from abroad so that they do not have information about the internal situation.

Because of this, our team strongly recommends that everyone use a VPN. Here are our recommendations:

  • Of the paid options, surfshark and NordVPN are the most suitable;
  • from free browser extensions we recommend FreeVPN, Browsec VPN and VPNhub;
  • best app for smartphones is 1. 1. 1. 1 .;
  • TOR browser and Onion Browser are suitable for computers.

Monese helps Ukrainians

At the moment, a huge number of international companies are applying more and more sanctions against Russian citizens. At the time of writing, there are already many restrictions on the banking and entertainment sectors for Russians, and the supply of various goods to the country has also been stopped. But there are also companies that provide assistance directly to Ukrainian citizens. Among them is the international payment system Monese. In LinkedIn profile, Monese announced that it provides all interested holders of Ukrainian IDs with the opportunity to instantly open a personal account. The company will not take fees from Ukrainian citizens either for opening an account or for its maintenance. We advise to take advantage of the offer, since Ukrainian banks are temporarily working in emergency mode.

WE SUPPORT UKRAINE

Dear customers and partners,

as part of the international company RLA Services there are citizens of various countries, including employees living in countries directly or indirectly involved in the conflict. In this regard, we cannot stand aside and would like to address you with an official statement:
“The entire multinational team of RLA Services DOES NOT support the decisions and actions of the President of the Russian Federation on a military invasion to the independent sovereign state. We officially REJECT any financial and informational assistance to anyone involved or supporting the attack on Ukraine. Our company is already providing all possible assistance to residents of the occupied country. “

Sincerely,
Directors and employees of RLA Services.