Ahead of next week’s Token2049 event in Singapore, Head of Fintech and Virtual Assets, Kyle Brits, Isle of Man, writes how Suntera Global’s Isle of Man office is ready to support those with digital ambitions.
With the promise of in excess of 30,000 attendees coming to hear what the major leading voices in the crypto world have to say, Token2049 is set to provide substantial food for thought on the direction of travel for the industry.
As a corporate services provider, Suntera Global already has deep experience in playing a supportive role in helping innovators in the virtual assets space realise their goals, providing bespoke services to start-ups as well as to existing entities looking to increase their market reach.
But this is a sector that doesn’t stand still, and in recent years, Suntera has seen increased take-up, in particular from B2B clients looking for a full-service solution, with ongoing management and administrative support.
This has included anything from specific and bespoke services such as setting up an appropriate entity, assisting with applications for regulatory approval, and providing assistance with the relevant compliance requirements, right through to some clients looking for a holistic solution where their entire virtual assets business is essentially operated by the service provider including instating directors and an MLRO.
Running in tandem to this offering is also Suntera’s B2C incubator service. This is all about getting a business up and running, setting it up for success outside of our managed services.
While much of what we offer is the same as with B2B clients, in this instance we will find local directors and MLROs to nurture the business independently of our management but always with the door open for consultancy services when needed.
Small island, big opportunities
We are able to do this because of the robust, innovative environment the Isle of Man provides for virtual assets business. The jurisdiction has been at the forefront of regulatory innovation and oversight in relation to digital assets for some time, with the Island’s favourable regulatory environment, tax benefits and mature infrastructure proving a real draw.
For instance, the island was one of the first jurisdictions to offer clear guidance for virtual assets businesses with the Isle of Man Financial Services Authority providing detailed guidelines and oversight to ensure businesses meet anti-money laundering and countering the financing of terrorism regulations.
This effective ‘rubber stamp’ is crucial in building trust with businesses, customers and investors alike where all parties can be confident they are operating or interacting with a jurisdiction that takes its legal obligations seriously.
Meanwhile, the jurisdiction’s zero corporation tax rate on most income and lack of capital gains tax or withholding tax offer significant financial incentives for setting up on the island while its digital infrastructure is second to none.
It is worth adding that the Isle of Man also benefits from a government that actively supports the digital industry, through initiatives such as Digital Isle of Man - an executive agency that helps businesses navigate the regulatory environment and provides support for innovation – and a Skilled Workforce, which has a pool of skilled professionals in technology, finance, and legal services that are invaluable to a virtual asset businesses looking to scale operations.
Alongside the island’s geographical position – providing easy access to European markets and within a central time-zone for working with those further afield – it is a comprehensive offering, combining a supportive ecosystem, a pro-business tax regime and a deep pool of expertise that has earned the island a top tier reputation.
Help at hand
Of course, no two businesses are the same and that is absolutely the case in the virtual assets space.
Consequently, Suntera offers a bespoke service to maximise the strategic potential of a business while actively minimising risk and costs.
And while the Isle of Man is a sophisticated and innovative jurisdiction to choose for digital businesses, we are a global service provider with a network spanning the Caribbean, the US, Asia and Europe meaning we are capable of meeting the needs of those with an international mindset or those whose operations are suited to a specific financial centre.
It is this proposition that I will be taking to Singapore next week. Listening to the big ideas will be a fantastic experience but helping to bring those ambitions to life – with the backing of a jurisdiction and a team that is absolutely plugged into the rapidly evolving landscape - is where the real excitement lies.
For more information about this topic or want to meet Kyle at TOKEN2049, please get in touch using his details below.
To learn more about our services, visit the Suntera Digital overview page.
Key Contact:
HEAD OF FINTECH AND VIRTUAL ASSETS, SUNTERA DIGITAL