Bybit allows you to register and create a corporate cryptocurrency account. You can safely access the BTC and NFT markets. Many overseas exchanges do not support corporate accounts, but Bybit supports corporations and allows you to save on cryptocurrency taxes. We will explain how to open a corporate account at a cryptocurrency exchange.
How to open a corporate account
This is how to open a corporate account at an exchange, but it’s not that difficult. This is because the opening procedure and method are exactly the same as opening a personal account. There is no registration screen specifically for corporations, and registration is done on an individual registration page. To open an account, please refer to the article below. We also have campaigns, so we recommend it. The maximum leverage is also high compared to others, so you can trade with small amounts.
After opening an account, change the user name to a corporate name and perform corporate confirmation to treat it as a corporate account. To switch to a corporate name, click the avatar mark at the top right of the screen, and the menu will expand, so click “Account & Security”.
Click on the red frame to set a nickname, then enter the corporate name. That’s it! Very easy to use. The official website of the company allows you to use both web and app, so the procedure is easy. Nowadays, big news is being disseminated on social media. Check it out when you have time.
Submission of corporate documents
In the case of a corporate account, the above setting alone will not be the end. It is much more troublesome than a personal account because it is necessary to submit corporate registration documents and get approval.
| Corporate registration documents | Certificate of Incorporation | .pdf.jpeg.png |
| articles of incorporation | .pdf.jpeg.png | |
| Latest shareholder list | .pdf.jpeg.png | |
| Latest list of officers | .pdf.jpeg.png | |
| Own at least 25% of corporate profits Ultimate Beneficiary (UBO) Information | UBOName | UBOName |
| UBONationality | UBONationality | |
| addition | Select when there are multiple UBOs | |
| Information on all company officers | Officer name | Enter the officer’s name |
| Nationality of officers | Enter the nationality of the officer | |
| ID card (POI) | Certificate of residence within 3 months | |
| Proof of Residence (POA) | Certificate of residence within 3 months | |
| addition | Select if there are multiple officers | |
| Organization chart | Organization chart (optional) | Voluntary submission |
Withdrawal limit
Corporate accounts also have their advantages. By completing identity verification with a corporate account, you can relax the withdrawal limit as shown below. You can see that the KYC level is considerably relaxed.
| KYC | Maximum withdrawal amount/day | Monthly withdrawal limit |
| Lv1 | 1 million USDT | Unlimited |
| Lv2 | 2 million USDT | Unlimited |
| Lv3 | 2 million USDT | Unlimited |
Username is a legal entity
If you have a corporate account, you can change the username to the corporate name. If you have tax concerns, you may want to change your account username. You can change your nickname from Account & Security, so please try it.
Tax differences between personal and corporate accounts
What are the tax differences between personal and corporate accounts? The differences are as follows.
profit and loss
There is a difference between individual accounts and corporate accounts whether profit and loss can be aggregated or not. Profit and loss is the offsetting of profits and losses within a certain period of time. Individuals can’t do it, but companies can. If it is a corporation, all income is business income, and all losses incurred when the company conducts business can be totaled with all income including cryptocurrency trading.
deficit carried forward
Deficit carryover is not possible for personal accounts, but it is possible for corporations. When operated as a corporate account, losses can be carried forward for up to 10 years. Even if you lose money by trading cryptocurrencies on your personal account, you cannot carry forward losses that can add up past losses.
registration fee
If you are just trading as an individual, there is no cost to start trading, but that is not the case for corporations. This is because in the case of a corporation, you have to start a business and there is a registration fee. Corporations are obligated to pay inhabitant tax even if they are in the red, so maintenance costs are incurred.
The tax office decides whether it can be used
So far, we have explained about corporate accounts, but there are risks. In addition to the terms of use and FAQs on the official website, you should also pay attention to the following points. This also applies to other exchanges such as Binance. Be sure to update and change your address regularly.
Determined by the tax office
It is relatively easy to register and open a corporate account, but whether or not it can be used as a corporate account is determined by the local tax office, not Bybit. In other words, even if it is a corporate account on Bybit, it may be judged as a personal account by the tax office.
Deposit and withdrawal destinations in the name of a corporation
When depositing or withdrawing money, deposits and withdrawals cannot be made with an account with the same name as the account name. In other words, if you have a corporate account, the holder must also prepare a wallet or credit card in the name of the corporation. If the name is different, the deposit or withdrawal will be refused.
Income becomes miscellaneous income
If you make a profit from virtual currency trading, there is a problem and it becomes miscellaneous income. Please note that miscellaneous income is subject to income tax. If your company becomes a corporation or stock company, you will be subject to corporate tax. We recommend that you consult a tax accountant when taking tax-saving measures when filing your final tax return.
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