At the KuCoin virtual currency exchange, you can create a corporate account yourself without any fees. Please refer to this page for information on how to create an account. Unlike personal accounts, corporate accounts have advantages and disadvantages, so please understand the differences before considering whether to open one.
What is a corporate account? Advantages and disadvantages
Forex companies and virtual currency exchanges have corporate accounts. There are advantages and disadvantages to choosing a corporate account instead of a personal account, so please consider the following comprehensively before deciding whether to open one. KuCoin offers corporate accounts, and by owning one, you can receive services beyond those offered by personal accounts.
Costs for establishing a corporation
For personal accounts, the procedure is free and you can trade immediately. However, in the case of a corporate account, there is a disadvantage that there are fees such as registration license tax and articles of incorporation certification fee when establishing a corporation. Revenue stamp fees for articles of incorporation, fees for certification of articles of incorporation, fees for certified copy of articles of incorporation, and registration and license tax will be charged. In the case of a limited liability company, the articles of incorporation do not need to be certified by a notary public, so the procedure is simpler than that of a stock company.
There is a wide range of expenses that can be expensed.
In the case of a personal account, items such as PCs, smartphones, electricity, desks and chairs, and seminars can be recorded as expenses, making it possible to reduce taxes. However, for corporate accounts, the scope is even wider. Payments such as a portion of rent and executive compensation can also be claimed as expenses.
Profit and loss calculation becomes possible
For corporate accounts, profit and loss calculations are possible. Profit and loss aggregation is the act of offsetting profits when losses occur. Profits from personal accounts are classified as “miscellaneous income,” so profits and losses cannot be combined with employment income, business income, etc.
10 year carryover deduction
The advantage of a corporate account is that you can carry forward deductions for 10 years. Carry-forward deductions are a mechanism by which losses incurred in a given year can be deducted from profits in subsequent years.
Taxes even in deficit
If you incorporate, you will have to pay corporate residence tax and consumption tax even if you are in the red. This is a troublesome point because there are taxes that are incurred regardless of the company’s profits.
KuCoin corporate account opening method and procedure
With KuCoin, you can open a corporate account using a web browser or smartphone. However, you must first create an account as an individual. If you have a phone number and email address, you can set up your account right away. After that, check and upload your documents, and perform KYC to verify your identity. There are also security settings, such as Google authentication and transaction password settings, so be sure to complete them at the same time.
After opening an account, the next step is to log in and change and authenticate your business account from your personal account. Select security settings from the home screen. Please refer to the image and select Corporate Certification in the upper right corner, click the “Start Certification” button and enter the information. Please wait for a while after submitting your request. Then, you will be notified of the screening results from institutional_kyc@kucoin.com. By the way, even if you fail the examination, you can re-certify.
Source kucoin
Available at overseas virtual currency exchanges
A corporate account is an account for institutional investors and is always available at overseas virtual currency exchanges. You can manage your funds in your wallet and transfer crypto assets freely, so the service content will be the same as for individuals. Of course, you can check the details on the official website. We also offer our own trading platform. Please check the terms of use.
Many deposit and withdrawal methods
There are many deposit and withdrawal methods. When transferring amounts of virtual currency, network fees will be charged due to the use of blockchain. You can send altcoins by scanning a QR code or sending your wallet address. We accept payment by credit card, legal currency, and bank transfer, so please check the overview. We also deal with discount bonuses and campaigns.
There are many stocks such as Bitcoin
The latest KuCoin currently handles over 700 major listed stocks, and even beginners can buy, sell, and settle coins such as Bitcoin, Ethereum, and Ripple. New purchases are easy, and even beginners can easily trade. The maximum leverage is 100x, so you can also do futures trading and spot trading. A unique token KCS has also been issued. There are also tool features and an API key is provided.
A company with a long operating period
KuCoin was founded in Hong Kong in 2017 and has since held a FSA license in the Seychelles, making it officially regulated and restricted. Although there has been some hacking damage, the security settings are currently strict and there are no problems or risks and it is safe. There is also a download function on the transaction history page. Device operation is compatible with both PC and smartphone apps. It is mandatory to submit a passport or driver’s license for identity verification, identification, and photo submission. You can also earn affiliate commissions by using referral codes.
One of the most popular exchanges
KuCoin is a highly popular and recommended exchange in the world, similar to Binance, and is a large exchange that ranks high in the rankings. Basically, once your account is activated, even first-time users can enjoy a rich variety of content immediately.
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