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Gofaizen & Sherle has launched a one-stop accounting solution in Lithuania. This comes as a further demonstration of the leading legal & business consultancy for digital assets-oriented businesses, investment funds and financial organizations’ continued quest to help businesses in Europe and other parts of the world stir the daunting waters of the financial industry.
Accounting issues confront crypto companies: high prices, a lack of market knowledge, and different country regulations. Many of these issues can be solved quickly and cheaply with online accounting. With their existing expertise in Lithuania, Gofaizen & Sherle can make the accounting process easier with this new product development.
Gofaizen & Sherle Understands the Financial Landscape of Lithuania
Because of its decentralized nature and high volatility, cryptocurrency’s transformation from speculative investment to a new asset class has prompted governments worldwide to look into ways to regulate it.
According to a recent release from the Lithuanian Ministry of Finance, the national government approved changes to the country’s anti-money laundering (AML) and counter-terrorism financing regulations that affect the cryptocurrency sector. The newly passed legislation was intended to tighten user identification guidelines and prohibit anonymous accounts.
Exchange operators are also subject to stricter requirements under the new regulations. Beginning January 1, 2023, cryptocurrency exchange operators, for example, will be required to register as a corporate body with a minimum capital of 125,000 euros.
Furthermore, despite the Bank of Lithuania’s differing views, cryptocurrencies are treated equally with a legal tender for VAT application. As long as counterparties accept cryptocurrencies as payment, this payment method must be treated as a contractual means of settlement. Such transactions must be treated as financial transactions for VAT purposes. This means that cryptocurrencies are not considered short-term assets in the context of VAT applications.
Lithuania’s Finance Minister, Skaiste, stated that the country decided to update its regulations in response to recent regional events, particularly the ongoing military conflict in Ukraine. This is expected to have a significant impact on the country’s fiscal system and economy.
These regulations can be very challenging to navigate, especially for new businesses. As Reporting and accounting are important aspects of the job that require a significant amount of time, which entrepreneurs are naturally short of.
Gofaizen & Sherle’s online accounting is a ready-made solution for crypto businesses and traditional businesses that want to make this process simple and quick.
The service handles the paperwork, allowing you to focus on strategic tasks.
Furthermore, traditional businesses may use the service, which will provide full accounting support. It simplifies and expedites the generation of annual, quarterly, tax, and payroll reports for any business.
The service verifies the accuracy of the reports and assists with tax calculation and navigation in key dates on the tax calendar.
Gofaizen & Sherle Has Had a Stellar Journey and Accomplishments
Every day, the fast-paced world of digital financial services is confronted with a challenging, slow traditional approach to establishing companies and dealing with license nuances in new markets such as Germany, Estonia, Lithuania, and many others. Gofaizen & Sherle’s mission is to assist financial businesses in covering the legal nuances and ensuring dynamic growth in new markets.
Since its inception in September 2021, the company has amassed a portfolio of over 500 projects for over 400 clients from all over the world.
Furthermore, the Gofaizen & Sherle team has more than doubled in the last year with the addition of highly qualified experts to cover all of the difficult aspects of starting a new business – legal and financial advice, business analysis, and product development.
Clients of Gofaizen & Sherle have obtained over 200 financial licenses in European, American, and Asian jurisdictions and rely on its assistance in expanding their businesses into new markets.
About Gofaizen & Sherle
Gofaizen & Sherle is a leading legal and business consultancy for digital asset-oriented businesses, investment funds, and financial organizations with a focus on EU markets and global expansion. Tallinn is its headquarters, and it has representative offices in Lithuania, the Czech Republic, and Poland. The scope of services provided by the firm includes company registration, business strategy development, and financial licensing, which includes crypto businesses, EMI, and other types of licenses.