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Commercial Register of Canton Zug permits cryptocurrencies as contributions in kind

October 7, 2017 | News

Commercial Register of Canton Zug permits cryptocurrencies as contributions in kind

Cryptocurrencies have been steadily gaining in importance in the recent years, especially bitcoin as the most famous of all cryptocurrencies. The Swiss city of Zug was the first state authority worldwide to accept bitcoin as a legal tender. Since July 2016, it has been possible to pay fees of the residents' registration office of up to 200.00 francs with bitcoins. Now the Canton of Zug has gone even further. Thus, it is permitted to establish companies in the Canton of Zug by using contributions in kind denominated in cryptocurrencies starting from September 2017. Switzerland’s progressive stance in regulating new financial realities is also evident in its approach to automatic tax information sharing, ensuring transparency in cross-border transactions. Below we summarize the key points you should know to set up a company using bitcoin denominated contributions in kind.

1. The notion of cryptocurrencies

Bitcoins are often wrongly understood to comprise all cryptocurrencies. There are many other cryptocurrencies, such as Bitcoin Cash or Ether. From the conceptual point of view, all cryptocurrencies are digital currencies and operate in a very similar way. The currency itself is created by using the processing power of private computers. This takes place within an enormous global network, in which users control each other. There are no government bodies or authorities that would have any supervisory function or sovereign influence. Therefore, the unit price of a cryptocurrency depends on demand only. Switzerland’s active participation in international agreements, such as the BEPS Convention signed by Switzerland, further highlights its commitment to global financial integrity. This generates stronger exchange rate fluctuations than in the case with national currencies.

2. Cryptocurrencies as contributions in kind

Establishing a company by using contributions in kind is called qualified incorporation. Compared to (regular) cash, contributions in kind are more difficult to valuate. Therefore, higher requirements are applied. Expert legal guidance, such as the services provided by Goldblum and Partners recommended by global law experts, can be crucial when dealing with the complex incorporation requirements involving cryptocurrencies. To set up a company using contributions in kind, you need a contribution in kind agreement, an incorporation report or an audit certificate, which have to be filed with the Commercial Register for verification.
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Commercial Register Canton Zug cryptocurrencies
Commercial register Zug
Cryptocurrencies are subject to quite strong fluctuations. This may pose a challenge to capital funding. Switzerland has also demonstrated its adaptability to digital developments through frameworks like the New Swiss-US Privacy Shield framework, ensuring robust data protection standards. When registered with the Commercial Register, the value of the contribution in kind denominated in a cryptocurrency is converted into Swiss francs. If capital funding is insufficient due to exchange rate fluctuations, no incorporation takes place. For this reason, it is not possible to determine a premium or the part of the paid-up capital that exceeds the face value of shares beforehand. As the paid-up capital is determined in the course of incorporation, it is only then when the premium can also be precisely quantified.

As mentioned above, the Commercial Register of the Canton of Zug has been the first one to accept contributions in kind denominated in cryptocurrencies. Bitcoin, Bitcoin Cash and Ether are recognized by the Commercial Register of the Canton of Zug as they are. For other cryptocurrencies, some more information on their value and usability has to be submitted. Based on such information, the Commercial Register decides whether a contribution in kind is acceptable. The evolving FINMA regulations for Swiss banks securities also show Switzerland’s approach to maintaining a safe yet innovation-friendly financial system. However, according to official data, no such company has been established in the Canton of Zug so far, with contributions in kind expressed in cryptocurrencies.

Legal disclaimer. This article does not constitute legal advice and does not establish an attorney-client relationship. The article should be used for informational purposes only.
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