Play-to-earn titles such as Decentraland and Sky Mavis’ sleeper hit Axie Infinity are dominating the world of gaming right now. These games are changing two industries simultaneously: gaming and e-money.
The highly engaging and genuinely entertaining games reward players with real assets with real value to support them. Some of the naysayers claim that this business model is unsustainable and requires huge amounts of money to create games and market them. Others claim that the play-to-earn model is the future of both gaming and crypto-currency.
The reality is that blockchain gaming is not that new. But these innovative projects are going mainstream and doing well which is bound to attract doubters that know very little about the business. The game industry generates massive amounts of money in its daily operations and it would be foolish to miss out on this opportunity.
The most suitable jurisdiction for a blockchain gaming company to establish a legal entity is the Baltic State. Lithuania is one of the fastest-growing tech and finance countries in the world. The nation is particularly known for its excellent education system and highly skilled workforce. So, at the time of writing, company registration in Lithuania seems to be the best option.
How Long Will It Take to Register a Play-to-Earn Company in Lithuania?
It is likely that a company registration process for blockchain gaming companies will take a few months. Some entrepreneurs and digital nomads report establishing a company for Play-to-Earn in as short as three days, but there’s no way to verify these claims.
What is certain is that setting up a company in Lithuania should not be seen as a challenge. The time to register a company hinges on different factors such as the location and what type of business you are establishing. Sometimes additional info might be requested which, in turn, may prolong the process.
In general, it would be wise to seek help from experienced business registering firms. They are able to assess the needs of the project and provide advice on how to go about it.
What Organizational / Legal Things to Consider Before Even Starting a Play-to-Earn Project in Lithuania?
The potential legal or organizational setbacks or hindrances that you may encounter will depend on the type of business you are establishing. There are many different factors that you need to take into consideration and it’s impossible to talk specifics here.
You won’t be able to avoid any unforeseen factors because each project comes with its own set of challenges. The most common questions that need to be answered first are the following:
- What is your competitive advantage?
- What corporate structure will you be using?
- What type of corporate or partnership structure is available in Lithuania?
- Will you enlist a law firm for legal support?
- Did you already verify that your company’s name is available?
- What are the specific legal requirements for your project?
These are just a few of the questions that need to be addressed before you get your proverbial ducks in a row.
Remember that it’s difficult to mention every detail because every startup has unique challenges and is different from the next. So, do not hesitate to seek help and assistance if you feel overwhelmed.
Why Is It So Easy to Start a Play-to-Earn Company in Lithuania?
As one of the most vibrant and fast-growing startup ecosystems in Europe, Lithuania provides the benefits that most nations can only dream of: gigantic talent potential, supportive government, liberal laws, thriving VC industry, and of course, investor-friendly and attractive tax regimes.
If you are looking for a place to set up a play-to-earn business, there’s no reason not to consider Lithuania as your future home. At the time of writing, there are many global brands headquartered in the Baltic Region, including Uber and Skype.
So, it’s no surprise why the government of Lithuania is so keen on attracting foreign investors: they understand the benefits of doing business in the tech/crypto sector and how it can contribute to economic growth. Out of all of the options in the region, Lithuania offers the best circumstances for Play-to-Earn companies to succeed.
As a matter of fact, you can start registering a Play-to-Earn business with zero additional hassle if you choose to hire a company that specializes in Play-to-Earn or Crypto Business registration.
Why Do People Choose Lithuania for Starting a Play-to-Earn Project?
In addition to the factors mentioned in the above paragraphs, a huge number of reasons exist why people choose Lithuania for launching a crypto-related project. Perhaps, the main attraction in the country’s welcoming attitude towards startups.
It really is easy to start a company on Lithuanian soil without ever needing to book a flight. As a member of both NATO and the EU, Lithuania is also a country where you can be sure of safety and support in case anything goes wrong. It’s also a part of the Eurozone which is also a point in its favor.
Another key factor that makes Lithuania a really attractive place for startups is the low cost of living. The list of advantages could go on and on, but you can already see that Lithuania is the perfect option for starting a PTE business.
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