stock, shares, delaware, boardI have a Delaware US corporation. But I’m an alien Entrepreneur.
I need to physically present in US in order to open a bank account.
I’m unable to open a bank account under my company name in my country either due to the regulations.
I’m the only person in my company. I just need a proof of payment that I paid for my shares.
I’m planning to Prepare a Board Minute document and assign a bitcoin address as permanent bitcoin address and planning to purchase my shares via bitcoin.
Is that legal?
Methinks ask your accountant or your lawyer for whether it’s legal. FWIW I’d wager it might not be, in that it’s not legal tender. Rather, and to the best of my knowledge, it’s an asset from the taxman’s standpoint.
Regardless of whether it turns out to be legal, think twice about keeping the balance because it’s usually poor business practice. No company outside of finance should be holding what ought to be cash or cash equivalents (aka short-term treasuries) on its books as cryptocurrency - or gold or any other commodity for that matter. Unless, of course, bitcoins are part of your day to day business operations and you’re making payments using the latter.
If the reason why isn’t immediately clear to you, replace bitcoin with crude oil in your question. Imagine buying your shares using your crude oil balance and taking delivery of the latter at the new company’s shiny warehouse. Besides being an impractical way to pay suppliers and employees (“Thanks for your hard work! You can take the barrels over there as payment.”), commodities have volatile prices, they can crash or become illiquid overnight, and trading them for cash you can buy groceries with involves - however automated - extra layers of intermediaries and transaction costs.
All content is licensed under CC BY-SA 3.0.