Re: PROPOSAL: Incorporate the Veres One Non-Profit Foundation

On 7/13/2018 11:54 AM, Manu Sporny wrote:
> On 07/13/2018 09:53 AM, Markus Sabadello wrote:
>> I don't really have any experience in what it takes to set up or run
>> organizations like this.
> It's not difficult to incorporate, as long as you have the cash and the
> lawyers, which Veres One does.
>
> One of the issues I'm concerned about is that I feel that we're being
> gouged on the cash incorporation requirements ($~5K to do this in the US
> vs. ~$70K to do this in Switzerland).
>
>> But I am sympathetic to Veres One and everything related to it, and
>> I happen to have dual Austrian/Swiss citizenship, let me know if
>> this could help in any way.
> Thank you for that very generous offer, Markus... I had no idea about
> your dual citizenship!
Yes, thanks so much for offering to help.
>
> This could be very important as you need to have a Swiss citizen
> involved in the incorporation paperwork, IIRC. Adam will be able to
> provide more detail there.
The requirement is for a Swiss "domiciled" person to be an officer of 
the org. This
officer does not need to have Board voting power. My understanding is 
that having
a Swiss domiciled person as an officer of the org would reduce the 
operating costs
as we would no longer have to pay for domociliation services but that it 
would not
eliminate the 50K capital requirement to open a bank account in 
Switzerland. I have
reached out to a Swiss attorney to confirm this.

Markus, do you live in Switzerland?

> oc. Fundamentally, you might have
> to show up in person once a year to file some paperwork and handle bank
> account setup, etc... effectively becoming a trustee of the Veres One
> Foundation, a position which I'd fully trust in your hands.
>
> In any case, that's a very compelling option that I didn't know we had
> available to us.
>
> Is that something you'd be willing to do, Markus? Show up in person in
> Switzerland to file paperwork or open bank accounts, as long as your
> costs/time are covered, if required?
Another, perhaps more far fetched option but worth mentioning, is that 
we could
find a parent Foundation in Switzerland, what is called an umbrella 
nonprofit in the US,
that is willing to house the Veres One Foundation. Since they already 
have the capital
requirement satisfied it would free us from this requirement. This would 
need to be a
Foundation with a compatible mission such as the Internet Society of 
Switzerland or the
like.

If anyone can suggest organizations that might be a good match I am 
happy to explore
this option.

I am continuing to explore other countries mentioned as well: Estonia, 
Canada, Finland,
Iceland, and a few others. I plan to report my findings next week.
> -- manu
>
Adam

-- 
Adam Lake
Director, Business Development
Digital Bazaar
Veres.io
540-285-0083

Received on Friday, 13 July 2018 17:16:48 UTC