Korporatio’s Monthly Recap: October 2020

Here we go with our October recap! And special hi to Europe 😉

Korporatio aims to create a new generation of cutting edge, truly global businesses, led by entrepreneurs who are citizens of the world. A new era in which everyone is empowered to incorporate, innovate and realise their dreams.

 

GENERAL

We have big news! Another intense month is getting to an end but we are finally ready to share some big achievements we have been working on for months. 2 months left to end this 2020 in the best possible way we can.   

 

DEVELOPMENT

Last month, we shared about the decision of migrating to xDAI. If you haven’t read our previous monthly recap, I would suggest to give it a few minutes of your time.  

As usual, we were forced to stop the migration process to focus our attention on something else.  

This month was spent fixing a critical bug on the agents wallets. We are not sure what caused the issue, but in super simple, agents were suddenly not able to gain access to any Smart Company dashboard and we had to fix the issue immediately. Nothing to worry about however! Everything went smoothly and the problem has now been solved. 

Another slowdown on the migration was caused by new information that one of the jurisdictions that supports the Smart Company is about to change some laws on the IBCs. This is quite common to be honest. Small countries change their corporate laws on average every 24 months. Therefore, some minor tweaks are required in our logic in order to keep things compliant. Rest assured, however. No user will be affected by these changes. 

We are still aiming to complete the migration by the end of the year. We have managed to make progress regardless of the detours, just a bit slower than what we were initially hoping for. 

 

NEW PRODUCT

Normally, this would be in the Marketing section, but to be honest, I think this monthly recap deserves a bit of a different design considering the big news we need to share. By the way, the collaboration with the team at hardforking is growing and there are quite a few new videos published on their Youtube Channel. Feel free to have a look if you wish. 

But, let’s move to the important session!

Few weeks ago, Lulu published an entire article about the potential advantages of using a foundation for DeFi projects. While she did that, we have been running our first pilot to ensure everything we wrote was real. 

And now, I’m happy to share that we have successfully created our first Foundation fully tailored to DeFi projects. This means that for Panama, users can now decide between a Smart Company (IBC) or a Foundation. 

We still need to add this option on the website but we are extremely happy to be able to offer more alternatives to our community. 

In the meanwhile, if you are interested in learning more, feel free to reach out directly on our website and we will try our best to answer all your questions. 

 

WELCOME EUROPE!

Yep, we are finally ready to share the big news with our community, almost….

After many many months, almost years, of working behind the scene, this is something that has finally become reality. On October 15 this year, we made history.

We are happy to present the first Smart Company ever created in Europe!

First: the jurisdiction that made all of this possible is Malta. To ensure there is no misunderstanding on our achievement, we’ve decided to call the company ‘The First Smart Company in Malta Limited’. 

Second: this is also, the first ever, fully digital, company created in the country of Malta. And to our knowledge, the first fully blockchain-based legal entity model live in Europe.

So what does this all mean?

Simply put, this means that individuals are now able to create a Smart Company in Malta; a company that can work with no restrictions across Europe, fully online, without any physical meetings or physical documents involved. 

It also means that no paperwork is involved.

Communication between agents and the Registrar happens completely online without the need to deposit physical copies with ink signatures etc. Obviously, all of this is powered by our dashboard 😉

But, let’s go to the reason why we said ‘almost’ at the beginning. Although our first Smart Company in Malta is fully created and live, we need a bit of extra time before launching it to the public because we are creating a turnkey-solution that includes everything. Yes, everything. 

Let’s go into the details.

You know how we always say that company incorporation is really just the first step; it’s about all the things that happen after the setup that really create the headaches. 

Malta, and in general all companies in Europe, need to deal with more legal requirements compared to companies created, for example, in Panama. 

This means, having to deal with accounting, tax and financial reports, VAT deposits, credits and payments, SWIFT and SEPA bank accounts, etc. 

We quickly realized that offering a Smart Company creation alone and letting the user deal with everything else on their own was not the best possible user experience. Therefore, we have decided to create a package that is truly all-in-one. 

Once available, there will be only one package. And that package will include the company incorporation and renewals as usual, plus we will also cover accounting, tax, VAT and financial statements, and obviously, we will also open the bank account for you. 

One payment for a full suite solution, everything you need will be taken care of.

This will be the most complete package we have launched to date. And we aim to make it live by the end of the year. 

Before closing this monthly recap, I would like to add a few extra lines. Opening the Smart Company in Europe is part of a development plan we have started a long time ago; this achievement marks only phase 1 of what we are trying to create. The help and support from the Malta Registrar and MFSA has been truly amazing and we are looking forward to developing phase 2 during 2021. 

 

For this month, this is everything we have to share, as usual, if you like to chat feel free to join our Discord at discord.gg/g3m33DZ .