Korporatio’s Monthly Recap: November 2020

Here we go with our November 2020 recap! 

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

Traditionally getting to the end of the year means that people are holding off to create new companies and therefore work is slowing down. But, 2020 has already proven more than once how different it has been, therefore we are still receiving many requests and actually getting a bit far behind in managing every request.   

 

DEVELOPMENT

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

I wish I could share how close we are getting to finally completing the migration. Instead, we are still far behind.   

This month, we had to complete the migration of all existing Smart Companies to the new code that we had to push live. This was needed for some corporate law changes, some nodes not performing correctly and some updates on wallets. In general, we spent an entire month ensuring all dashboards were fully functional and yes, it may not be the most exciting thing ever, but clients will always have the priority for us.  

Looking at the current push that has been done to xDAI so far, and holidays coming up in December, I’m afraid we will not get there by the end of 2020. However we still have a few weeks before calling the year and hopefully we will pull a miracle and close the year with some amazing news. 

 

OPERATIONS

It’s rare for us to share numbers during the monthly recap, however I feel this is a good moment to address the current slow downs we are having. 

We have mentioned in the past that 2020 came in with the type of growth we were not expecting.

To put proper data in the text, 2020 has seen an increase of 625% in the number of Smart Companies created compared to the previous year (and we still have 1 month to go). 

Obviously, such growth is amazing and we couldn’t be happier. However, it comes with a lot of challenges. The team was created to handle volumes similar to what we had last year, and we didn’t have any new hires in 2020. This means that each team member is now dealing with 6 times more work on his/her shoulders. 

New Requests

On top of the increased number of requests, there are also new types of requests coming our way; as we are growing, so are our users and their companies. This translates into new requests we have never seen before. Very specific situations with unique models each of which needs proper attention and customized? solution. 

This is absolutely incredible because it increases the portfolio of services we can offer to our users and most importantly, our expertise in each sector. We can spend a day figuring out how to tokenize a boat from country X into country Y and the next day be busy figuring out how to communicate with previous employers to ensure new clients’ employees can receive LOCs from the government.

Our Outlook

Each company stage needs a bit of time to adjust and we are once again in one of these phases. We are trying to get faster and better, and we are super happy with each of our users as they are being absolutely amazing in dealing with this stage. 

On top of that, the number of referrals has totally skyrocketed and this to me proves not only that we are offering a good solution for the market, but that people running a Smart Company are proud to share that information with friends.

Who would’ve known  that people talk about company formation while drinking a beer with friends.

We have also shared in the past how St. Vincent was a jurisdiction not working too well for us. We are super happy to share that as of today, every single jurisdiction is outperforming results of the previous year. This generates an amazing win-win-win situation for every stakeholder involved in the process. 

 

UPDATE ON EUROPE!

We were not expecting so many requests on setting up a Smart Company in Europe! Like, this is amazing!

It is awesome to see how many people have been following very closely all the work we have done so far and see that our new offers are actually extremely good for many leads who didn’t have a chance to create a Smart Company yet. 

I’ve mentioned this last month and basically in every single monthly recap, but I believe it is essential to be as transparent as possible and also to write something in an official way so whoever wants to learn can do it automatically.  

Malta Smart Company

Malta Smart Company got approved but, we are not offering it to the market just yet. We will be able to present it to the public quite soon, and you will know that once there will be ‘Malta’ as a new jurisdiction page.

Launching a new jurisdiction is never easy and there is a lot of work involved. Also, we are trying to make the offer as close to perfection as possible and we feel rushing it out isn’t going to be helpful. 

As you can imagine, the first few Smart Companies created in Malta are not going to have a super smooth workflow. This is simply because we need to develop an extremely fast model as well as learning how to work with our partner on the Island. Don’t take me wrong, however, when I say ‘slow’ that’s an internal comparison to our other jurisdictions we offer. Compared to the general incorporation agency space, our standards and speed are radically above the average, so ultimately, this is just a race amongst ourselves. 

With time we will bring it to where it is supposed to be, so if you are one of the first who will create a Smart Company in Malta, be aware that the process will be a bit different from other jurisdictions we offer. 

Final thoughts

Saying this, which is also what I’ve mentioned in each email we received, I must say an enormous thank you to all of you who have suggested and shown extreme interest in being our “beta testers”. This community is growing fast and the support coming from each member is absolutely mind blowing. 

We are evolving with each of you. You are and will always be the reason why Korporatio exists: to ensure setting up a company and following your ideas can be as easy as sending an email. 

 

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 .