Legal status update
Operating within the realm of the ⚖️ as well as ⏰
I was casually touching base…
I just wanted to remain in touch…
I wasn’t expecting such an answer…
The property is on auction again. Please find enclosed auction notice.
https://www.oksjonikeskus.ee/oksjon/view/?okid=60696
First thoughts: existing structure
- BaseX OU: basexisland.com/bank
- Transferwise as banking provider: https://wise.com
- Cashaa as crypto provider: https://cashaa.com/business-account
Second thoughts: NGO
The main reason for the change: tax treatment.
As an NGO, we can legally pay no tax. Nice 😎
It is always OK to change your mind when new information becomes available!
We adopted simplified articles of association and memorandum of association from this website. Very good resources:
Our objectives are simple and self-explanatory, we hope this will age well:
Objective 1: Regenerative civilisation and climate change adaptation.
Objective 2: To acquire an island and create a living example serving Objective 1.
Of course, you could DIY online (it’s E-Residency after all) but a virtual address is necessary, that’s why going with service provider
Longer-term: DAO
As of May 2021 we are not quite there yet…
…getting there. “Island DAO” has DAO in the name and originates from Estonia DAO: estoniadao.org
DAO is in our DNA and governance innovation (ancient democracy) is one of the key requirements for regenerative civilisation — something that we decided to put in our articles of association.
Some things are not technically legally possible as of now.
Doing what we can with what we have 🙏
Timeline
Phase 1: to acquire the property, the timing is tight
Phase 2: together figure out what’s next
We did a solid DYOR back in a day.
We have all the information that is needed right now.
Detailed information
➡️ Permitted development: https://drive.google.com/drive/u/0/folders/101gxDshk5Svwt2twJaEsIGeNheH8jEqU
️➡️ Detailed plan: https://docs.google.com/document/d/18Y_LzNGaOcnGCQRo36vH6eDpsRbFR1Iy3TBmyFU-j5M/edit
Historical reference
Speculating about the structure: github.com/basexisland/legal/issues/12
How to ensure that everyone is protected and incentivized?
Four entities:
1️⃣ Land ownership
2️⃣ Building ownershipIf all the buildings are portable, they can be moved to another location, company that owns the land is a different company that owns the buildings.
3️⃣ Maintenance / repairs / cooking / cleaning
4️⃣4️⃣4️⃣4️⃣ Operating companiesEvents, seminars, conferences, activities, day to day customer service. There will be multiple operating companies from all over the place.
I can totally imagine one of the companies to be totally officially the DAO. Members doing presale in ETH and once the activation threshold is reached, the smart contract will do the booking.
Let’s chat ☎️️️️️ ️️️☎️ ☎️
➡️ Book a call: https://calendly.com/marsxr/basex
➡️ Join Discord: https://discord.gg/9RDzBUX
