This guide was built to help you understand the benefits of incorporating your DAO and how the process of DAO incorporation works. We help you answer questions like:
Why should I incorporate my DAO? In what geographic jurisdiction should I incorporate my DAO? What legal entity type should I choose?
Get all the information you need to make the best decisions for you DAO by reading this guide.
By
Leo Henkels
July 26, 2022
A common question we get at MIDAO is, “With a MIDAO DAO LLC, can we open a bank account?” We always knew the answer was yes, since there are countless Marshall Islands companies with bank accounts all over the world, but admittedly DAOs are a different story. Compared to traditional companies, DAOs are in a higher risk bracket for banks, requiring stricter due diligence and KYC.
Today we are happy to announce that Admiralty LLC, the DAO that governs Clipper Exchange and one of the first Marshall Islands DAOs, has been approved for a bank account at Signature Bank in New York City. Clipper is the Decentralized Exchange (DEX) with the best prices for trades under $50,000.
DAOs should know that getting a bank account requires an in-depth risk management process, and not every DAO will be approved. That said, the MIDAO team is happy to make introductions and help our customers set up bank accounts at Signature Bank and elsewhere. The approval from Signature Bank follows on the heels of Mercury’s approval for Cougar DAO, and MIDAO sees this as the start of a new trend of DAOs opening bank accounts.
Click “Reserve your DAO LLC” to get in touch now!
