Reserve your DAO LLC

MIDAO Registration Process

By

MIDAO

May 18, 2022

1) You provide us with your DAO’s name and purpose.

2) We use a template Operating Agreement to create your LLC. We will send you a copy to fill, sign, and execute.

3) The founding members must complete KYC (Know Your Customer).

  1. All founders must have current passports.
  2. For KYC, our third-party vendor validates your residency and citizenship and checks against sanctions and blacklists.

4) The founding members must apply for a FIBL (Foreign Investment Business License):

They must:

Be exempted from the following by being a US Citizen*, or acquire and submit both:

  1. A blood test showing negative for HIV & Tuberculosis†, and
  2. A police report or background check showing no major crimes.
* The Marshall Islands is a sovereign nation, not part of the US, but it has a special arrangement with the US regarding these FIBL applications.
† We know this seems very odd and old-fashioned. The policy is leftover from when people would normally visit the Marshall Islands when doing business there. We are working to remove this requirement, but for now we need to follow it. 

5) Once the FIBL form, Operating Agreement, and Certificate of Formation are signed and returned, we send them to the government, which can take up to 15 days to process.

6) The government will send your Charter when your LLC is ready.