IncorpoNation.io: Enhancement of a country finder tool for Cardano projects

[GENERAL] Name and surname of main applicant

Tomas Richter Urban [Sparring]

[GENERAL] Are you delivering this project as an individual or as an entity (whether formally incorporated or not)

Entity (Incorporated)

[GENERAL] Please specify how many months you expect your project to last (from 2-12 months)

6

[GENERAL] Please indicate if your proposal has been auto-translated into English from another language

No

[GENERAL] Summarize your solution to the problem (200-character limit including spaces)

We run a country finder F2P platform based on clients’ business needs. Currently at 10, we want to add additional 3 counties, taxation parameters and widen trusted professionals network.

[GENERAL] Does your project have any dependencies on other organizations, technical or otherwise?

No

[GENERAL] If YES, please describe what the dependency is and why you believe it is essential for your project’s delivery. If NO, please write “No dependencies.”

No dependencies.

[GENERAL] Will your project’s output/s be fully open source?

Yes

[GENERAL] Please provide here more information on the open source status of your project outputs

The platform is (and will stay) free to use. The findings will be incorporated into the platform and will be accessible in the form of country suggestions by the platform accompanied by relevant crypto regulatory and tax related information about the country.

[METADATA] SDG rating

This proposal is not related to SDGs.

[SOLUTION] Please describe your proposed solution

Do you want to incorporate your new project and ensure that you are compliant with law? Lawyers are expensive. Prepare to spend a lot of money for initial regulatory research often leading to the answer: it’s best for you to move to another country. 

We have built Incorponation to skip the first step, giving you a head start on country finder and saving you money that may flow into your business.

Incorponation has been featured by Forbes CZ as a unique automated legal tool:

https://forbes.cz/gibraltar-nebo-praha-ceske-pravnicky-poradi-kde-zalozit-krypto-startup/ 

Who is it for:

Incorponation is designed for new Cardano projects who need to incorporate, or existing Cardano projects who would like to relocate or get out of the regulatory gray zone.

What are we proposing:

The MVP proved itself valuable. We’ve received feedback from the community to incorporate further information. Thus we are proposing to:

1. add at least 3 more countries to choose from,
2. add tax and accounting overview of the suggested country,
3. add trusted contacts in the suggested countries.

[IMPACT] Please define the positive impact your project will have on the wider Cardano community

1. The platform provides free and immediate regulatory guidance and information to the user.
2. Platform saves a lot of money and time for every Cardano business founder, executive, Cardano service provider, or other user. 

The key metrics will be:

1. The number of users utilizing the platform to get advice on country choice.
2. The number of users seeking follow-up advisory in relation to country choice.

The insights and results will be disseminated through Catalyst’s reporting channels, and other Cardano social media channels.

[CAPABILITY & FEASIBILITY] What is your capability to deliver your project with high levels of trust and accountability? How do you intend to validate if your approach is feasible?

Sparring is an international law firm operating in the EU, US and UK, with a dedicated crypto focused practice.  We have a long history of providing legal support to a number of projects active on Cardano, such as Vacuumlabs, NuFi, etc. We are servicing crypto clients globally. Our client portfolio includes crypto hedge fund, DEX, DeFi financial center, wealth management platform, digital marketplace and other crypto projects, several of which operate on Cardano. See more at https://sparring.io/crypto/

[PROJECT MILESTONES] What are the key milestones you need to achieve in order to complete your project successfully?

• Review 2 countries, prepare a summary (legal & tax), and draft implementation of the outcomes into incorponation.io
• Establish cooperation with professional advisors in target countries
• Update our database and website algorithm to include the new findings

• Review 1 country, prepare a summary (legal & tax), and draft implementation of the outcomes into incorponation.io
• Establish cooperation with professional advisors in target countries
• Update our database and website algorithm to include the new findings

• Finalize the outcomes of country research and reflect the changes on incorponation.io 
• Market this free tool to Cardano community
• Confirm cooperation with the advisors in all target countries

[RESOURCES] Who is in the project team and what are their roles?

Tomas Richter Urban

Head of Crypto desk of Sparring

Coming from the world of banking, finance and capital markets law, Tomas has become an expert in crypto and fintech. He gained some first hand experience serving as a chief legal officer in a prominent crypto hedge fund. Tomas leads Sparring’s Crypto and Web3 practice.

Martin Repka

Legal Mind

Raised in startups, Martin focuses on IT law, intellectual property and corporate governance. He also assisted various blockchain & crypto businesses, including the governance setup of a complex DAO.

Andrej Solar

Senior Crypto Legal Mind

Andrej is a crypto enthusiast, and a seasoned blockchain attorney. He regularly advises high-profile crypto & fintech companies. He serves as a CLO of a crypto wealth management platform on Cardano.

[BUDGET & COSTS] Please provide a cost breakdown of the proposed work and resources

• Milestone 1: ₳ 43,400
• 7 work-days of legal research
• 1 work-day of research and communication with target country professionals
• 1 work-day development costs
• 1 work-day of project and product management

• Milestone 2: ₳ 21,700
• 3.5 work-days of legal research
• 0.5 work-days of research and communication with target country professionals
• 0.5 work-days development costs
• 0.5 work-day of project and product management

• Final Milestone: ₳ 24,500
• 2 work-days of legal work
• 2 work-days of administrative work and residual communication
• 2 work-days of IT development costs
• 1 work-day of project and product management
• 10% of the project budget - marketing boost (ads, publication of promo article)

[VALUE FOR MONEY] How does the cost of the project represent value for money for the Cardano ecosystem?

The project is able to save the entire Cardano ecosystem a significant sum on legal costs, by providing a free tool to find a best country for incorporation of a new Cardano project or relocating an existing one. The estimated costs for such an initial corporate, regulatory and tax research, is approx $5-8k; so at the point when the first 10 Cardano projects will use it for free, the total savings for the Cardano ecosystem will prevail the costs of building the Incorponation tool.

On top of that, the added value of the Incorporation tool is bringing more regulatory clarity to the whole Cardano ecosystem by allowing Cardano projects to operate outside of the gray zone as Incorponation provides Cardano projects with a free tool to understand which country can they incorporate in to have their Cardano project being compliant with regulation, corporate and tax laws.