Due to the fact that as for today in the World DAO’s are not recognized as legal entities, it is
necessary to create an Administrative company to be the Azuro DAO’s representative in legal
There are two main categories of legal relations which are required for the Azuro DAO:
contracts and intellectual property. As mentioned in the summary, DAO’s are not recognized as
legal entities, therefore the Azuro DAO cannot be a party in contracts or, for example, apply for
To solve this issue, we propose to create an Administrative company which is going to be the
official representative in legal relations, be the nominative holder of any IP rights and sign
documents on behalf of the Azuro DAO. Since the company will not carry out entrepreneurial
activities independently and the sole purpose of its creation is to be the Azuro DAO’s
representative – we propose to register it in the Cayman Islands as a non-profit organization in
the legal form of a Foundation Company (hereinafter – «the Company»).
As for the founder and directors of the Company we would like to consider the following DAO
members: Paruyr, azurinha, crpp.
The Company should be created not later than by July 30, 2022.
The creation of the Company thru the services of an agent costs 6000-8000 Euros.