NuBits Limited — Legal entity for NuNetwork

A legal entity called NuBits Limited has been incorporated in Hong Kong for the purpose of extending the ability of shareholders to conduct business in the analog world. NuBits Limited is immediately intended to satisfy the legal requirements of marketplaces. NuBits Limited is not intended to have any impact on governance of the decentralized blockchain-based NuNetwork (with its project NuBits) controlled by its shareholders with NuShares.

Structurally, the company is simple. There is one director and one shareholder with a single share. I am currently the only director and shareholder of NuBits Limited, as can be seen in the documents attached, and by requesting the information from the Hong Kong government company register. NuBits Limited’s Company Registration Number (CRN) is 2976347.

As long I am ultimately responsible for the actions of NuBits Limited, I reserve the right to veto NuNetwork shareholder mandates relating to the use of NuBits Limited. If transfer of ownership is mandated by passed motion in NuNetwork, I will comply.

NuBits Limited may come to have the following functions:

  • Legal entity for reference
  • Hiring of employees, or payment of contractors
  • Working with other companies
  • Paying contractors and companies with fiat money
  • Converting between cryptocoins and fiat money
  • Receiving fiat money (may need care taken here)
  • Holding of intellectual property (copyrights, trademarks?)

Cost of incorporation for shareholders was 794 USD + fees (approx. 6–10%).

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Curious, why Hong Kong? I don’t see that incorp jurisdiction very often in crypto.