[openssl-users] good riddance to PayPal

Steve Marquess marquess at opensslfoundation.org
Fri May 6 13:26:10 UTC 2016

On 05/06/2016 09:14 AM, Jakob Bohm wrote:
> On 06/05/2016 13:45, Salz, Rich wrote:
>>> Consider having the non-U.S. person do the account setup too.
>>> Banks are as scared of US jurisdiction as crypto engineers.
>> Yeah, we've done that.  Even to the point where one of the team was
>> going to get on a plane to fly to the Isle of Mann.
>> It's amazingly painful and difficult and so far not productive.
>> If folks want to give OpenSSL money, mail a check or cash.
> I was thinking of the more simple solution of setting up
> the account in the same non-US bank where the team member
> does his other business.  Lots of this tends to get easier
> when the person is an existing customer and the bank is
> nearby.
> Each non-US team member presumably has at least one existing
> bank relationship and presumably knowledge and/or easy access
> to information on how to set up an independent legal entity
> in his/her own country.

Personal bank accounts, yes. But, we don't want to entangle OpenSSL
funds with any team members personal finances. Those funds need to be
held by an independent OpenSSL legal entity (of which there are already
several). Also keep in mind that most of my colleagues are hardcore
geeks best suited to wrangling OpenSSL code. I try to handle as many
paperwork hassles as possible to free them for that more important activity.

As for setting up "an independent legal entity", we have engaged a
number of (expensive) accountants and attorneys to that end, and along
the way have created two non-U.S. legal entities. The bank account(s)
those entities would need to be of any value have proven to be the
bigger challenge.

The issue is still being actively worked, and I'm sure we'll solve it
eventually. I initially (as someone who has created multiple U.S.
companies) thought it would be as easy as you assume. It's been an

-Steve M.

Steve Marquess
OpenSSL Software Foundation
20-22 Wenlock Road
London N1 7GU
United Kingdom
+44 1785508015
+1 301 874 2571 direct
marquess at opensslfoundation.org
stevem at openssl.org

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