Friday, 25 March 2016

OneCoin: every member must have a registered business

OneCoin now insists every onecoiner to acquire a entrepreneur status with a registered business. Every member has to prove having a registered business or the OneCoin account will be frozen.

Obviously the new terms and conditions were released in a fear of some authorities. Maybe OneCoin already received an ultimatum and now they are desperately masking the business to look like a legitimate one. Looks like OneCoin ponzi just collapsed. Now we are just waiting for the first crime reports to be filed in.

Some keypoints from OneCoin's new terms and conditions (the red markings highlight the most important parts):

Independent Marketing Associate IMA (hereinafter referred to as our “IMA”)

§3 General prerequisites for entering into a contract

(1) Contracts may only be concluded with legal entities, partnerships or individuals provided that they or their managers are entrepreneurs and are at least 18 years of age. No contracts may be concluded with consumers.
(2) If a partnership application is submitted by a legal entity or a partnership (organized as a GbR, OHG, KG, etc.), said entity or partnership must provide a corresponding commercial register extract (if available for the partnership), together with all relevant articles of association and other comparable documents, as well as their VAT identification number (if available). All shareholders of the applicant and all shareholders of any legal entity or partnership holding shares in said applicant must be at least 18 years of age, be severally and personally liable to ONECOIN for the applicant’s actions, and must personally sign any and all applications (if submitted offline). 


(7) In the event of a breach of any obligation stipulated in paragraphs (1) to (2) and (4)(2), ONECOIN shall be entitled to terminate the partnership agreement without notice and, if deemed necessary, demand the return of any bonuses that have already been paid out. In addition, ONECOIN expressly reserves for such cases the right to seek further redress for damages.

§4 The status of IMAs as entrepreneurs

(1) In this business relationship, the IMA are acting as independent, autonomous entrepreneurs. They are not ONECOIN employees, sales representatives, or brokers.There are no requirements as to revenues, sales, minimum deliveries, etc. IMAs are not subject to any instructions from ONECOIN, with the exception of their contractual obligations, and they bear the full entrepreneurial risks of their business activity, including the obligation to pay all their business costs and the wages of their employees, if any. The IMAs shall set up and operate their businesses in accordance with sound business principles, including the operation of their own offices or other workplaces appropriate for the conduct of business. 
(2) As independent entrepreneurs, IMAs are personally responsible for compliance with the relevant legal provisions, including tax and social insurance requirements (e.g. registration for a VAT ID number, registration of their employees in the social insurance system, obtaining business licenses if required). In this regard, IMAs warrant that that will comply with all tax and other payment obligations (such as customs duties or import taxes) such as may be required by the jurisdiction of their registered office concerning the bonuses earned from their activities for ONECOIN. ONECOIN reserves the right to deduct the respective amount for taxes and fees from the bonus and/or demand reimbursement for damage or expenses incurred by due to the IMA’s breach of the foregoing stipulations, in the event that the IMA is responsible for the same. ONECOIN does not pay social insurance contributions or other taxes related to deliveries for IMA. The IMA is not authorized to make any statements or comments on behalf of ONECOIN. 

(3) ONECOIN would like to point out expressly that the IMA’s success depends entirely on their personal commitment, abilities, and effort. ONECOIN does not guarantee or warrant any specific level of remuneration or other income from the mere participation in its distribution system and also does not provide a package of services that would result in such guaranteed remuneration.

§5 Notice concerning the voluntary right to revoke this contract

You are registering with ONECOIN as an entrepreneur and not as a consumer and therefore do not have the statutory right to revoke this contract. Nevertheless, ONECOIN is voluntarily granting you a right to rescind this contract within two weeks. 

§7 IMAs’ marketing and other general obligations

(2) IMAs may not disclose any information about their income or the earning opportunities provided by ONECOIN in any of their promotional materials. IMAs are instead expressly required to inform potential partnership applicants that only very few partners can achieve higher incomes with their ONECOIN activities and that such incomes are only possible through very intensive, continuous effort.

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