> For the complete documentation index, see [llms.txt](https://docs.charterfnd.com/llms.txt). Markdown versions of documentation pages are available by appending `.md` to page URLs; this page is available as [Markdown](https://docs.charterfnd.com/the-charter-process/phase-2-board.md). # Phase 2: Board At this stage, the Builder Labs Company enters into the [Charter Services Agreement](/technical-documentation/core-agreements.md#charter-services-agreement) with the Ink Foundation, Charter’s Facilitating Partner. This agreement governs participation in the Charter framework and the commercial terms of the engagement, including fees, token allocation, and ecosystem access. Once the Charter fee is paid by the Builder, the Facilitating Partner then instructs the Charter Foundation to form a dedicated Cayman Launch Company for the project. The Cayman Launch Company serves as the holding and governance vehicle. The Builder Labs Company and the Cayman Launch Company enter into the [Builder Asset Transfer Agreement](/technical-documentation/core-agreements.md#builder-asset-transfer-agreement) and the [Builder Services Agreement](/technical-documentation/core-agreements.md#builder-services-agreement). There are three key advantages here. Firstly, the Builder does not have to set up its own Cayman Islands Foundation Company (by far the most difficult and costly part of the process). Instead, Charter Foundation forms a Cayman Islands Exempted Company as the holding vehicle, which can be converted directly into a Foundation Company at the Release phase - without requiring novation of any contracts, or the formation of a separate entity. Secondly, by housing the operational launch activities within a wholly-owned BVI Launch Subsidiary, the structure benefits from the BVI’s established virtual asset regime for token issuance, while keeping the Cayman entity clean and conversion-ready at the holding level. Finally, this model simplifies downstream processes, including KYC, onboarding, and counterparty diligence. Because the structure is created within a consistent, professionally governed framework administered by professional fiduciary directors who apply consistent standards while exercising independent judgment on each project, many of the checkpoints that typically slow down launches are resolved upfront. This allows builders to move more quickly when engaging partners and preparing for execution. --- # Agent Instructions This documentation is published with GitBook. GitBook is the documentation platform designed so that both humans and AI agents can read, navigate, and reason over technical content effectively. Learn more at gitbook.com. ## Querying This Documentation If you need additional information that is not directly available in this page, you can query the documentation dynamically by asking a question. Perform an HTTP GET request on the current page URL with the `ask` query parameter, and the optional `goal` query parameter: ``` GET https://docs.charterfnd.com/the-charter-process/phase-2-board.md?ask=&goal= ``` `ask` is the immediate question: it should be specific, self-contained, and written in natural language. `goal` is optional and describes the broader end goal you are ultimately trying to accomplish on behalf of the user. GitBook uses it to tailor the answer towards what is most useful for that goal. The response will contain a direct answer to the question and relevant excerpts and sources from the documentation. Use this mechanism when the answer is not explicitly present in the current page, you need clarification or additional context, or you want to retrieve related documentation sections.