Podcast highlights:
07:40 Banking options for startups. The regulations are getting tougher. If you're thinking about where to set up your business, always factor in the banking options it's going to give you.
27:45 What factors should startup founders think about when they're choosing a place to start a business?
44:45 Are there any sort of things that banks don't like to hear? What are the common mistakes startup founders make when incorporating their business?
Podcast notes:
00:05 STA2 - ATP The Start with Graham Brown, Dennis Poh and Gustavo Liu
00:05 Dennis Poh: answering the questions of clients about where they should set up their company in and what things they should take care of after incorporating the company
02:20 Gustavo Liu: former private banker and co-founder of The Hungry Lab, advisor to start-ups on financial aspects
04:25 What tends to go wrong when a Silicon Valley startup wants to incorporate a company in Asia?
07:40 Banking options for startups. The regulations are getting tougher. If you're thinking about where to set up your business, always factor in the banking options it's going to give you.
12:55 What makes Singapore a good jurisdiction to set up a company? Choice of the companies that you can incorporate, good business characteristics, good investor base
16:00 What happens when founders set up a business and raise capital but establish in a jurisdiction that investors won't touch?
19:50 The top 3 jurisdictions in Asia to consider from an investor's perspective: Hong Kong, Singapore and Vietnam
21:55 People still use a US company to run the business in Asia itself: why does that work?
25:15 It's better to pay a little tax somewhere than no tax nowhere: is this good advice?
27:45 What factors should startup founders think about when they're choosing a place to start a business?
30:50 Advice for startups based in Thailand with regards to banking options
33:35 If I lived in Thailand but my business was all over Asia, is it completely legitimate for me to go to Singapore and set up a business there? Better to be having a relationship with a bank and talk to them about what you intend to do before you jump in
39:50 Banks want your business but the last thing they want is some newspaper investigation like "why does this bank have 10,000 accounts for some gambling fund?"
42:00 Banks have the "high street" and "side street" methods for opening a bank account: having a good relationship with banks is so important and that means the banks understand more about you
44:45 Are there any sort of things that banks don't like to hear? What are the common mistakes startup founders make when incorporating their business?
47:05 What startup companies should look for is a banker who's already dealt with people like them before
51:40 Are there any kind of company incorporation structures in Asia which were once popular but have now become unpopular? New options that people might want to consider
53:45 Doing due diligence search on an individual is a lot easier than doing a search on the company itself, that's why some companies are favoring the register their companies in the owner's name
56:10 Why Hong Kong seems to have become less popular as an option in recent years with people now switching to Singapore
58:05 Going online to offshore services providers and buying a company in BVI for $500: where should startup founders start with this process? Speak to professionals in that certain jurisdiction
01:01:05 Advice from Gustavo on the banking side: there is no easy route, it's how much time you devote to understanding this as a business founder and talking to as many accountants and bankers. Understand who you are dealing with
