I've had tips that Vanuatu isn't such a good place if you want to keep your information secret for long... word is the country isn't going so well and Australian Aid money could convince them to make themselves more open to ATO investigators. I've heard BVI or the Channel Islands are much better bets. Having said that, I've never actually done it, and honest advise about dishonest practices would be pretty hard to find.
In terms of why you'd go Delaware to incorporate, in my limited research, I'd say there are two reasons: 1. CGT is a lot less. If you're building a company of value and you're a major stockholder, that could be a big deal. 2. If you want to go to the Valley or other US based investment sources, a C-Corp in Delaware is a familiar structure, provides director anonymity (imagine to an extent only, don't know details), and its taxes are a lot less than California. You could always incorporate in Au, then have your company 'acquired' by a C-Corp you register in Delaware down the track, but my basic understanding is that this would create a taxable event in the eyes of capital gains tax, so again, look out. If your idea is solid and likely to get funded, a number of Valley based lawyers will act for you on a credit routine and get you all set up, and you pay them back for your time when you get funded. A $50K line of credit isn't uncommon, and they'll cover the securities documentation for your Series A too. They'll also want to reserve the right to buy in a very small percentage at the Series A price and terms in case you turn into the next Google or Facebook. Whether the drying up of capital makes this less likely, or whether the faster drying up of their M&A work makes is more likely is something I don't know. In summary, I don't know much. Just know why you're doing things before you do them. Also, engaging with any advisor as a well researched client never hurts - it makes things go quicker, saves you money, and means the quality of the advice you get for the $/hour they charge you is much more valuable since you didn't already know it. Good luck, Geoff -----Original Message----- From: silicon-beach-australia@googlegroups.com [mailto:[EMAIL PROTECTED] On Behalf Of Elias Bizannes Sent: Tuesday, 9 December 2008 5:55 PM To: silicon-beach-australia@googlegroups.com Subject: [SiliconBeach] Re: Start-ups accountant and lawyer Hi guys I'm a chartered accountant, and my old man is a lawyer of the supreme court, so between us we could field most questions. What you described shoan has been proposed to me before, so open to discussions offline :) With regards to Delaware: I think it costs $80 to file there whereas in Australia a registration with ASIC costs $400 (excluding professional fees which push it up to a grand. As for why you would want to incorporate in Delaware, i'm not sure if the tax benenfits are that much greater and if that's what's motivating you, you are better off incorporating in Vanuatu so you don't pay any taxes. Sent from my iPhone On 09/12/2008, at 5:08 PM, Shaon Diwakar <[EMAIL PROTECTED]> wrote: > > I second that Hendro, we're basically in the same position. > > Tech stuff is not a problem, businessy stuff: me = FAIL. > > There could even be a start-up idea here, where a group of > accountants/ > keen accounting students get together to form a company that acts as > accountants for multiple clients. Maybe working on a per hour/per day > basis for a flat rate? Sort of like hire an accountant on a consulting > basis? > > Would love to hear about it if such a company already exists! > > Cheers, > Shaon > > On 09/12/2008, at 4:34 PM, Hendro Wijaya wrote: > >> Hi All, >> >> Anyone knows a really good startups accountant and lawyer in Sydney >> that do not cost a fortune? >> I know some people back in Sydney OpenCoffee talks about incorporate >> in Delaware instead of Australia through [A-DATA?]. >> So, it would be even better if the accountants and lawyer have >> understanding about international law in this case. >> >> Basically, I just start out and would love to get some opinions on >> these accounts and legal matters from expert. >> I'm completely clueless. >> >> Thanks all! >> >> Cheers, >> Hendro >> >> >>> > > > > --~--~---------~--~----~------------~-------~--~----~ You received this message because you are subscribed to the Google Groups "Silicon Beach Australia" group. To post to this group, send email to silicon-beach-australia@googlegroups.com To unsubscribe from this group, send email to [EMAIL PROTECTED] For more options, visit this group at http://groups.google.com/group/silicon-beach-australia?hl=en -~----------~----~----~----~------~----~------~--~---
