Tuesday, April 5, 2016

Setting up Daption.

April 4 - Day number two at Daption.

It's going to be interesting doing one part-time job for half the day, then going home to do my start-up. But I'm deeply grateful for the opportunity. Not everyone has the chance to pay the bills for the first half their day, then pursue their dreams the other half.

Plus, working with people for the morning will prevent me from going crazy whilst working alone for the rest of the day.

Today was spent sorting out a corporate structure. When you're not really based anywhere, and you plan to sell via ecommerce at first, then you can register your company anywhere. But where? Low taxes and ease of doing business are key. But reputation is also important.

Funny enough, the big news story of the day is the Panama Papers, all about people setting up offshore companies to avoid taxes. The whole idea of registering a company has been painted with this brush of tax avoidance by the wealthy, whereas I'm trying to just set something up in the appropriate way, and I'm certainly not wealthy.

There are a few options that could be good places to base the company. Singapore looks good, but requires a local resident director, and becomes pricey if you have to spend much time there. Ireland could also be good, with nice low taxes and a solid customer service orientation.

I think I need help with this one. A bad decision at this point could be painful down the road. A friend has a contact that does this kind of thing for a living. I'm hoping to talk to him and get some quick input.

It seems strange to focus on setting up a corporate structure at this point, before doing any "real" work, but before I start spending my money I want to make sure I'm doing things correctly. Then we can start moving forward.


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