076 - Creating New Legal Entities in FinTech is a Terrible Idea

<p><span style="font-weight: 400;">It may seem like a no-brainer to create a new legal entity in a country where you are wanting to set up a business. However, today’s episode is all about why this is definitely not the right way to do things, and where you should be focusing your time and energy instead! </span></p> <p><span style="font-weight: 400;">If you found value in this episode, I would really appreciate it if you could leave a review! My mission is to help and support as many FinTech startups as possible, and when you leave a positive review, more people can find this podcast and help their companies!</span> <span style= "font-weight: 400;">If you are on Apple, just </span><a href= "https://podcasts.apple.com/ch/podcast/compliance-that-makes-sense/id1535160531"><strong>click here to review</strong></a><span style="font-weight: 400;">, select “Ratings and Reviews” and “Write a Review” and tell me what your favorite part of the podcast is. </span></p> <p> </p> <p><strong>Today's episode:</strong></p> <p><span style="font-weight: 400;">[00:40] An overview of today’s super fun topic. </span></p> <p><span style="font-weight: 400;">[01:29] Why legal entities are more of a liability than an asset. </span></p> <p><span style="font-weight: 400;">[02:58] Cases wherein a FinTech founder may feel pressured to create a new legal entity. </span></p> <p><span style="font-weight: 400;">[07:20] Examples of major companies that delay the creation of new legal entities until it becomes really necessary. </span></p> <p><span style="font-weight: 400;">[08:23] What many FinTech founders don’t know about the process of creating new legal entities.</span></p> <p><span style="font-weight: 400;">[09:00] How creating new legal entities in different countries can be detrimental to the growth of your company. </span></p> <p><span style="font-weight: 400;">[12:35] The reason that you shouldn’t create a legal entity before you have built up a business in a certain area. </span></p> <p> </p> <p><strong>Show links:</strong></p> <ul> <li