Startup - very cheap (or free) legal advice

wr_writes

Deleted User wrote: »

I would argue that with a startup saving money on things like legal fees is very understandable. Its a small amount for a complex industry yes but everything adds up and if it can be avoided all the better.
Compliance for licensing can be pretty daunting, but that said it can be done as really there is nothing complex about the pile of documents and all the form filling for stuff like this. Its time consuming and painful to do, but a smart person can do it if they just pay attention to every little detail and are aware of the nitpicking of this kind of process and that absolutely nothing will be let slide by any authority processing for a license.
Any advice from the LEO is worrying in my opinion unless its the type of thing you'd find in a start your own business course so agree with you there.
Actually if its this business I'm thinking it is, no wedge of cash is needed for the Tier 1 bank because its not odds based and requiring big payouts from the operator - all deposits from customers go into escrow and can't be touched by the operator, and then get automatically dispersed. But he does need a reputable intermediary for payments processing already in the industry, with decent rates - (theres also monthly bank charges for the operation too and setup fees)
I would disagree with your assessment of Malta, and Gibraltar for that matter - in the gambling industry most of the top ten companies in the world have their setups offshore in Europe. If you were talking about the likes of Curacao or Belize I'd agree but - off the top of my head the likes of 888, Ladbrokes, Stan James, BetVictor, Boyle are in Gibraltar, Betsson are setup in Malta and dominate the scandinavian market through various subsidiaries. As far as I know the biggest in the world Bet365 is moving to Gibraltar or may already have.

No doubt the OP has a difficult road ahead with many challenges but nothing unsurpassable on the basis that the overall budget for this is six figures.

Thanks again for that ER

pedroeibar1

wr_writes wrote: »

Hi Pedro,

From a tech perspective, I can get 90% of the work done myself.

That's wrong - you should be delegating and concentrating on strategy/getting to the next stage.;)

@El Rifle - I’m just being realistic. It is very obvious to me that OP has various carts and horses in the wrong order.
You miss my point on Malta; it is immaterial who has located there with a nameplate company or how successful they are. I have superficial knowledge about its current gambling laws but I do know how it is regarded from a regulatory perspective internationally if OP wants to operate her/EU. Do you remember Setanta Ireland and a €6 million+ hole that is now being filled by the Irish taxpayer? It was Malta based and regulated…….I’m no expert on gambling, but it is not long since the international media covering regulatory affairs were screaming about Interpol jumping on several hundred gambling operations and a couple of BILLION USD controlled by the Mafia and operated out of Malta. For serious investors (as opposed to gambling operators) the place has the reputation of a dog track. AML is top of the list with regulators everywhere at the moment, it probably has the edge on cyber for the last few months and Malta raises red flags. A newbie like the OP has no hope unless s/he ups the game considerably.
Cash / Tier 1 /Many of the T1 banks are – as I said above – not interested in new accounts. They are awash with cash. They certainly don’t want hassle and the mention of an escrow account will provoke the response “PFO”.
The OP is wasting his/her time looking at / for outside investors at the moment. As of now, none of the venture’s real ducks have yet been lined in a row.
OP has one chance to make a good first impression – if s/he approaches investors/regulators with what has been written to date s/he can forget a second bite of the cherry. A shame as s/he seems like a nice person and deserves a break. S/he should perfect a business plan with cashflow projections first. If that looks viable next comes the drafting of a compliance procedure statement, including AML. Etc.

pedroeibar1

pedroeibar1 wrote: »

That's wrong - you should be delegating and concentrating on strategy/getting to the next stage.;)

@El Rifle - I’m just being realistic. It is very obvious to me that OP has various carts and horses in the wrong order.
You miss my point on Malta; it is immaterial who has located there with a nameplate company or how successful they are. I have superficial knowledge about its current gambling laws but I do know how it is regarded from a regulatory perspective internationally if OP wants to operate her/EU. Do you remember Setanta Ireland and a €6 million+ hole that is now being filled by the Irish taxpayer? It was Malta based and regulated…….I’m no expert on gambling, but it is not long since the international media covering regulatory affairs were screaming about Interpol jumping on several hundred gambling operations and a couple of BILLION USD controlled by the Mafia and operated out of Malta. For serious investors (as opposed to gambling operators) the place has the reputation of a dog track. AML is top of the list with regulators everywhere at the moment, it probably has the edge on cyber for the last few months and Malta raises red flags. A newbie like the OP has no hope unless s/he ups the game considerably.
Cash / Tier 1 /Many of the T1 banks are – as I said above – not interested in new accounts. They are awash with cash. They certainly don’t want hassle and the mention of an escrow account will provoke the response “PFO”.
The OP is wasting his/her time looking at / for outside investors at the moment. As of now, none of the venture’s real ducks have yet been lined in a row.
OP has one chance to make a good first impression – if s/he approaches investors/regulators with what has been written to date s/he can forget a second bite of the cherry. A shame as s/he seems like a nice person and deserves a break. S/he should perfect a business plan with cashflow projections first. If that looks viable next comes the drafting of a compliance procedure statement, including AML. Etc.

Sorry my friend but your points on location really aren't applicable for this particular industry especially with what the OP is up to. Malta has invested a lot in changing that image you speak of, but in any case there is lots of investment in various elements of the gambling industry at the moment in Malta, I know two companies who have got 7 figures sums in the last 6 months from European Venture Capital, and theres only about 6 companies in this particular industry in Europe. Tier 1 banks are taking on new customers for these kinds of projects, I've been through the process myself last year and got one in Germany on board with said Maltese license with zero hassle, and no cash deposit.
I think your applying knowledge of other industries to the gambling industry and its not applicable.

But in any case, OP has put carts before horses indeed and by the sounds of it hasn't thought this through. This stuff should of been first on the agenda before any development started!

antoinolachtnai

Well, the OP has a dream and he/she is trying to make this a reality. They have to start somewhere, and gameplay is probably as good a place as any (and better than most places you could start).

He/she does need to find a partner who can help with all the things the OP can't do, or even to provide an objective view on whether the whole plan is realistic at all.

pedroeibar1

Deleted User wrote: »

Sorry my friend but your points on location really aren't applicable for this particular industry especially with what the OP is up to. Malta has invested a lot in changing that image you speak of, but in any case there is lots of investment in various elements of the gambling industry at the moment in Malta, I know two companies who have got 7 figures sums in the last 6 months from European Venture Capital, and theres only about 6 companies in this particular industry in Europe. Tier 1 banks are taking on new customers for these kinds of projects, I've been through the process myself last year and got one in Germany on board with said Maltese license with zero hassle, and no cash deposit.
I think your applying knowledge of other industries to the gambling industry and its not applicable.

But in any case, OP has put carts before horses indeed and by the sounds of it hasn't thought this through. This stuff should of been first on the agenda before any development started!

As I admitted above I know little about gambling in Malta but if the OP wants to do anything in Ireland a Malta domicile will raise red flags. AML remains a huge issue in and for Malta, particularly for the gambling sector and that is recognised internationally. And yes, my experience is in regulated industries (globally), neither of them gambling. OP should offer you a case of decent wine to sit down for a couple of hours!:)

pedroeibar1

pedroeibar1 wrote: »

As I admitted above I know little about gambling in Malta but if the OP wants to do anything in Ireland a Malta domicile will raise red flags. AML remains a huge issue in and for Malta, particularly for the gambling sector and that is recognised internationally. And yes, my experience is in regulated industries (globally), neither of them gambling. OP should offer you a case of decent wine to sit down for a couple of hours!:)

You know the way to my heart Pedro

wr_writes

Thanks one and all for your contributions. Much food for thought. I will post back here over the next few weeks with my progress.

walshj34

Try your local enterprise board. They can offer a €15,000 fisability grant which would be useful for some of the things like legal advice you mentioned above.

duploelabs

walshj34 wrote: »

Try your local enterprise board. They can offer a €15,000 fisability grant which would be useful for some of the things like legal advice you mentioned above.

Those grants are a 50% match usually, so for your 15k you'd need to spend the 30k first, produce the receipt and then hope they'll refund you the 15k