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Practice review: a shaky global structure surfaces only at fundraising
A typical scenario — only during fundraising diligence does a company discover the quick early cross-border structure hid tax and compliance problems.
Many teams, prioritizing speed early on, stand up a cross-border holding structure casually. At fundraising diligence, the investor's lawyers point out tax, forex, or compliance problems, delaying the deal or reopening valuation.
Common issues include withholding tax from poorly placed holding layers, related-party pricing without support, incomplete round-trip investment and forex registration, and unclear IP ownership.
The review's point: a structure isn't better for being more complex — it should match business substance, fund flows, and exit paths, with complete documentation.
The lesson: cleaning up the structure before the first external round costs far less than restructuring under diligence pressure.