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Contxto – Listen up! There’s an end of the year sprint for anyone interested in executing the launch of their startup in the United States. The name of the game is “Quest for the C-Corp” and it’s organized by Rampa Ventures and FirstBase.
The prize: three startups from Latin America will be chosen to establish themselves legally in the US state of Delaware as a C-Corporation, free of charge.
As of December 20, founders and their teams can submit their proposals.
Clock’s ticking cause the deadline to apply is January 10, 2020.
What the winners can expect
Besides the C-Corp status, the winning startups will also get from the following benfits:
- Fiscal ID in the United States
- Access to tax consulting services
- Legal documentation
- Introductions to key people and venture capital (VC) investors
What it takes to win
As usual, let’s look into the requirements shall we? Applicants must comply with the following:
- Be an early-stage startup
- The product must be launched already
- In possession of a scalable business model
- Tech must be proprietary
- Show potential traction with positive growth
- Have a commercially attractive market
While there are brownie points in store for startups that:
- Serve a global market
- Can show-off a great team
- Demonstrate a track record of accomplishments (testimonies, sales numbers, ba-da bing those sorts of things)
Rampa and FirstBase are accepting applications. Anyone interested can sign up on Rampa’s website: https://rampa.io/firstbase-rampa/
Rampa Ventures and FirstBase will announce the finalists on January 15.
Then, from January 20-24 the finalists will be interviewed via videoconference.
The winners will be announced on January 27, 2020.
You got questions? We got (some) answers
Perhaps you’re wondering if it’s necessary to be in Delaware to benefit from the C-Corp. Rest assured the answer is no. Neither the startup nor its team need to be physically in the state or in any part of the United States in order to be legally established.
Meanwhile Rampa reports it chose Delaware because of the state’s business-friendly style. Consequently, many startups tend to open up shop there.
Moreover, investors are said to like C-Corp established startups for tax purposes.
If you have any more questions regarding this contest, contact the Rampa Ventures team at https://rampa.io/hpl/. Likewise, we remind you it’s important to discuss the legal and fiscal implications of such an undertaking.
Good for you for reading this all the way to the end. Now whaddya waiting for? Sign up already.