[Lordarminius]

> Can you clarify the meaning of "operate?"

Thank you soloadvnturer

I had in mind YC companies. They are required as a matter of procedure to incorporate in the US before funding is released.

I always had a nagging suspicion it is a more complex issue than meets the eye.

In many cases these companies (operating in markets outside the US)also frequently incorporate in their home countries (which host their target markets) eg India, South-Africa, Nigeria as the case may be