From New York and Chicago to London and Hong Kong, there are plenty of locations to launch a new financial firm. But where should aspiring entrepreneurs begin?

"British Virgin Islands," Andrei Knight, the founder and Senior Currency Strategist at fxKnight.com, suggested. "Panama, maybe. The problem with those jurisdictions, of course, is also the shady element. That's where the loosest regulations are. Your clients won't trust you if you're based there. And there's a good chance you might lose all your money if you're based there."

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