How do investors perceive start-ups incorporated in low-cost offshore destinations such as Seychelles, BVI, Cyprus?

The issue raised by such activity is: is the startup trying to hide something?

Delaware startups are fine, for example, but that is because Delaware is part of US corporate law and the path towards acquiring/dealing with a Delaware corporation is well proven out.

For companies in tax havens - not nearly so true. Unless the startup is making tons of money and thus is incorporated offshore for tax reasons, the questions raised are probably detrimental.

Furthermore, if you want a true tax haven - Puerto Rico passed acts last year which effectively create nearly zero corporate tax situations for eligible companies based there. The benefits for being offshore are simply no longer tenable in the present environment with the negative perceptions still being in place.