If your friend already has a developer and a registered company, what is stopping them from going to a bank and mortgage the business for a loan? I know the bank wont give too much value to it so you prefer to go for the less-experienced crypto enthusiasts and seek money from them.

Pretty scammy if you ask me. If you want any sort of transparency which is seriously lacking in the ICO/IEO market then go to an ICO consultancy and seek their help in getting a team and advisors for your project. But I doubt you will do that if your objective here is to scam some newbie who is is a wannabe "venture capitalist"