probably the first question you should ask yourself is...."do we have the liquidity?"
That's what it really take to open a successful exchange.
You can spend your life talking abt philosophy, the ethic, centralized or decentralized, technology.....all BIG BIG....BS!!
The only feature that really makes the difference, and by the way the life of death of any exchange, is either they have liquidity or not!
As simple as that!
Now....assuming you have solved the liquidity issue, before even thinking abt building your one, why don't you guys invest few time and money, less than a couple of thousand per month, for the first year, you build your client base, you check if it's "meant for you" and then you might decide to invest (or even re-invest should your pilot project goes well) your money in developers, either yours or through a whitelable solution?
Ref the jurisdiction....at the present time, no doubt: Georgia.
Costs in that country: few brokers around "fishing" with different web sites but at the end the price it's pretty much the same. The basic can be covered with a "full package" that would include your Georgian JSC company, your phisical office, the resident director that will comply with the mandatory requirement of his/her presence for at least 14 days/month, various costs, the initial application fee....etc etc.....for around 30/35K
The license process takes approx 3 months but you can ask your broker to push in order to speed up.
Even though the country is crypto friendly, more than any other one in the globe, most of the PSP there relies on Asian bank for their "nostro conto".
However, following the German gov opening about the possibility to negotiate/trade btc and eth and based on the long time strong ties between Germany and Georgia (and most of the ex CIS coutries) it would not be difficult to open nostro conto in Germany as well.
P.S.: last but not least....Georgia, even though has presented it's application, it's not OECD/AEI compliant! Not a secondary element