I work remotely from Cambodia for companies mostly based in the UK (but also in the US and elsewhere). Lots of startups do not want to hire remotely. I have heard "no" more than once from companies in the Bay Area. However, it has become less of a problem over the last few years, because with every year that goes by, it gets easier to just do your own startup without ever setting foot in the Bay Area. For example, there are amazing opportunities in the Chinese market at the moment, while it does not give any advantage whatsoever to be located in the Bay Area for those.