You, the company, is in charge of identifying the reasonable size of the minimum and maximum total amount to fundraise, based on your product / service needs. You then indicate to the investors, what will be achieved if the minimum or maximum amount is reached to provide full transparency on how the funds will be used and what value will be created. Further, it’s your responsibility to check the maximum amount to fundraise with your local jurisdiction, assuring you stay compliant with your local rules and regulations.