Yes, you may set up FooEvents on a staging or development site before moving to a live production site. For a Single-domain license, the license should only be used on one live production website at a time.
When you are ready to go live, log into your FooEvents Account and open the Licenses section. Disconnect the plugin or bundle from the staging site, then connect it to your live production site. A license key will be shown for the live site.
Copy the license key shown for your live site and paste it into the FooEvents License Key field under FooEvents > Settings > License on your live WordPress website.
This help doc explains how to connect a FooEvents license to a site and set up automatic plugin updates.