Is this primarily aimed at citizens of the US and countries otherwise not serviced by Stripe? What could be a reason for me to want this as if I'm, say, German or Canadian?
Stripe Atlas
21–30 of 402 posts
Re: Stripe Atlas
#22A very nice product it seems. But people should be aware that having a US business, bank account and so on makes you a "US person" in the eyes of the US government which comes with downsides. If you recently tried to open a bank account somewhere you might have seen the form you have to fill out which tries to discover if you are indeed such a "US person". I don't know exactly what the result apart from probably the…
A US corporation is a US person. The owners of it are not, unless they are citizens or LPRs. Feel free to check with your lawyer or the IRS. https://www.irs.gov/Individuals/International-Taxpayers/Clas...
It is of course possible (likely?) that the policy could be expanded at any time... so perhaps maintaining a maximum distance is indeed a prudent policy for those currently outside the grips of the US tax feeders.
Re: Stripe Atlas
#23How does taxation work in this scenario? I'm imagining that all profits(?) will be subject to US taxes. Would the company that Stripe help register in the US be a subsidiary of my existing company (not registered in the US)?
Yes, the company will be subject to US taxes but Delaware is a tax haven so it should be lower that wherever you live.
The problem is when you want to get money out of that company, to your home country. You'll have to pay taxes in your home country... Unless you take the plane with a suitcase full of cash once in a while.
Re: Stripe Atlas
#24A very nice product it seems. But people should be aware that having a US business, bank account and so on makes you a "US person" in the eyes of the US government which comes with downsides. If you recently tried to open a bank account somewhere you might have seen the form you have to fill out which tries to discover if you are indeed such a "US person". I don't know exactly what the result apart from probably the…
What's a "US person"?
Re: Stripe Atlas
#25Very interesting. It almost reads like it's oriented to first-time businesses, but makes almost no mention that a Delaware company is probably overkill for most people starting out.
Re: Stripe Atlas
#26This almost seems too good to be true. What's the catch?
> Silicon Valley Bank will waive account maintenance fees for the first 24 months. SVB will share more detail about your account’s complete fee schedule and functionality as you open your bank account.
> Pay a registered agent located in Delaware to act as a liaison between your company and the state. Stripe will set you up with a registered agent at a rate of $125 per year. (The first year’s fee is covered by Stripe.)
> File an annual report with Delaware, which costs $50.
> Pay an annual Franchise Tax to the state of Delaware—a minimum of $175 per year.
> Pay federal income tax on income generated in the U.S.
https://stripe.com/atlas/faq#Are-there-any-additional-costs-...
Re: Stripe Atlas
#27Earlier quoted context omitted.
How so? You can do it currently without Stripe anyway? (Set up a US Delaware company and use Stripe USA to accept payments)
I've seen similar services for higher fees. But opening a US bank account without visiting the US? That I have not seen.
Citi, HSBC and JPM in certain cases do this.
Re: Stripe Atlas
#28Kudos to the Stripers for continuing to innovate in the payments space! Really enjoying the simplicity and elegance of your btc payment solutions ;)
Wondering if Atlas could be used to "port" successful internet business models to "foreign" locales? Setting up a Flipkart in Morocco, or a Youku for Samoans...
Re: Stripe Atlas
#29Earlier quoted context omitted.
Good question! Every company’s situation will be different (which is one of the reasons we’re working with PwC to provide expert tax guidance and education). But generally speaking, companies that are incorporated in the US will need to pay US taxes, and may also pay taxes in their local jurisdiction. The corporation we help you setup in the US would be a new entity.
While I applaud the idea, if you don't need to be US based: 1. It's ridiculous to incorporate in the US, due to ridiculous tax policies; and 2. It's a great way to upset local tax authorities + there are probably a ton of nasty side effects (e.g. some countries have "see through" taxation that taxes certain profits arriving in foreign entities at the shareholder level, or require board meetings to be held in the juri…
This definitely isn’t for everyone — and people’s situations will be different — but based on what we’ve seen there are plenty of entrepreneurs who have already (painstakingly) done this or would like to do it. Our goal is to make what people are already doing more understandable and remove roadblocks so this is available to everyone who wants to go this route.
Re: Stripe Atlas
#30Earlier quoted context omitted.
Even as a US citizen?
No, as a foreigner. But thats who Atlas is for, right?
https://stripe.com/atlas/faq#Who-should-use-Atlas
"We expect Atlas to be most beneficial for entrepreneurs who have a global customer base, plan to raise money from global investors, or who plan to build an operational presence in the U.S.
While incorporating in the U.S. can make many things much easier, it also comes with long-term legal and tax implications. You should think carefully about whether it’s best for your business and consult advisors as necessary.
(Please note that there are a number of business categories that we can’t support in the U.S.)"
Not for foreigners, for people who want to have a US operations, raise money, or have customers in the US. I think ops, raising money, or having us customers is the right order to think of it too.