Stripe Atlas

A few places offer "Company in a box" but without the automatic bank account (e.g. search google for any "Register a company" keywords or even the more startup focused https://www.clerky.com).

The most amazing this here is obviously the automatic bank account integration. The last time I set up a SVB account I had to drive to their Santa Clara office, meet someone, convince them I'm not a hack fraud (lol, tricked them on that one), then fax over paperwork, then wait a week for things to get enabled. Just a lot of friction before even getting started on the real goal of setting up a business account for accepting iOS platform payments. (side note: let's hope the SVB web interface has gotten better since then. last I checked, it felt like a scaled up 1996 web app... kinda awful all over, but it got the job done.)

This offering does sound like it's more focused on helping non-US people to just start processing US payments easier and not expressly around startups (a la clerkly). It skips some startup-isms we all know and love (83b forms not expressly mentioned, does it allocate "startup levels" of default stock during incorporation, etc), and a big thing not mentioned: it doesn't register you as a foreign entity in a non-delaware state. You'll get a nastygram from your state tax office if you don't register as a local foreign entity (they'll scrape IRS details about you to figure out which companies exist in their state but aren't registered). Registering as a foreign entity is different for every state (more fees) and sometimes more BS ("you must notify the public of your new corporation by paying for notices in two (2) newspapers for six (6) weeks to complete this process" (that could be just for actual corporations and not foreign registrations though)).

Looks like an amazing offering overall, and it's always amusing to see how AWS throws credits all over the place. If Google could wise up to it (assuming it's not an Amazon promotional exclusivity contract), they should be throwing 4x-10x AWS-sized credits at all the same targets too.

You are right and it's also much cheaper to form and maintain an LLC. I think that forming an LLC in Colorado is the cheapest option ~ $250 total costs. That is great if you're just bootstraping and don't know if the business is going to be successful. BTW, if you're not a US citizen + the business is providing services + you're the only owner (single member LLC), then there are NO TAX-paying requirements.

Also, the business might not succeed, so why waste all that time+money on creating a C Corp, which is even more expensive to dissolve? C Corps also have many more expensive legal requirements. If the business is successful and you plan on getting VC money, convert it later to a C Corp.

Thanks for the feedback! We agree that C Corps may not be for every company: we're looking at support for other company structures, including LLCs (https://stripe.com/atlas/faq#Can-Stripe-help-me-set-up-a-dif...).

To kick off the beta, we found that the C Corp was the best place to start based on what entrepreneurs in emerging markets were already looking to do. We go into much more detail about C Corps and their tradeoffs when we invite someone to the beta. In addition to other company structures (like LLCs) here in the US, we're also looking at equivalent structures as we expand Atlas globally.

  >> Yeah, things have changed in recent years in HK. HSBC HK has a horrible reputation now and they are very resistant to do corporate account openings and prefer your company is resident or doing business in HK.

Good to know. Though it's kinda sad as HK really used to be a great place for business. I've seen similar changes in

  >> Regarding long stay visas in Thailand - as I said, getting a long term visa or work permit is very simple you can do it through a company who will sponsor you for a modest fee. If you are interested I can provide you with links.

Yea but many such offerings are just circumventing the law and here in the south at least a couple of these companies got into trouble. And by trouble I mean the usual extortion by immigration/police. Especially companies with nominees that hold the other 51% for you are getting more and more attention.

  >> My BOI did take some time, you are right, but the process was relatively simple as I used an agency - but totally worth it.

Hehe the typical Thai way. Find someone (agency) who knows someone that makes the decision. Pay the agent a "service fee" from which a nice chunk goes to the official to incentivize a smooth process :)

  >> Yes - much easier to incorporate somewhere else. Your experience with HK/HSBC opening a merchant account is simply not a reality anymore for the majority of people, particularly without processing history, nor is it in other countries using HK.

Again said to hear.

  >> Anyway, this product offering from Stripe is a genuine game changer for people who want to operate from the US, want a business in a box and want to set it up remotely. I know many, many people who will jump on it. 

Undoubtedly the offering from Stripe will be helpful for many people. Somehow I get the feeling that the US pushed other countries hard to make incorporation and especially bank account opening much harder in the guise of fighting terrorism and crime while itself trying to make it simpler. An interesting economic strategy.

Minor point but surprised that for such a major release the site isn't mobile optimised.