Stripe Atlas • Hacker News Board

Re: Stripe Atlas

#291

Post by flashm » Wed, Feb 24, 2016, 7:06 PM UTC

michaelschade wrote: post #289

pbreit wrote: post #276

Earlier quoted context omitted.

I'm still a little confused on whether or not this is better than incorporating in your own country. Is this more geared to accelerator startups who are thinking of moving to the US? Certainly US incorporation is not required (or even all that helpful?) in establishing a US presence?

Great question! I've learned a lot about this as I've gotten to hear from entrepreneurs that tried to setup in their own country, but ultimately came to the US. The video on our site gives some glimpse into the problems these entrepreneurs run into: https://stripe.com/atlas#stories The gist is that certain countries have a better business and banking infrastructure than others for entrepreneurs looking to establish a…

This only really works for people that aren't already setup as a company though.

You can't just open a new company in another country and expect to start moving your revenue to it, it just doesn't work like that. For instance, I'm registered in the UK and would have a tough time telling HMRC 'oh that's my US company, nothing to do with you'. It's a completely different problem if you already run a business and want to open a US branch. That's the same for pretty much anyone in the EU.

I think that needs to be made more clear in the schpiel.

Re: Stripe Atlas

#292

Post by chris_va » Wed, Feb 24, 2016, 7:10 PM UTC

winter_blue wrote: post #290

arasmussen wrote: post #258

Earlier quoted context omitted.

Double taxation for C corps is on dividends but not salary so this isn't really as big a deal as you'd think.

Can you vary your salary according to revenue, so that your salary always == revenue? (Thus completely avoid corporate taxes by never paying dividends, and nominally having zero profit.)

http://www.bloomberg.com/bw/stories/2007-07-16/how-much-to-p...

Re: Stripe Atlas

#293

Post by lossolo » Wed, Feb 24, 2016, 7:10 PM UTC

I did what they do on my own and i am from Europe.

1. Find delaware agent, https://corp.delaware.gov/agents/agts.shtml

2. Get your agent for 50$ a year instead of 150$ that Stripe will give you.

3. Get bank account in reputable big bank instead of what Stripe propose.

4. Profit.

Re: Stripe Atlas

#294

Post by chris_va » Wed, Feb 24, 2016, 7:12 PM UTC

api wrote: post #219

tvladeck wrote: post #129

Earlier quoted context omitted.

> You must be a C Corp to accept investment. This is not true. You can sell membership interest in an LLC the same way you can sell stock in a C corp. And in my experience it's fairly simple to go LLC to C. I didn't get confused with S corps.

Will any actual VC firms invest in an LLC? I've never heard of that but then again I've never worked in that world full time.

Most just require that you convert from LLC to C-Corp, which isn't impossible.

Re: Stripe Atlas

#295

Post by michaelschade » Wed, Feb 24, 2016, 7:16 PM UTC

chirau wrote: post #278

tmfrancis wrote: post #168

Earlier quoted context omitted.

The whole purpose of Stripe is to make basic tools for starting an internet business more broadly available and without barriers. The core of our strategy is to eliminate gatekeepers and secret clubs. We’re openly available in 18 countries today (you can see the complete list stripe.com/global) and hundreds of thousands of businesses use Stripe after openly signing up. Because businesses’ livelihoods and revenue are…

Hey bro, quick question... What's the story with African countries? Any chance we can get in on this? Also, how does taxation work with this?

Atlas is suited for entrepreneurs anywhere in the world, including in African countries. You can apply here: https://stripe.com/atlas

The tax requirements will vary for each company. At a minimum, you'll need to pay US federal income taxes on your US income, and pay the Delaware Franchise Tax each year. Since we know this is a nuanced topic, we've partnered with PwC to give you guidance from a US perspective when you are invited to Atlas.

Re: Stripe Atlas

#296

Post by jimbokun » Wed, Feb 24, 2016, 7:24 PM UTC

grellas wrote: post #259

If Atlas is implemented as promised (probably a safe assumption given the Stripe team), it will afford founders throughout the world a pain-free entry point into the world's most advanced economy, opening the way for key financing, for seamless payments processing, for ease of banking transactions to get people paid and to move funds easily, and for access to advice and guidance from people in the know to address a w…

Sounds like a great concept even for a U.S. entrepreneur.

If you are someone new to the business world, figuring out how to take step 1 is a very scary process. At least having a default set of options pre-selected for you sounds like a great starting point. And of course, Stripe could also be in the business of connecting potential entrepreneurs to pre-vetted legal and accounting services.

And Stripe's incentives are perfectly aligned, more businesses using their payment services. Anything putting these businesses into legal or accounting jeopardy is also bad for Stripe.

All in all, this seems like an obvious-in-retrospect, brilliant idea.

Re: Stripe Atlas

#297

Post by sinzone » Wed, Feb 24, 2016, 7:30 PM UTC

This is huge, I had to fly from Europe myself just to open a bank account (before the 9/11 you could do it online). Stripe Atlas opens a business bank account for you with Silicon Valley Bank, the world’s leading bank for tech companies. There’s no need to visit a bank branch in person to get set up.

Re: Stripe Atlas

#298

Post by aCameronhuff » Wed, Feb 24, 2016, 7:30 PM UTC

hizanberg wrote: post #42

amgin3 wrote: post #31

Is there really a market for this? Why would anyone outside the US want to open a US company when you can just as easily open a company and bank account in a tax-free country with little/no oversight?

Which country lets you easily open a bank account and accept Stripe Payments with little/no oversight?

Canada

Re: Stripe Atlas

#299

Post by philfrasty » Wed, Feb 24, 2016, 7:34 PM UTC

philfrasty wrote: post #33

Does this fulfill the requirement from the YC application? „International founders, please note: if your company is a non-United States entity (corporation, limited liability company, etc.), your participation in YC is conditional on conversion of your foreign company into a United States corporation.“ Could just sell the intellectual property from A to B for a $1.

...looks like it :) http://blog.ycombinator.com/the-fellowship-plus-stripe-atlas

Re: Stripe Atlas

#300

Post by dreamfactory2 » Wed, Feb 24, 2016, 7:36 PM UTC

grellas wrote: post #259

If Atlas is implemented as promised (probably a safe assumption given the Stripe team), it will afford founders throughout the world a pain-free entry point into the world's most advanced economy, opening the way for key financing, for seamless payments processing, for ease of banking transactions to get people paid and to move funds easily, and for access to advice and guidance from people in the know to address a w…

I can see a marginal convenience factor but I'm struggling to see anything beyond that. Is it that hard to incorporate and set up a bank account in the US? Incorporation in the UK is a 10 buck 10 minute online process already and opening a business account is only harder really due to money laundering regs which I don't think would be solved by 3rd party automation.