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Stripe Atlas

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321–330 of 402 posts

Re: Stripe Atlas

#321

Post by thepangolino »

karmelapple wrote: post #309
libertymcateer wrote: post #304

Earlier quoted context omitted.

> Is it that hard to incorporate and set up a bank account in the US? Yes. Yes it is. Let me put it this way: Setting up a corporation is trivial. Setting up a bank account can be a literally insurmountable hurdle for a business that is not based in the US. Banks can choose to let individuals and businesses open new accounts purely within their discretion, and as often as not they want the business owners to be physi…

I live hundreds of miles away from my bank's brick and mortar, and when I call, I think I'm still a bit of a novelty to them. "This customer doesn't actually walk into the building ever? Fun, I want to talk to the mystery person on the phone!"

As a European, the US banking system seems to be stuck in the mid-twentieth century.

Re: Stripe Atlas

#323

Post by _vn5r »

michaelschade wrote: post #146
tvladeck wrote: post #121

This is cool, but they should not offer a C corp as the default choice. An LLC should be the default for the vast majority of entrepreneurs. The only reason VC-funded companies are C corps is becaused VC LPs don't want to be hit with taxable income (which would flow through the VC to them). An LLC is much better for a variety of reasons: - Flow through taxation = you only get taxed once. With a C corp you pay corpora…

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 t…

How can I reach you? Email?

Re: Stripe Atlas

#324

Post by tempestn »

qnk wrote: post #130

We have already incorporated and has been a long and painfull process, but not as painfull as trying to open an account at Silicon Valley Bank. After some back and forth, they rejected our application saying: I’ve just received your info from client support and my apologies if no one replied to you sooner. Unfortunately we won’t be an appropriate banking fit as we don’t typically bank service providers. We maintain a…

I'm legitimately curious - perhaps I'm missing some intricacy of US banking as I'm based in Canada - but why do you need a bank based in Silicon Valley specifically? In the online world, wouldn't any large US-based bank serve?

Re: Stripe Atlas

#325

Post by michaelschade »

_vn5r wrote: post #323
michaelschade wrote: post #146

Earlier quoted context omitted.

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 t…

How can I reach you? Email?

I'm michael@stripe.com, and we've a team of folks able to help at atlas@stripe.com.

Re: Stripe Atlas

#326

Post by angrow »

pentae wrote: post #124
eis wrote: post #111

Earlier quoted context omitted.

I have not found it difficult to get a corporate bank account and merchant account in the past in Hong Kong with HSBC. Yes you have to go there in person but I don't see this as a big deal. We had CC processing and your agents should have contacts to get you set up. Things might have changed in recent years. And no I am not wrong. If you don't have a work permit which you get by working for a Thai company, you are br…

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. 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 provid…

> If you are interested I can provide you with links.

Yes, please.

Also may I ask, what's your view of Singapore as a jurisdiction for digital nomad incorporation? Braintree already supports it for payments, and Stripe is in "private beta"...

Re: Stripe Atlas

#327

Post by tedmiston »

Global Accelerator Network (GAN) is listed as part of the Stripe Atlas Network. Does this mean that if we are connected to one of the accelerators in the GAN, that we have access?

Re: Stripe Atlas

#328

Post by tedmiston »

I wish this fee were made more clear upfront.

> What fees will be charged for my bank account?

> Silicon Valley Bank will waive account maintenance fees for the first 24 months. SVB will share more details about your account’s complete fee schedule and functionality once your bank account is open.

https://stripe.com/atlas/faq#What-fees-will-be-charged-for-m...

Re: Stripe Atlas

#329

Post by shimon »

rsync wrote: post #312
ripberge wrote: post #201

Earlier quoted context omitted.

Not so fast. These are getting formed in Delaware, but I believe if you operate in another state you have to register and may be subject to their taxes. In California there is a "gross receipts tax" based on revenue for an LLC. Do over a million dollars? Pay $6,000 in LLC Fees. Fine for a software co or a law firm not a huge deal. Ecommerce can be a crazy low margin business though and many Stripe customers could get…

"These are getting formed in Delaware, but I believe if you operate in another state you have to register and may be subject to their taxes." I think the Delaware corp is a fine idea and a good choice here, but combining that with a Silicon Valley Bank bank account gives me pause ... California really goes after state tax revenue, and I worry that a corporate entity that has no presence in California, and is not a CA…

While I agree that there are many confusing jurisdictional pitfalls in incorporation and banking, this isn't one of them. SVB in particular has customers all over the nation and it is ludicrous to suggest that a state's tax authorities would go after customers of banks based in their state as if they had jurisdiction over those customers' business conducted outside the state.

Law is a messy business, but they have literally taken the most typical arrangement for startups in US accelerator programs as the first template for Stripe Atlas. I can't imagine a safer set of choices.

Re: Stripe Atlas

#330

Post by abalone »

Dumb question: Why is this positioned mainly for non-U.S. entrepreneurs? Isn't a $500 setup kit useful for U.S. startups too?

You get: $15,000 of AWS credits, easy incorporation & bank account setup, tax/legal advice. Even if you don't ever take a consumer payment, that seems useful (even if only for the AWS credits!). No?

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