I've being waiting for something like this for years.
Stripe Atlas
351–360 of 402 posts
Re: Stripe Atlas
#352I just checked the prohibited businesses https://stripe.com/de/prohibited-businesses I am fine with most of them being prohibited but at some points it's getting quite restricted: 1. Virtual currency that can be monetized, re-sold or converted to physical or digital products or services or otherwise exit the virtual world 4. Sexually-oriented or pornographic products or services 9. Engaging in deceptive marketing pra…
Each country has his particular prohibited items. Check USA prohibited items, it's a lot more better on this regard.
Re: Stripe Atlas
#353Last year I traveled to another country (Australia) just to have a Stripe account to use on my startup. Stripe is awesome.
Atlas is something I really need. I can't hardly wait.
Re: Stripe Atlas
#354If 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'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?
Ease of payment processing alone might be worth setting up a US corporation.
In a lot of countries where Stripe et al. are not available, PayPal (shudder!) is the only way to collect payment from customers all over the world, and even PayPal isn't available all the time.
For example, in my country of citizenship, I can use PayPal to collect payment from foreigners but not from people in the same country, so I would be forced to maintain two payment processing systems (a domestic-only gateway as well as PayPal for the rest of the world) and add a lot of friction to the sign-up process if I incorporated there.
Re: Stripe Atlas
#355I just checked the prohibited businesses https://stripe.com/de/prohibited-businesses I am fine with most of them being prohibited but at some points it's getting quite restricted: 1. Virtual currency that can be monetized, re-sold or converted to physical or digital products or services or otherwise exit the virtual world 4. Sexually-oriented or pornographic products or services 9. Engaging in deceptive marketing pra…
Seriously? Sexually-oriented services excludes a lot of legitimate, serious businesses. Seems fairly simple minded to me, but maybe that's the European in me speaking.
It's not puritanism so much as risk management.
Spouse sees credit card charge for something sexual, questions it. Consumer is backed in do a corner. What do they do? Chargeback.
Re: Stripe Atlas
#356Earlier quoted context omitted.
> 15. Age restricted products or services (which are the most products/services) Wouldn't you need to be the age of majority to use Stripe at all?
Any cc processor has to worry about age restricted products or services using "Enter your credit card details here" to do their ID checks, especially since that is often combined with dark patterns that downplay the fact there's a charge associated with that. And age-restricted products tend to come with a whole host of other liability issues which they probably don't want connected to Stripe-registered US shell comp…
It also doesn't make that much sense, considering that 15-17 year olds are regularly issued debit cards for checking accounts (though the parent is also usually a joint account owner). AFAIK nothing in the Visa/MC network has "Birthdate" field.
Re: Stripe Atlas
#357Earlier 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?
I run an independent business in India and all my clients are in USA. I would rather setup a US based company where the regulatory certainty is much better in India. Keep and invest money within US to the extent taxation is not a problem. I am pretty sure there are many more people like me.
As a fellow Indian, but without a business atm, I'd love to connect.
Re: Stripe Atlas
#358Earlier quoted context omitted.
Perhaps not to accept but VCs are going to require it. I think that's what is meant.
"VCs" is not some catch-all well-defined term. To say that all venture capitalists "require" you to be a C Corp is incorrect and further reinforces the very issue I'm trying to address here. There are lots of different types of venture capitalists. From large funds, to institutional investors, to individuals, and everything in between. Some of them require C Corps. Some of them require S Corps. Some of them require a…
There's a reason this Atlas thing supports Delaware C Corps and only Delaware C Corps. I agree that founders have a lot to worry about. So just get the Delaware C Corp and move on.
Re: Stripe Atlas
#359Nobody mentioned the shares based tax implications of Delaware Corps. Surprise! You owe them $50k!
What gotchas are you referring to? I thought Delaware was the shell corp state of choice because of no taxes and laws that favor businesses.
He is referring to how the default franchise tax is calculated using the "Authorized Shares Method" which gives many an MI when they see they owe $20k+, without realizing you can use the "Assumed Par Value Capital Method" and your bill suddenly becomes like ~$500.
Re: Stripe Atlas
#360I'm really excited about Stripe Atlas, I just hope they will establish it as an independently branded product going forward.
Edit: wrote some thoughts on it on Medium: https://medium.com/@__tosh/stripe-atlas-and-the-trap-of-bran...