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Stripe Atlas

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Re: Stripe Atlas

#381

Post by flashm »

bgaluszka wrote: post #307
flashm wrote: post #291

Earlier quoted context omitted.

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 t…

> oh that's my US company, nothing to do with you Can you expand on this? I don't understand a problem here.

Check chrisdew's answer above. It just doesn't work like that in the UK, or most places in the EU. If it was a totally different company, doing a totally different type of business, then you could argue the case that it was nothing to do with it. You would still have to pay income tax on any money you remitted into the UK though from your US or other earnings abroad.

In much the same way as the US treasury want's a piece of US citizens worldwide earnings, I believe.

You really do not want to mess with HMRC in the UK. They will chew you up and spit you out without a care in the world if you don't play by the rules.

Re: Stripe Atlas

#382

Post by stephen_g »

Geee wrote: post #65

Why should I want to incorporate in the US, if I'm European SaaS startup?

For my company in Australia, I'm thinking of making a US subsidiary because it's the easiest way to get a US bank account, so I don't have to pay fees from Stripe for currency conversion to accept US dollars. Also, it would let me accept ACH payments from US customers which is nice.

Next, as I'm doing some hardware stuff and buy parts from distributors in the US, it could save more in currency conversion rates there as well. Just need to talk to someone about how to do that legally (transfer pricing).

If I use Atlas, I'll probably wait for them to support LLCs because I think that would be a lot better for my uses.

Finally, incorporating the business in the US would good for founders wanting to take funds from US investors (but my startup is bootstrapped so I'm not really interested in that).

Re: Stripe Atlas

#383

Post by amima »

While Stripe team is great and it's always good to place all services under one roof, both registering US corporation and opening US bank account online is not something new, Harvard Business Services (www.delawareinc.com) had done company formation for years for startups and the fee is nicer ($250 single payment + $50/year for registered agent vs Atlas $500 single payment + $125/year for registered agent). Atlas is twice more expensive, which may be sensitive for early-stage startups.

We formed a C-corp with HBS. Then opened SVB account for free, printed standard incorporation docs, got EIN from IRS and opened account with Braintree (could be Stripe as well), all for free. We just had to use different websites instead of one, but no additional difficulties.

Re: Stripe Atlas

#384

Post by kintamanimatt »

kaspa130 wrote: post #224
vermontdevil wrote: post #109

I wonder how this compares with Estonia's E-Residency https://e-estonia.com/e-residents/about/

what e-Residency is doing - you would never need to visit the EU/US to establish location independent business + you wouldn't need a middleman + through digital ID you can access all the other services also. Eventually, the more players in the network the more everybody wins.

Actually, you do need to visit Estonia if you need to open up a bank account with a bank there to go satisfy the AML and KYC requirements. I think one bank will let you use partner banks in a European-wide network, but I haven't tested this.

I am aware that by the end of the year they may be relaxing the requirement to visit a branch in Estonia for lower-risk clients. I'm not sure how they're going to get through the AML and KYC assessment though.

Re: Stripe Atlas

#386

Post by wj »

If you use AWS is there any reason not to sign up for this? $15,000 in credits for $500? And I believe somebody commented that they don't expire?

Re: Stripe Atlas

#387

Post by pbreit »

reviseddamage wrote: post #380
SkyMarshal wrote: post #370

Earlier quoted context omitted.

Having used SVB at two startups now, they just get startups in a way that the big banks don't. They're not a huge multinational behemoth with its own corporate culture, but rather they specialize completely in the SV business/tech/startup world, it's their DNA. That little intangible is worth a lot. https://en.wikipedia.org/wiki/Silicon_Valley_Bank

That's anecdotal testimony really isn't it? and it's not true for fintech startups, SVB doesn't even bank Stripe's core payfac business. Other than the namesake, most fintech payment companies use WF, Fifth Third, Chase, Comerica or Cross-River.

Atlas is not directed at fin-tech companies. SVB is more startup-friendly than WF.

Re: Stripe Atlas

#388

Post by reviseddamage »

pbreit wrote: post #387
reviseddamage wrote: post #380

Earlier quoted context omitted.

That's anecdotal testimony really isn't it? and it's not true for fintech startups, SVB doesn't even bank Stripe's core payfac business. Other than the namesake, most fintech payment companies use WF, Fifth Third, Chase, Comerica or Cross-River.

Atlas is not directed at fin-tech companies. SVB is more startup-friendly than WF.

No one said that Atlas was directed at fintech.

Re: Stripe Atlas

#389

Post by pbreit »

pbreit wrote: post #387
reviseddamage wrote: post #380

Earlier quoted context omitted.

That's anecdotal testimony really isn't it? and it's not true for fintech startups, SVB doesn't even bank Stripe's core payfac business. Other than the namesake, most fintech payment companies use WF, Fifth Third, Chase, Comerica or Cross-River.

Atlas is not directed at fin-tech companies. SVB is more startup-friendly than WF.

reviseddamage: You were questioning why Atlas went with SVB and noted that SVB doesn't bank fin-tech in general.

There's no reason Stripe's selection of a payfac provider should (strongly) influence it's selection of a corporate/startup banking bizdev partner. Atlas is linking companies up to regular corporate banking services.

Re: Stripe Atlas

#390

Post by pbreit »

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…

I still don't really understand if this is targeted at US businesses/citizens or non-US?
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