Show HN: U.S. Legal Concepts for Founders – Online Handbook

Post by danieltillett » Sat, Dec 10, 2016, 11:57 AM UTC

patio11 wrote: post #27

mrkurt wrote: post #13

Earlier quoted context omitted.

Well, they screwed up filing docs for a friend of mine, we haven't gotten an EIN after a month, and the bank account with SVB is really limited (SVB won't do a credit card for those accounts, for example). I used them primarily to get the bank account with minimal fuss and now I'm regretting it. :)

Would you mind sending me an email (my HN username @stripe.com)? I work on Atlas and I'd be happy to look into what went wrong and what we can do to fix things.

Post by danieltillett » Sat, Dec 10, 2016, 9:20 PM UTC

patio11 wrote: post #52

danieltillett wrote: post #51

Earlier quoted context omitted.

Patrick how is SVB getting around the KYC regulations? It seems impossible for any bank following the regulations for non-US resident founders to open a US business bank account.

SVB and Stripe are complying with all of our legal obligations. You'll forgive me if I generally abstain from more detailed commentary on internal operations of my employer. I do not believe your understanding of the regulations to be accurate. Are you of the opinion that it is impossible for e.g. Toyota to have a US bank account? No, of course not. That would be crazy. So if the mental model has a Toyota-shaped hole…

Post by infinite8s » Tue, Dec 20, 2016, 7:06 PM UTC

danieltillett wrote: post #53

patio11 wrote: post #52

Earlier quoted context omitted.

SVB and Stripe are complying with all of our legal obligations. You'll forgive me if I generally abstain from more detailed commentary on internal operations of my employer. I do not believe your understanding of the regulations to be accurate. Are you of the opinion that it is impossible for e.g. Toyota to have a US bank account? No, of course not. That would be crazy. So if the mental model has a Toyota-shaped hole…

I only speak from my personal experience. In the past (pre 2001) it was possible to set up a business bank account in the USA if you weren't a US resident (I opened one back in 2000 which I now wish I didn't close in 2005). I tried again in 2012 and it proved impossible due to the changes in the KYC regulations. If SVB and Stripe have figured out how to get around the KYC regulations I wish they would share their kno…