Our experience with Stripe Atlas (2017) • Hacker News Board

Re: Our experience with Stripe Atlas (2017)

#11

Post by agopaul » Tue, Apr 10, 2018, 11:58 AM UTC

amelius wrote: post #9

agopaul wrote: post #4

As a non-US citizen, opening a company in the US is not the hard part. The hard part is figuring out taxes and legal "configuration" in your own country, where you live. I'm not an expert, but I hear from accountants that you have to figure the thing out properly and you end up having an accountant for your company abroad and one for yourself. It might end up being too much expensive if it's for a bootstrapped startu…

I'd advise to find a better accountant. What they are suggesting seems out of touch with reality and my personal experience.

What is your experience then?

Re: Our experience with Stripe Atlas (2017)

#12

Post by naiv » Tue, Apr 10, 2018, 12:14 PM UTC

briandear wrote: post #7

alicewales wrote: post #5

I've noticed a lot of people setting up UK limited companies for similar reasons - you can do it online for a few pounds and there seem to be very few checks done on your identity or business plan when you do so.

The only problem with a UK company for a non-UK person is it has been my experience that it’s really hard to open a proper UK bank account without UK residency. Perhaps others have had better luck, but for me, that was a significant pain point.

How did you eventually solve this?

Re: Our experience with Stripe Atlas (2017)

#13

Post by [deleted] » Tue, Apr 10, 2018, 12:17 PM UTC

[deleted]

Re: Our experience with Stripe Atlas (2017)

#14

Post by sjroot » Tue, Apr 10, 2018, 12:33 PM UTC

ohitsdom wrote: post #10

My biggest hesitation with Atlas is the C corp part. I don't want funding, I want to start small and bootstrap. For this, LLCs seem best so you don't get taxed twice. My most optimistic first year in revenue would be $30-60k, still well in side business territory. Am I missing something, or is Atlas not for me?

I am replying to this because it is a question I have as well. Stripe employees - I know the Atlas page discusses the reasoning behind a C corp a bit, but I think it would be beneficial to elaborate on why it is preferable over an LLC. It’s also worth noting that the Atlas website mentions support for LLCs and other business types later down the line. Any timeline on this?

As I imagine the OP of this comment is, I am a US citizen who was primarily interested in Atlas because it seems like the most painless solution.

Re: Our experience with Stripe Atlas (2017)

#15

Post by soneca » Tue, Apr 10, 2018, 12:42 PM UTC

My particular pain point is how to have a Stripe account living in an unsupported country (Brazil).

Is Stripe Atlas the best solution?

I am starting two very modest side business intending to sell to international customers (mostly US+Canada initially). One SaaS and one content membership.

Any ideas?

Re: Our experience with Stripe Atlas (2017)

#16

Post by pienight » Tue, Apr 10, 2018, 12:53 PM UTC

alicewales wrote: post #5

I've noticed a lot of people setting up UK limited companies for similar reasons - you can do it online for a few pounds and there seem to be very few checks done on your identity or business plan when you do so.

No business plan checks at all - I still don't have one. You have to pick a vague category that you do business in, but that was about it.

There's mention here about difficulties getting a UK bank account but I can't speak to that as I'm UK based. For me, as a UK-er, I got a business account (and a credit card at different bank) within a few days and I've never had to do anything in person. Total cost being the £14 for company reg (and later accountant fees because I'm bad at that). For what it's worth, my personal credit was below the toilet when I did all this as well, so no sweetheart Mr Moneybags dealing either.

Re: Our experience with Stripe Atlas (2017)

#17

Post by ajeet_dhaliwal » Tue, Apr 10, 2018, 1:02 PM UTC

agopaul wrote: post #4

As a non-US citizen, opening a company in the US is not the hard part. The hard part is figuring out taxes and legal "configuration" in your own country, where you live. I'm not an expert, but I hear from accountants that you have to figure the thing out properly and you end up having an accountant for your company abroad and one for yourself. It might end up being too much expensive if it's for a bootstrapped startu…

For company owners with remote teams unsure of where they will be all living in the future or who move around between countries, this stuff is the biggest irritation. The one time a world government might come in handy to have a global incorporation. Also some big companies do wacky things like Atlassian: incorporated in London, UK, listed on the NASDAQ in the USA, managed and run in Australia... only the accountants and lawyers can explain why.

Re: Our experience with Stripe Atlas (2017)

#18

Post by hoschicz » Tue, Apr 10, 2018, 1:10 PM UTC

soneca wrote: post #15

My particular pain point is how to have a Stripe account living in an unsupported country (Brazil). Is Stripe Atlas the best solution? I am starting two very modest side business intending to sell to international customers (mostly US+Canada initially). One SaaS and one content membership. Any ideas?

Pick a different billing provider instead of Stripe.

Re: Our experience with Stripe Atlas (2017)

#19

Post by nicky0 » Tue, Apr 10, 2018, 1:16 PM UTC

alicewales wrote: post #5

I've noticed a lot of people setting up UK limited companies for similar reasons - you can do it online for a few pounds and there seem to be very few checks done on your identity or business plan when you do so.

There is no requirement to have a business plan to register a UK limited company.

Re: Our experience with Stripe Atlas (2017)

#20

Post by Silhouette » Tue, Apr 10, 2018, 1:18 PM UTC

pienight wrote: post #16

alicewales wrote: post #5

I've noticed a lot of people setting up UK limited companies for similar reasons - you can do it online for a few pounds and there seem to be very few checks done on your identity or business plan when you do so.

No business plan checks at all - I still don't have one. You have to pick a vague category that you do business in, but that was about it. There's mention here about difficulties getting a UK bank account but I can't speak to that as I'm UK based. For me, as a UK-er, I got a business account (and a credit card at different bank) within a few days and I've never had to do anything in person. Total cost being the £14 f…

Having just switched business banks in the UK, it appears that the rules have become a bit stricter in recent years. At minimum, you're now going to require the basic business details (registration number with Companies House, etc.) and the same standard of personal ID for all the people involved as for any of the other areas now covered by the anti-laundering rules (government-issued photo ID, recent proof of current address). We also got asked a variety of basic questions about the nature of the business and its finances, including things like where we did business and how we got paid. I don't know how many of those were strictly necessary and how many were this particular bank doing its due diligence, but other banks we've used have also asked broadly similar questions in the past.

In short, starting a limited company in the UK still seems to be fairly easy, but getting access to other facilities such as banking may be a different story if you're doing something unusual.