I hope this works and can be done in a massive way.
Being from outside the US, it's hard to start a company there and create a bank account without spending thousands of dollars to travel there.
Stripe Atlas
11–20 of 402 posts
Re: Stripe Atlas
#12A very nice product it seems. But people should be aware that having a US business, bank account and so on makes you a "US person" in the eyes of the US government which comes with downsides. If you recently tried to open a bank account somewhere you might have seen the form you have to fill out which tries to discover if you are indeed such a "US person". I don't know exactly what the result apart from probably the bank refusing to take you as a customer is since I am careful to not become such a "US person".
Nowerdays it's becoming increasingly a better idea to incorporate in a different country than the US if you can, especially for online businesses including privacy, tax and ease of doing business.
Re: Stripe Atlas
#13Knowing the ridiculous U.S. tax laws (e.g. you once had an Green Card and now they want to tax you pretty much for the rest of your life regardless of where you live and work), overboarding bureaucracy and general lack of legal security (e.g. frivolous patent lawsuits), I would certainly open my business pretty much anywhere else.
Even as a US citizen?
Re: Stripe Atlas
#14Funny, I have a Delaware LLC company registered in USA (it's an offshore company) but my bank account is outside the US (completely legal), yet Stripe denies me right to open an account and accept the payments. Now I read about this Atlas, what a hypocrisy... I happily use PayPal since then.
It's a step in the right direction.
It would be hypocrisy if they claimed one thing and then did/acted another. Non-US bank accounts are listed in their FAQ and their general policy (not supported, use a US bankaccount as proxy) remains the same.
I hope Stripe changes their policy in the future (though you would have to rename your HN username then).
Re: Stripe Atlas
#15Interesting angle. For a while I've wondered why nobody does a tech/startup version of "Company in a box". This looks like it's exactly that. Incorporation, payment processing, the works. Is Stripe getting a cut of the eventual revenue from the service providers that are providing the offerings? What's the incentive on their side? Or are they just hoping to scrape by on the transaction fee revenue (which are way less…
Nope, we're not looking to make money off the incorporation, though we of course hope the companies become successful Stripe customers!
Re: Stripe Atlas
#16A very nice product it seems. But people should be aware that having a US business, bank account and so on makes you a "US person" in the eyes of the US government which comes with downsides. If you recently tried to open a bank account somewhere you might have seen the form you have to fill out which tries to discover if you are indeed such a "US person". I don't know exactly what the result apart from probably the…
A US corporation is a US person. The owners of it are not, unless they are citizens or LPRs. Feel free to check with your lawyer or the IRS.
https://www.irs.gov/Individuals/International-Taxpayers/Clas...
Re: Stripe Atlas
#17A very nice product it seems. But people should be aware that having a US business, bank account and so on makes you a "US person" in the eyes of the US government which comes with downsides. If you recently tried to open a bank account somewhere you might have seen the form you have to fill out which tries to discover if you are indeed such a "US person". I don't know exactly what the result apart from probably the…
Citation, please?
I'm very aware that US citizenship comes with legal hurdles when dealing with foreign banks, especially in Europe - but I'm not aware of any such issues with non-US citizens merely owning a US business entity.
Re: Stripe Atlas
#18Knowing the ridiculous U.S. tax laws (e.g. you once had an Green Card and now they want to tax you pretty much for the rest of your life regardless of where you live and work), overboarding bureaucracy and general lack of legal security (e.g. frivolous patent lawsuits), I would certainly open my business pretty much anywhere else.
Even as a US citizen?
No, as a foreigner. But thats who Atlas is for, right?
Re: Stripe Atlas
#19How does taxation work in this scenario? I'm imagining that all profits(?) will be subject to US taxes. Would the company that Stripe help register in the US be a subsidiary of my existing company (not registered in the US)?
Good question! Every company’s situation will be different (which is one of the reasons we’re working with PwC to provide expert tax guidance and education). But generally speaking, companies that are incorporated in the US will need to pay US taxes, and may also pay taxes in their local jurisdiction. The corporation we help you setup in the US would be a new entity.
While I applaud the idea, if you don't need to be US based:
1. It's ridiculous to incorporate in the US, due to ridiculous tax policies; and
2. It's a great way to upset local tax authorities + there are probably a ton of nasty side effects (e.g. some countries have "see through" taxation that taxes certain profits arriving in foreign entities at the shareholder level, or require board meetings to be held in the jurisdiction the company is based in, etc etc)
If you do this, make sure to get advice from local counsel, or it could end up being a very expensive exercise
Re: Stripe Atlas
#20Earlier quoted context omitted.
How so? You can do it currently without Stripe anyway? (Set up a US Delaware company and use Stripe USA to accept payments)
I've seen similar services for higher fees. But opening a US bank account without visiting the US? That I have not seen.
HSBC will do it for UK customers.