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I apologize for the begging, but if anyone has an invite, I would love to use Stripe Atlas with my co! chejazi@umich.edu
Does anybody have an invite code they wouldn't mind sharing for Atlas?
Contact patio11 directly by email (it's in his HN bio) and ask for an invite. I remember him making an open offer to all HNers who don't have an Atlas invite but need one.
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I used Silicon Valley Bank for a year or two. I thought I'd be running a startup, but ended up with a small business. SVB was not a great small business bank, but I can see how they'd be an awesome partner if I was running a funded startup.
Could you elaborate on why they are better for VC-backed companies? In what material way?
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Well not sure about saving you money. Wire transfers I believe across the board are cheaper using Capital One Spark $25 flat. Additionally you can transfer in and out of Spark for free using linked accounts not even within Capital One. Something not even possible with SVB.
Wires from (most) SVB accounts are free so, that's factually inaccurate. If you had an account that didn't have free wires you had the wrong kind of account.
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Wires from (most) SVB accounts are free so, that's factually inaccurate. If you had an account that didn't have free wires you had the wrong kind of account.
Not sure what kind of contract you have but outside of a discount on the first N wires, all the accounts have fees for wires, both domestic and international. Were you transferring directly to another SVB account?
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I used Silicon Valley Bank for a year or two. I thought I'd be running a startup, but ended up with a small business. SVB was not a great small business bank, but I can see how they'd be an awesome partner if I was running a funded startup.
Could you elaborate on why they are better for VC-backed companies? In what material way?
Another nice perk is working a banker you can call who understands the cash needs of startups. You can speak to a person in plain English about how your whacky business model needs to work. They see all sorts of new weird stuff, and they are conditioned to want to help you. The value of having someone understand the highs and lows of startup life, and who will go the extra mile to resolve any hiccups is subtle, but nice. Basically, a startup banker for startups is nice in the same way a farming banker is nice for farmers.
They can also help introduce you to investors. Having a banker on your side when you're raising capital is not trivial.
That is all that comes to mind.
Silicon Valley bank is frankly awful. I used them for three years but just recently switched over to Capital One Spark Business Checking[1] and love it. Spark is all online, has zero fees unlike SVB (I used to pay $15/mo), and has solid technology again unlike SVB. The account gets setup instantly and your debit card and checks arrive about a week after opening. The Spark iOS mobile app is really solid and allows for…
Having worked at Capital One, and having both a SVB and Spark bank account. I totally agree. Spark is similar to Capital One 360 which let's you generate an account with a few clicks. Having multiple websites and products this makes it stupid easy
We've technically speaking got a lot of US startups on Atlas, but we're happy to have more. Today's announcement also includes a number of other improvements we've made the last few months. I'm happy to answer questions if anyone has them.
Do you plan to offer incorporation in other business friendly countries - say singapore?
I am not affiliated with them, but are using them currently and they are providing great service.
We've technically speaking got a lot of US startups on Atlas, but we're happy to have more. Today's announcement also includes a number of other improvements we've made the last few months. I'm happy to answer questions if anyone has them.
Do you have some sort of guide or FAQ which can give potential clients a guide as to the possible extra costs involved for internationals, like typical accountants and lawyers fees? I've been interested in Atlas in the past, but the potential financial unknowns can be... intimidating. For instance, how would this compare to opening a company in Hong Kong?
a) What is my foreign affiliate reporting requirements? For a Canadian, you must file a T1134 annually. The T1134 for a controlled foreign affiliate (where you exercise control) is very onerous. It is not that bad for a non-controlled foreign affiliate.
b) What is my foreign affiliate taxation requirements, in that foreign jurisdiction? This is an answer that must come from Atlas I guess. But for a foreigner owning a US LLC, where the US LLC will be controlled from a country with which the US has a tax treaty, we get into many complexities.
c) Will I have an income pickup from active business income from owning a foreign affiliate? For Canada, this is a "no."
d) Will I have an income pickup from passive income earned in a foreign affiliate? For Canada, this is a "yes." Canadians should never earn rental income, royalty income, or other such passive income in a US LLC, for example.
e) How will I deal with the "place of central management and control?" Many countries deem a corporation to be resident in that country if you habitually exercise management and control from that country. For example, a Canadian that owns a US LLC will result in the following:
- US LLC is a tax resident of the US by virtue of incorporation, and must file a tax return to report earnings from the USA (no flow through). As the LLC will be a resident of Canada as well (see below), branch profits tax of 30% may apply (IRS 884).
- US LLC is a tax resident of Canada by virtue of being controlled, "mind and management," from Canada by a Canadian, and must therefore file a Canadian corporate tax return.
The situation is different for Canadians owning "C" corporations. However, it brings its own complexities and nuances. The reporting requirements are challenging.
For those seeking to own a foreign company, research your own reporting and disclosure requirements carefully.