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Anyone tried Stripe Atlas to set up a U.S.-based company?


by @adrienbetweets | 5yr  | 16 comments

I just came across https://stripe.com/atlas and what they offer sounds too good to be true.

Has anyone used these services?

If yes, how was your experience? any cons?

Their claims are pretty high:

Atlas helps you incorporate a U.S. Delaware company in a couple of days. You just fill out a simple form; we generate the necessary paperwork and handle the rest.

Stripe Atlas opens a business bank account for you with Silicon Valley Bank, the worldโ€™s leading bank for tech companies. Thereโ€™s no need to visit a bank branch in person to get set up.

Cherry on top:

Stripe Atlas entrepreneurs will have access to guidance on U.S. law and taxes from Orrick, the international tech law firm, and PwC, the global accounting firm. Every Atlas entrepreneur will be able to chatโ€“for freeโ€“with a professional from PwC.

We set up a Stripe account that you can use to start accepting payments from customers in 100+ currencies right away. You can take advantage of the complete Stripe product suite, including Connect and Relay.

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@kaspar | 4yr

@antonsekatski thanks for raising this e-Residency bank account question.

Iโ€™m MD of e-Residency. a few updates:

  • We changed the law that as an e-resident no previous connections necessary anymore
  • if you open business bank account then the โ€œconnection to Estoniaโ€ means that you have Estonian company, address. This is enough.
  • We changed the banking law that you can open it remotely now, so you never need to visit Estonia to have it all. First banks promised to offer this end of this year.

btw, a general note that Estonian income tax is 0% if you reinvest your profits, if you take the money out then 20% flat rate, just saying :slight_smile:

Kaspar

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@working_9to5 | 4yr

Anyone tried their service by now?

Iโ€™m thinking of using it as a non-US resident. Because I canโ€™t get Stripe with my current company and paypal also seems to have better terms.

The way I see it though, I have to open this LLC in my personal name and not do any business in the US to not owe taxes (in the US).

Because at first I thought it would be interesting to put it under an existing company as a daughter company in the US. But apparently this will make the IRS consider it as a branch and you are on the hook for worldwide income of the LLC?

If anyone is using it yet, any idea on the upkeep costs (assuming no business in the US)?

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Canโ€™t you just set up a Delaware C Corp all by yourself? Why is it that Stripe Atlas cant provide you cannot do it yourself? Are you currently in US?

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@opt | 5yr

I think itโ€™s more for companies outside the US, and offers the package with Stripe and banking integration:

โ€œWe expect Atlas to be most beneficial for entrepreneurs who have a
global customer base, plan to raise money from global investors, or who
plan to build an operational presence in the U.S.
While incorporating in the U.S. can make many things much
easier, it also comes with long-term legal and tax implications. You
should think carefully about whether itโ€™s best for your business and
consult advisors as necessary.โ€

The FAQ section has a fair amount of info: https://stripe.com/atlas/faq

A $15k AWS credit during the beta period sounds nice.

The tax and legal help doesnโ€™t sound like much more than an introduction to service providers whoโ€™ll charge a bucketload of money.

I still wonder if it might not be a bad option for an American nomad. Of course if youโ€™re not based in DE youโ€™ll still be a foreign entity (and required to register) in whatever state wants to claim you for tax purposes, right?

(Which brings us back to the permanent address thing again.)

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@opt | 5yr

Any update on this service? Anybody here using it?

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@richlitt | 5yr

Weโ€™re going to have to see what the first few bloggers // people who get it say. I also applied.

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@wfaler | 5yr

While this is really an amazing set-up IF you want a US presence, as in expect to have US staff, seek VC funding from US VCs etc, that is also itโ€™s greatest catch.

Theyโ€™ll set up a US C-Corp, which means you are on the hook for 35% corporation tax (some of the highest in the world) before you can even begin thinking about distributing profits to yourself, and full US reporting requirements.
If you live or are based in most modern countries, youโ€™ll also be in for a world of complexity with double taxation agreements etc, and are likely to end up in a situation where both the US and your home country will want to tax the company (the latter by virtue of it being controlled from where you are).

Iโ€™d say Stripe Atlas seems a great set up if you are US based, or intend to become US based. It might be an option if you are from a politically unstable & corrupt country and are looking to base your business in a more stable jurisdiction.
For anyone from a stable developed western country, Iโ€™d suspect you are better off just sticking to having a business registered in the country of your tax residence.

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@leerosen | 5yr

When you say โ€œTheyโ€™ll set up a US C-Corp, which means you are on the hook for 35% corporation tax (some of the highest in the world) before you can even begin thinking about distributing profits to yourself,โ€ - what do you mean?

Canโ€™t you pay yourself any funds remaining in the corporation as wages (paying taxes on those wages where you are obligated to pay such taxes) and therefore have zero profit - and, thus, zero corporate tax? Are you suggesting otherwise?

Thanks

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@bavals | 5yr

The way I understand it, reasonable amounts can be deducted as consulting fees, etc, as long as you can justify it. Of course, youโ€™ll have to pay taxes on that where you live, but that has nothing to do with the corporation itself. Where it becomes tricky is when your C-corp has a lot of profits in a particular year. The IRS looks askance at transactions that imitate salary/consulting fees but are really just profit distribution. But somehow I doubt many people here will even encounter that situation except in a relatively rare (and hopefully, fortuitous) instance of selling a web site for a huge sum in cash.

Also, the 35% rate applies only to the portion of the annual profit over 10 million dollars * (note that itโ€™s a tax on profit, not revenue). If you have to worry about being in the 35% corporate profits tax bracket, you have a good problem on your hands, at least from where I am sitting. C-Corps with annual profits under $50K are taxed at only 15% of those profits.

  • Ok, I looked it up: itโ€™s a bit more complicated; the rate goes up and down, but anyway โ€“ thatโ€™s the general idea.
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@db8871 | 5yr

C-Corp is pass-thru, taxed at individual rate only.

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@antonsekatski | 5yr

I filled an application and now Iโ€™m waiting for an answer.

First, I wanted to open a company in Estonia using e-Residency but for doing that you need to prove your connection to Estonia. You can open a company easily but they donโ€™t guarantee youโ€™ll get a bank accountโ€ฆ this is just silly, I think. Why do I need a company without a bank account?

So I decided to go with Stripe Atlas for now.

Similar companies exist, yes, but there are a lot of scams out there so Stripe is a huge difference because of the brand.

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@adrienbetweets | 5yr

Thought many nomads already went through that process successfully though. For all I know, you need to come in person to Estonia to open a bank account.

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@antonsekatski | 5yr

Thanks, I know about visiting personally. I talked to the e-Residency support and they said itโ€™s really not guaranteed that youโ€™ll have a bank account, there are cases where banks rejected applications even when a person has a company because they canโ€™t prove their connections to Estonia.

Here is the article about it: https://medium.com/nomad-gate/estonian-e-residency-ultimate-guide-banking-taxes-cc27fe39c368

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@gustavkotkas | 4yr

The opening bank account part can be easily managed if you use a service provider. And the banks now have gotten more used to e-Residents by now.

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@grum | 5yr

Given it only was announced a couple of hours ago, the likelihood of someone already using it is quite low. Those who have been Alpha testing would have been required to operate under an NDA.

Similar companies exist already and donโ€™t cost as much. Not entirely a game changer.

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@adrienbetweets | 5yr

@grum did not know this was so new.

Similar companies exist already and donโ€™t cost as much. Not entirely a game changer.

Which ones?

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Read and participate in 14,086 discussions on Nomad List

Suggested topics

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Is anyone travelling right now?


by @viktor | 2mo 2 months ago | 2 comments

Winter is coming and Iโ€™m feeling the ache of travelling after being stuck in the same place since the Pandemic started. Wondering if anyone is travelling right now? If so, where are you currently located and how is the situation where you are?

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Anyone want to share an airbnb villa in Mexico?


in Mexico by @wouternomad | 4mo 3 months ago | 3 comments

I will be traveling/working through Mexico with my dog February to April. My plan is to stay in Sayulita for about 2-4 weeks, then travel south along the cost.

Is there anyone who wants to share an airbnb apartment? I was thinking of renting a private villa, but because these are large and have multiple rooms, I was wondering if there are fellow nomads wanting to share? Iโ€™m open to other locations as well (Puerto Vallerta, Oaxaca, and everything in between these two locations.

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Anyone wants to learn to sail in the Mediterranean? (Sep or Oct)


by @viktor | 7mo 6 months ago | 1 comment

I'm thinking about taking a sailing (yachting) course in the Mediterranean Sea this coming September or October. Thus far from my research, it seems that most courses are held in locations with not many digital nomads. My thinking is that it would be more fun to go to a place with like-minded people. Therefore, I'm wondering if anyone else is interested in taking a sailing course in the Mediterranean this fall? If not, do you know a location that offers good sailing courses, where there is also many digital nomads / nomad infrastructure?

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Has anyone created a list of co-living spaces around the world?


by @keegansard | 11mo 11 months ago | 4 comments

Iโ€™m a big believer in co-living but Iโ€™m finding hard to find all the options available in different cities.

I have found the major players like Roam, The Collective, and WeLive but havenโ€™t found many others.

Has anyone seen a list or should I start making one?

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Anyone know an accountant for Canadian nomads/expats?


by @noam_lightstone | 1yr 1 year ago | 16 comments

Hey guys, this was my first year as a Canadian nomad.

As far as I know of, Canadians donโ€™t pay taxes if they do not live in the country for 6 months.

But Iโ€™d like to talk to an accountant or someone who does Canadian taxes specifically for expats and nomads to get clear on the rules and for help on my return coming up.

Does anyone know someone who specializes in Canada who can help? Iโ€™ve seen plenty of US recommendations but none for us canucks.

Thanks guys!

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Has anyone been terminated by Project Fi?


by @jackgopack | 1yr 1 year ago | 15 comments

Any long terms Project Fi users cancelled?

Planning on being outside of the US for a year or more and disappointed to just discover their โ€œtermination for excessive international roamingโ€ fine print (similar to T-Mobileโ€™s) as follows:

โ€œThe Services must be primarily used in the United States and are not intended for extended international use. Further, the Services are designed for use predominantly within our network. If your usage outside our network is excessive, abnormally high, or cause us to incur too much cost, we may, at our option and sole discretion, suspend your Project Fi account, terminate your service, or limit your use of roaming.โ€

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Can anyone recommend a good Spanish language learning program in Alicante or Valencia?


in Valencia, Spain by @charliemartel | 2yr 1 year ago | 0 comments

Iโ€™m looking to spend 1-3 months in Alicante or Valencia this fall and would like to take a Spanish class there.

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Shikoku,can anyone help me with information about living there please


by @lofty | 2yr 1 year ago | 3 comments

Hi,
My name is Nick,currently living in Australia and looking at moving to Shikoku next year to live for a couple of years.My wife is Japanese,but I dont speak much though I have lived in Tokyo for some years previously.
Any advice on best areas to look at would be greatly appreciated ,

Thanks in advance
Nick

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Anyone have tips for preventing or getting over jet lag? ๐Ÿ˜“๐Ÿ˜ดโœˆ๏ธ


by @artofbryce | 2yr 2 years ago | 10 comments

We just finished our first stint around South East Asia and somehow survived 3 days of way too many flights, leaving me to feel like death.

Too much shitty airplane food, not enough sleep, big time difference from Mexico to SEA.

Anyone have tips to prevent that more in the future (aside from better flight plans)? More importantly, how do I recover faster from this horror?

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Can anyone recommend a good Swedish bank for European student?


by @raz | 3yr 2 years ago | 1 comment

The ideal bank will have an easy on-boarding as a European student studying and living in Sweden for a year and is merciful when it comes to sending GBP into the account.
Can anybody recommend a good Swedish bank? :raised_hands:

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Does anyone plan on applying to the Vermont $10,000 remote work incentive?


by @wagmanben | 3yr 2 years ago | 5 comments

https://finance.yahoo.com/news/vermont-pay-10-000-move-110056645.html

Hello All,
Saw Vermont rolled out an incentive to get more remote workers to live there, Does anyone plan on applying and If so why? Reason Iโ€™m asking is I work for an organization in Tulsa, Ok that wants to also bring in Nomads, and would love to hear your thoughts on what such a plan should look like

Any help would be Awesome!
Ben

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Anyone know a good hairdresser in Amsterdam?


in Amsterdam, Netherlands by @abstaa | 3yr 2 years ago | 0 comments

Anyone know a good hairdresser in Amsterdam? Looking for something reasonably to the center!

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Has anyone from EU bought tickets at Ticketmaster.com and Fandango.com for USA


by @gmisjura1 | 3yr 2 years ago | 2 comments

Hey everyone,

I got into situation when nothing really helped me, and now searching for alternatives.

Two web site where I was trying to buy tickets for Tribeca film festival and just cinema do not let me to buy tickets and the websites are quite big -

Ticketmaster.com
Fandango.com

My question is , does anyone know alternative where I could buy tickets for example Madisson Square show and AMC Cinema screening. Eventbite worked fine for example with European card.

Best,

Georgius.

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Anyone here resident in Portugal with incorporation elsewhere in the EU? Need some advice


in Portugal by @solardive | 3yr 2 years ago | 0 comments

Hi everyone!

Currently looking at ridding myself of the 9-5 and becoming a freelance consultant. Iโ€™m not planning to go full erm, โ€œtax optimisationโ€, as I believe in taxes as a concept, but I would like to pay less of them so I can get my business off the ground with more peace of mind.

Iโ€™ve decided I want to apply for the Portugal NHR (Iโ€™m a EU citizen), but I donโ€™t want to incorporate there. Anyone here has experience with being a Portugal tax resident and running a company elsewhere? If yes, where and why did you choose that country/place? Is it a a lot of hassle?

Thanks!

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Has anyone worked from Sihanoukville, Cambodia?


in Sihanoukville, Cambodia by @keybrownhill | 3yr 3 years ago | 6 comments

Hey everyone,

Has anyone visited Sihanoukville recently? I would like to visit and give it a try for working but I am a little unsure about the following:

  • Internet reliability (power cuts and speed)
  • 4G connection as backup
  • specific areas to live

In anyone can offer any info, suggestions on specific areas or recommended accommodation that would be great. I visited around 8 years ago so I am assuming the place has changed quite a bit since then.

Thanks!

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Anyone gone through the MM2H (Malaysia My 2nd Home) process?


in Malaysia by @mmorris | 3yr 3 years ago | 1 comment

We are looking to get the ball rolling and are wondering if anyone else has done it.

We are looking for an agent and are also wondering how far in you can open a Malaysian bank account.

If you know someone who was helpful, let me know!

Thanks

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Anyone (almost) exclusively traveling in Latin America?


by @danielaf | 3yr 3 years ago | 7 comments

Is there anyone around who spends most of their time in Latin America? After short trips to Peru earlier this year, Iโ€™ve now come back to Lima to stay for another three months and will then head to Buenos Aires. Lima will be kind of my home base but I aim to explore as much as possible of Latin America in the next couple of years. No interest in Asia, Africa or North America and no intention to go back to Europe.

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Anyone walking around the world while working?


by @michaltakac | 3yr 3 years ago | 8 comments

Hey guys,

Is there anybody who loves walking that much? Iโ€™m thinking about this for about 3 years now, and since I finished university this year, I could possibly plan for this huge trip and start sometime next year. I have no commitments, no girlfriend, some money saved and pretty strong motivation. I like to travel low cost (couchsurfing, exploring cities by walking, cooking own meals, sleep in a tent if needed).

Small background about me: Iโ€™ve been working 5+ years (and still working) as a software engineer remotely (full-stack, web, mobile, VR), trying to not spend everything and save a little here and there (plus some index funds, mutual funds and holding few cryptocurrencies). Walking is big part of my life since itโ€™s something like meditation, great time for creative thinking, research and solving problems. Usually my daily routine involves 10-20km of walking (some in the morning, some in the evening). So far longest stretch was 55km, aiming to raise it to at least 100km during next month. Also love to track everything (Fitbit Charge 2 + Gyrosco.pe).

Iโ€™m thinking if itโ€™s possible to walk around the world in 5 years while working occasionally during mornings or evenings (own web/mobile app, writing blog) and at the same time complete a PhD in Process Control (got an offer to work with great professor on an interesting thesis using augmented reality, for which I only need a smartphone, my Macbook and ability to once in a while consult with him over phone/skype).

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Anyone know good foreign currencies to hold?

 

by @worldtravel | 3yr 3 years ago | 22 comments

Iโ€™ve done a lot of research on foreign currencies and which are good to holdโ€ฆ its pretty complicated. it seems obvious, swiss franc, hong kong dollarโ€ฆ but when you look at if you want to open a swiss bank account they require a very high minimum balance, can charge you just to hold swiss francs, etcโ€ฆ anyone have a deep understanding of this stuff?

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Anyone use FlyOnward?


by @jeremyluebke | 3yr 3 years ago | 14 comments

Anyone here use FlyOnward.com?

Seems legit but due to how the tickets are only good for 24/48 hours I want to make sure everything is on the up and up and Iโ€™m not stuck at the border.

Thanks for any guidance.

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