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What are the pros and cons of incorporating a company using Stripe Atlas?
By
fsdp
January 18, 2019
Anyone can share his experience with Atlas..
I am in the process of setting up a company with stripe atlas. Overall I have to say it was a good experience, a lot of the paperwork is taken care of, and stripe is always in communication and helps you get through the process.
Some cons are that you have to use Silicon Valley Bank which charges you $25 / month (once your stripe atlas process completes)
Right now my application is getting stuck because of the government shutdown, they can't issue an EIN number for me. So I'm just waiting indefinitely. But that's nothing to do with Stripe Atlas as a service.
Are you based in the U.S.? I'm curious to know how a company established through Stripe Atlas would go around sending money from the bank account in the U.S. to their home country if they're not operating in the U.S.
Hey, I am actually Based in Bangkok. In Thailand we have a Bank called Bangkok Bank, and it's the only bank here that is integrated with the ACH system in the US, so every bank account from their bank can receive ACH transfers. I believe it can also send ACH transfers but don't quote me on that, I've only used it to receive payments.
I am in the same situation with the government shutdown...
Very interested in this question - Sorry I can't help answer it
I wish there was a way to follow a thread on IH
Some time ago I've looked at Atlas, Gust, and others before I passed on all of those and simply used my friend's LLC and their business PayPal to be able to accept payments.
I believe paying customers is the best validation, so at the time I just needed to be able to invoice a potential client.
The idea failed, but at least I spent zero time and money for incorporation paperwork and account opening.
That experience, however, suggested another idea - to help other founders to do the same, I mean to avoid incorporation when it's just too early for that. I wrote it down and it was hanging on my list of ideas for months if not years.
Recently I picked it up and launched http://saaspilot.co/, a "Company-as-a-Service". Paradoxically enough, I had to register a U.S. LLC for that and I did it via HBS - check it out btw, it's a real value for money. There is already some initial interest, but the idea is yet to be validated.
So. Would you consider such an option if you knew about it? Would you recommend it to other founders (provided it works well)? Would you pay a monthly fee or a revenue share? I'd appreciate any feedback!
I can't say about Atlas, but I just used Gust Launch to incorporate. The process was very smooth and everything is explained very well along the way. It was mostly just answering a few basic questions and then signing a lot documents.