Considering to open an LLC, which one to choose Stripe Atlas or Firstbase?
Hey nomads,
I am planning to setup an LLC company as a solopreneur who lives outside USA.
If anyone like me who started a company, what is your recommendation
- Stripe Atlas
- Firstbase
any other?
Thanks!
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I did mine with Stripe Atlas, everything went smooth. My only pain is dealing with taxes and bookkeeping (have to figure it out by myself).
Thanks. Do you use Stripe as your payment services for your products as well?
Yes, 100% payments handled by Stripe. No worries
I can only assume that starting an LLC outside of the US is much more work and so it makes sense to use one of these tools.
As someone that lives in the US I can say that starting an LLC is easy and cheap to do yourself (every state is different though).
What is your criteria for choosing US since you live outside US? why not say UK?
etc
there are other countries I am exploring too - Singapore, Dubai
Ok, singapore would require one director from singapore so you will have to partner with someone from singapore. There are services that provide nominee director but charges are high approx. 1000$.
If most of your customers are from US than it would become complicated to file VAT as unlike other countries each state has its own VAT requirements and laws are quite complicated. You would also have to file individual return apart from LLC as far as i know. It is also one of the most litigious jurisdiction. Also US LLC is not recognized in some countries as separate entity so for taxation purpose it would be considered as resident in your own country generally taxes are high on foreign entities as compared to local entities.
Do research more before going for this option.
It seems like one way to get around from that is your product should be sold from a re-seller like Paddle, Gumroad who takes care of all those cross border taxes in different countries.
yes for VAT but compliance, litigation etc. are still there.
I still wonder what that mean for someone who wants to sell simply Saas products (that doesn't come under fintech, health, physical goods etc)
I need to dig a lil bit more
Thanks for the heads up.