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Stripe Atlas

TuismTuism
in General
Batsignal @LexAquillia!

I saw this thing, it claims to be able to do this:
With Stripe Atlas, entrepreneurs can easily incorporate a U.S. company, set up a U.S. bank account, and start accepting payments with Stripe. Starting today, it’s available to developers and entrepreneurs globally.
This sounds like with this, anyone can run Kickstarter and do US account-needed things easily? Does this look legit, or?

Digging more...
Thanked by 3mikethetike Elyaradine garethf

Comments

  • LexAquilliaLexAquillia
    It's legit. It has the backing of local Venture Capital firm (Knife Capital).

    Important things:
    There is a $500 setup fee and it costs $125 to maintain. On top of this it is an additional $50 fee to tax and up to $175 franchise fee, bringing your annual maintenance fee to $450. Which is not bad. Some jurisdictions you are paying $4000 per year.
    Thanked by 6Tuism garethf dammit Elyaradine konman SubiyaCryolite
  • roguecoderoguecode
    Would this have any advantage over something like the FNB offshore account for receiving $ payments?
  • TuismTuism
    edited
    @roguecode
    This isn't just for receiving payments, it's for the ability to do stuff that requires an US bank account, like kickstarter, or receiving money on android play store. For purely receiving payments I think Currencies Direct and PayPal already has that covered at a much lower startup cost.

    @LexAquillia
    Annual maintenance fee of $450 - how did you arrive there?
    Setup of $500 is once off
    $125 maintenance is monthly
    $50 tax fee is monthly (?)
    $175 franchise fee (?) (what does this mean?)
    = $350?
  • ElyaradineElyaradine
    edited
    Tuism said:
    $125 maintenance is monthly
    $50 tax fee is monthly (?)
    $175 franchise fee (?) (what does this mean?)
    = $350?
    No, those fees appear to be annual (though yeah, adds up to $350).
  • francoisvnfrancoisvn
    edited
    Just applied for an invitation. I figure there might be a fairly long waiting list, so wanted to get in on that now. Whether we go through with it or not will depend on the timing of when/if the invitation comes.

    As I read the FAQ, it looks like $500 setup + $350 annually
    Thanked by 1Elyaradine
  • TuismTuism
    Yeah I applied too, it doesn't hurt to get a look under the hood.

    Though they said if you're in a supported country you can already start receiving payments, though I haven't figured their interface out yet. There's something unobvious about it. Can't find where to setup a payment account or what details to use to get paid.
  • francoisvnfrancoisvn
    Clockwork Acorn is now officially multinational :D

    We're still in the process of going through this with Stripe Atlas, but so far the process has been fairly smooth. We had a little hickup at one point, but asking nicely seemed to help. We now have a bank account and the company has been incorporated, but I suspect there will be a little more admin to do in the next week or so. I also have no idea what the ongoing implications are yet. Let me know if anyone has any questions so far
    Thanked by 1DaveRussellSA
  • TuismTuism
    Cool! Thanks for trying it out so we know how it works :D

    - How much does it cost, once off and ongoing?
    - Are you launching a kickstarter with it? Soon?
    - If not, what was the reason for going with this?
  • francoisvnfrancoisvn
    So far we haven't actually paid anything, but I think we'll have to pay around $500 soon. Annual fees are meant to be $350 and I suspect we'll have to pay our accountants a little bit to handle the books and stuff. Not sure about those ongoing costs as this stage tho

    No current plans to launch a Kickstarter. Our main motivation is access to a Google Merchant account for the Play Store. There are a few other things we can more easily do now (Kickstarter, Paypal without excessive fees, consolidated and more controllable payments to reduce Forex fees, ...), but that was the main thing.
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