‘Stripe Atlas’ – a “new” way to start business on the Web from the US

stripeatlas

Growing business to access the global market generally ranks quite high on the ambitious entrepreneur’s list of to-dos. But it’s not a cakewalk, with stringent tax laws, currency restrictions & numerous hoops you have to jump through. Establishing an operational base in the US is fraught with tons of red-tape requiring significant deployment of resources, which translates into time & money. In such an environment, StripeAtlas lets you incorporate your company in the US, accept & make Online payments, open a business bank account in the US & get access to tax/legal guidance. So developers & entrepreneurs can dream big for free (the first 100 users get the Stripe Atlas suite free, starting today). After that, the Atlas beta will cost $500, which includes all fees associated with incorporating your company and opening your business bank account. You’ll pay Stripe’s standard fees of 2.9% + 30¢ per successful charge.

Invitation-only is the way to StripeAtlas’ heart. Partnering with Silicon Valley Bank, law firm Orrick & consultancy PwC, Stripe plans to scale this suite in a big way, but not right at this moment. To be invited, apply directly to Stripe, or get a referral from the Atlas Network. So once you are accepted & provide them with the necessary information, the ball starts rolling – they send you the documents for your company to be incorporated in the US, set up a USD bank account at the Silicon Valley Bank etc.

Your tax ID is sent to you in 2 weeks’ time. In the meantime, you can start Stripe integration with test data. Why is your company incorporated in Delaware, for example? It’s pretty simple really, says Stripe. About 60% of Fortune 500 companies incorporate there. Clear tax laws, solid banking infrastructure & a separate business court system may have something to do with this decision.

Stripe has been working with businesses in 23 countries, & is headquartered in San Francisco, USA. Its latest offering, Atlas, targets a developer-focused, instant-setup payment platform to send & receive payments online. Co-founded by brothers Patrick & John Collison, Stripe has enjoyed some heavyweight investing from Elon Musk, Peter Thiel, Visa & American Express, among others, all to a tune of US $280 million.