Being creative
Registered Member
- Oct 26, 2018
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I'd release apps , and money is through a company like google , so 0% chargebaacks mostly .
stripe atlas
- Thread starter Being creative
- Start date
- Apr 23, 2012
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Exactly. But Stripe at the moment only offers a Delaware C-Corp.
@Being creative - I actually recommend consulting a Chartered Accountant. If you're doing it for the sole purpose of patents, there are other ways to achieve that. If you're thinking you'll raise investment - the Atlas connection and the Virtual office will come out in the first round of due diligence and you'll be labelled as an Indian Company masquerading as a US Corp.
Plus Silicon Valley Bank is somehow bypassing the regular KYC norms in the US. (Every US Bank requires you to walk-in once to open an account) - this is a very grey area.
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Being creative
Registered Member
- Oct 26, 2018
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This is my first company , how will it be an Indian company masquerading as a US corp ? anyway ,
i am thinking of two choices
1)register through stripe (Inc , s-corp not allowed for non-residents btw) or through some agent an LLC and then get a virtual bank account temporarily and then a rel bank account when the company does well
2)register a company in the u.k by myself (it's a one hour process ) and get an EMI account .
and silicon alley is following the KYC process , all they do is just open the account remotely , they are collecting documents for KYC .
Sephrata
Elite Member
- Mar 25, 2017
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They do offer LLCs now though, which is a better structure unless you are considering seed financing/multiple investors etc.
I'm not sure they are bypassing the Patriot Act, however they taking a more relaxed approach compared to other banks.
It is possible to open a physical US bank account remotely, but it's not simple. In most cases you will either need an existing relationship with that bank or they will need to verify who you are (ITIN needed).
Being creative
Registered Member
- Oct 26, 2018
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stripe isn't offering LLC for non-residents , and non residents cannot chose a corporation to be taxed as an s-corp in the first place
the last week i looked at the application , a non-resident could only chose an Inc option and that to be taxed as a c corp not s -crop (s-corp nt alllowed at all for a non-resident because of the IRS)
- Apr 23, 2012
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I wasn't aware of the LLC offering. On the initial scale, they offered C-Corp only.
The thing is the OP needs to take into account professional advice at home level. There are several Indian companies singing laurels of the atlas program - but I have it on good authority that at least a few of these articles were placed systematically by the stripe PR team, they all talk about the ease of setting things up, but none of them talks on the tax implications or any other issues. No one talks about FATCA declarations. No one talks about the income displacement, expense reporting structure and the audits required when filing your tax returns here in India.
Also, @Being creative - Stripe has started a pilot program in India. If you want I can get you an email of one of their employees - so you can get in touch and begin using stripe.
Sephrata
Elite Member
- Mar 25, 2017
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This isn't correct, they are offering LLCs for non-resident aliens and they have been doing so for at least several months now.
FACTA shouldn't come into the equation as any bank account would be opened in the company/corporation's name as it's a defined legal entity.
Accounting and reporting - I cannot comment on how that would work in India as I don't live there and have no experience of this.
- Apr 23, 2012
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OP, I just remembered you from this thread - https://www.blackhatworld.com/seo/need-a-verified-paypal-account.1067346/
I am now going to quietly bow out of this thread. Thank you.
I am now going to quietly bow out of this thread. Thank you.
Being creative
Registered Member
- Oct 26, 2018
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ok, i'd go ahead with the u.k option , which looks much simpler ,
the thing is i have a mobile app ready to release (paid one ) , and i cannot register patents here as pure software patents aren't granted in India , i personally know the director of patents office ,
also there are other issues too , for instance , i live in a rented house and the owner doesn't want to allow me to register a company ,
so i'd need to get a virtual office and so on ...
u.k looked easier , registration takes nearly 3-4 hrs and approx 50 pounds , and we're done , if someone has a passport they can get an EMI and it roughly takes a couple of days for them to give a current account on the company without going anywhere ,
Sephrata
Elite Member
- Mar 25, 2017
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I would strongly advise that you read the rules regarding forming a UK limited company.
Although it's cheap and relatively quick to start a company, you do have reporting requirements and you will need to file your annual accounts (I would budget at least £1,000 a year for an accountant).
Although it's cheap and relatively quick to start a company, you do have reporting requirements and you will need to file your annual accounts (I would budget at least £1,000 a year for an accountant).
Dennis Pedersen
BANNED
- Oct 15, 2018
- 59
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Why would you have to travel there?US isnt , for someone to travel from India to setup a company is
Being creative
Registered Member
- Oct 26, 2018
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because after the patriot act , you need physical presence to open an account.(there are few banks who don't need and i have no idea which one of them).
Being creative
Registered Member
- Oct 26, 2018
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yes , reporting taxes , paying them isn't a problem ,
for me the priorities are this
1)ease in registering and getting a bank account
2)ease of registering patents and so on ..
I'll tell you the most peculiar scenario with our country , they have done a great change called the gst , just like singapore and australia has , but there's a catch here , here an Indian corporation needs to pay gst for all transactions , whether they be domestic or international ,
so if an NZ customers buys something from an Indian corp he pays gst to the Indian govt ,
that's refunded of course to the Indian company but it's a lot of procedure ,
second would be the taxes are 35% for companies with a high revenue , so it'd make sense to be in a country with lesser taxation ,
the other key factors are u.k and u.s.a allows a single person to register a company and that company doesn't have much restrictions compared to ones registered by 2-3 people
most agents include a registered office service while registering the company ,
and changes on the company take much lesser time and are quite easier ,
companies like amazon and google offer huge discounts and also features like amazon spot instances (traqding of them) which would be nearly 80% of our expenditure ,
my company doesn't have an office to date , it is fully online , no employee as of now is from India ,
so it made sense for me to chose either u.s or u.k ,
thanks for the inputs , everyone , more are welcome
for me the priorities are this
1)ease in registering and getting a bank account
2)ease of registering patents and so on ..
I'll tell you the most peculiar scenario with our country , they have done a great change called the gst , just like singapore and australia has , but there's a catch here , here an Indian corporation needs to pay gst for all transactions , whether they be domestic or international ,
so if an NZ customers buys something from an Indian corp he pays gst to the Indian govt ,
that's refunded of course to the Indian company but it's a lot of procedure ,
second would be the taxes are 35% for companies with a high revenue , so it'd make sense to be in a country with lesser taxation ,
the other key factors are u.k and u.s.a allows a single person to register a company and that company doesn't have much restrictions compared to ones registered by 2-3 people
most agents include a registered office service while registering the company ,
and changes on the company take much lesser time and are quite easier ,
companies like amazon and google offer huge discounts and also features like amazon spot instances (traqding of them) which would be nearly 80% of our expenditure ,
my company doesn't have an office to date , it is fully online , no employee as of now is from India ,
so it made sense for me to chose either u.s or u.k ,
thanks for the inputs , everyone , more are welcome
Dennis Pedersen
BANNED
- Oct 15, 2018
- 59
- 28
I might be able to hook you up, no promises but maybe.
Add me to Skype: Emazing.dk
Being creative
Registered Member
- Oct 26, 2018
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sure , will do.
Being creative
Registered Member
- Oct 26, 2018
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did you register through any other way ? let me know , it'd be of good help .
- Sep 10, 2010
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There was a campaign which offered the setup for free. Some girl power thing or something similar (but it was for everyone, not only for girls). I don't remember the exact thread but it was shared in BHW a few weeks back.
Being creative
Registered Member
- Oct 26, 2018
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Campaign of which company ?
- Sep 10, 2010
- 11,806
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They were offering their company registration service for free. Usually costs $500 I guess. That's what I meant by campaign.