I really admire how Stripe atlas has the customer's best interest in mind. I recently incorporated my company through them and without much thought decided to do it near 20th Dec. Immediately I got an email from them that it would be in my best interest to wait till 1st otherwise I'll be paying taxes in March. That one email saved me a lot of work this year, so thanks for that. It's these little things that can be really helpful sometimes.
Howdy folks. I worked a wee bit on this and am happy to answer questions if you have them.
One of the main reasons I held back with Stripe Atlas back whenever it was in beta (been sitting on an invite for awhile) was that I didn't want the added tax burden while bootstrapping that an C Corp brings in, so I ended up going for a simpler LLC. These resources on taxes are good to see. The work Stripe has been doing with Atlas is really, really great.
One word of advice to everyone thinking about Stripe Atlas living outside of the USA: Please discuss plans to incorporate with an Accountant beforehand. You are still liable to pay taxes in the country where you effectively operate from.
So setting up a company in the USA costs you a minimum of $400/ $500 a year just to exist.
In the UK once you have set up a company there is no ongoing cost paid to companies house.
I looked very seriously at using Stripe Atlas from New Zealand, but ultimately the uncertainty of the tax implications stopped me from using it. It was not only the short-term implications while running the company I was worried about, but also what kinds of reporting requirements it might trigger for years after. Things like FATCA, dealing with US foreign tax credits, and who knows what else that is lying just below the surface.
It would be great if Stripe could offer incorporation in another company with fewer unknown implications, or hire a lawyer to write an opinion for the implications of using Stripe Atlas in every country in the world.
I was really hoping that this announcement was going to be related to collecting, calculating, and remitting sales tax (VAT) with Stripe. More and more countries are starting to charge sales tax on online purchases. There are third-party solutions that integrate with Stripe, but none of them are as clean or nice as it would be if Stripe was to handle it for you.
Wow, looks like they made it super easy to file franchise taxes. Directly through Atlas and no extra fees either!
I am based in Germany and would be required to pay my taxes in Germany (?). Going with Stripe Atlas, would I have to pay additional tax in the US as well?
So can anyone here get their hands on one of these stripe atlas invite codes ?