Stripe, the company that revolutionized the online payment system, promises to do the same for online startup creation.
Stripe Atlas provides aspiring entrepreneurs with the foundation on which they can build their online businesses. The service combines the cumbersome but necessary legal and administrative details into one, well-organized system.
Stripe Atlas Overview
What exactly is involved in setting up an online business? Those that have gone through the process can confirm the details can be overwhelming. In fact, 62 percent of Stripe Atlas’s newest clients are not first time founders, evidence that the program is a welcomed and much needed service.
Here’s a look at the core services offered by Stripe Atlas, how much they cost and what types of businesses should use them.
Incorporation and Taxation
Stripe Atlas takes the guesswork out of your incorporation and taxation documents. Included in the service is registration of your company as a Delaware Corporation and the associated Employer Identification Number (EIN).
Delaware C Corps are the chosen business entities of Silicon Valley startups, making it easier for them to court investors, accept funds and eventually go public.
Processing time is a couple of days.
Along with your foundation documents, Stripe Atlas establishes an account for your company, complete with a debit card at the Silicon Valley Bank (SVB), a leading bank for tech companies.
All this without ever setting foot in a branch.
At its core, Stripe is a payment processing company and that functionality is present in Stripe Atlas.
Your newly founded Internet business will include a Stripe account, giving you the power to send and receive payments through your online portal, while withdrawing and depositing those funds into your SVB account.
Cost and Application Process
Atlas has a one-time fee of $500, and the platform now accepts direct applications, with a response time of approximately two weeks.
What Type of Online Businesses Should Use Swipe Atlas?
Initially Swipe Atlas was designed for international companies in developing countries attempting to enter the US market. However, the popularity of the service has created demand from US based businesses too.
The business model is designed for internet companies with big goals. If your vision is to acquire large investors and eventually go public with your startup, Swipe Atlas may suit your needs.
Establishing an online business has never been easier what with the many inexpensive web hosting, web development, free platform and other services available to establish your online presence and start developing your brand.
The missing piece, if there is one, remains the many legal and financial details required in setting up a fledgling online company to do business. I you’re hoping to outsource this part of the equation — and the headaches that go with it — Swipe Atlas may be one option.