Entrepreneurs in the UK and across the world will be able to capitalise on the Stripe Atlas product release to open up shop in America.
Traditionally, regulations can make entering the US a difficult and lengthy process, but Atlas will provide a framework with which internet innovators can produce a global web business. As a result, it will cut costs and reduce the procedure from months to days.
This will include:
(1) an incorporated US business entity
(2) a US bank account
(3) a Stripe account to receive payments from anywhere in the world
(4) Basic services they’ll need to get started; including tax advice from PwC, legal advice from Orrick, Herrington & Sutcliffe, and tools from Amazon Web Services (including $15,000 in AWS credits).
Stripe described the ordinary ordeal of incorporating a business overseas as “byzantine at best” and “elitist and exclusionary at worst”.
While Atlas will focus on the US initially, it will also expand to other countries globally, opening in markets where it can provide users with solid tools and banking facilities.
Patrick Collison, CEO of Stripe, said: “The promise of the internet is that geography should be largely irrelevant. But that’s not yet true: the majority of the world’s population lives in a country where they don’t have access to high-quality banking or payments infrastructure.
“There’s a lot of latent potential in places like Africa, Latin America, Asia, and the Middle East – places where developers and entrepreneurs simply aren’t on a level playing field with people in more developed economies.”
Real Business visited the US on a trade mission with the UKTI – check out our diary:
- Day 1 – Travelling across the Atlantic
- Day 2 – Finding out the motivation behind trade shows
- Day 3 – Getting the lowdown on finance and logistics
Incorporating in the US will make it simpler to issue employee stock, raise capital and offers stability around legal and corporate matters. Numerous professional services firms have been drafted in to support the launch, including Silicon Valley Bank, PwC, law firm Orrick and Amazon.
Atlas is now available in private beta, so an invitation from Stripe or a partner will be required to gain entry, while pricing is $500.
Collison concluded: “Our hope is that by reducing the barriers to starting an online business, some of those businesses will go on to become hugely impactful, transformative companies in their own right.”
In February we sat down with Norwegian Air’s UK head of sales Dominic Tucker, who discussed the airline’s ambition to to connect British businesses with lucrative US market.