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I got accepted but didn't pursue it. The bank they use traditionally works exclusively with local venture-capital funded startups and multinationals opening of
by benologist 10y ago
I got accepted but didn't pursue it. The bank they use traditionally works exclusively with local venture-capital funded startups and multinationals opening offices near venture-capital funded startups, so I'm a bit skeptical they'll be a good match for anyone a continent or two from the Bay Area.
From what I read SVB don't actually issue debit cards to anyone so I'm not sure how useful the account would be, I don't think you could use it to pay for anything except maybe indirectly through PayPal, that may make accessing the funds complicated too. It may leave you requiring local incorporation and a local bank account for all your business needs in which case you're paying 15+ percent tax in the US purely for Stripe.
The incorporation process is itself just a couple forms to fill out. A company I registered through http://clerky.com/ http://clerky.com/ beforehand was effortless, getting an EIN and registered agent was also easy through http://delawareinc.com http://delawareinc.com (except fitting very verbose Costa Rican addresses on the forms), and taxes by http://de-taxes.com http://de-taxes.com. Price is around $499+ either way you do it.
- laurencei 10y agoNot been able to get a debit card from SVB sounds like a problem. But once the business is registered - how hard is it to open a 2nd bank account, with another bank, so you can get a Visa Debit card through them?
- benologist 10y agoI think you need to be standing in a bank branch to do that.