Once you submit your Stripe Atlas application, we move to the onboarding phase, progressing through the creation of:
- Legal documents
- A bank account
- An incorporated company
- Your corporate tax ID
We’ll send you emails as steps are completed. You can also track the progress in the Dashboard.
After you submit the application and we create your Stripe account, we’ll generate the legal documents to start your corporation. You’ll normally receive these within one business day of submitting your application (assuming we can support your business).
These documents include:
- Several for incorporating your company:
- Certificate of Incorporation
- Bylaws for your corporation
- Board Approval of Organizational Resolutions
- A Bank Deposit Agreement and Online Banking Enrollment with Silicon Valley Bank, for opening a bank account
- IRS form SS-4, to request an EIN for tax-reporting purposes
We strongly recommend working with a lawyer and tax advisor to review these documents. There is no rush in returning them to us, so review them carefully.
The documents must be electronically signed by every company representative. You’ll need to sign the documents using your cursor, as closely matching your actual, written signature as possible (this is a requirement by our banking partners). See the DocuSign help for more.
Orrick, a leading law firm for tech companies, prepared the legal documents for incorporating companies through Atlas. Atlas entrepreneurs also have access to Orrick’s legal guide, which walks through key legal considerations for new startups.
Atlas helps you open a USD-denominated business bank account for your new company at Silicon Valley Bank (SVB), the leading bank for technology companies. Your bank account will be opened shortly after your company representatives sign the documents.
During the application process, you’ll be prompted to select administrators for your SVB account. Once the bank account is opened, the administrators are sent a temporary password to log in online. You can find the login user ID in your Banking Enrollment Form in the Stripe Dashboard.
Your SVB account will be linked to your Stripe account, with payouts from Stripe automatically deposited there. At this point, you can begin accepting live payments.
With your SVB account, you’ll be able to deposit funds, send transfers to other banks as needed, and get account reports. The SVB account is not limited to just Stripe payouts; it can be used for other corporate purposes, too.
Atlas users are also eligible to receive a debit card linked to their SVB account. However, debit cards are not available to cardholders living in India, per Reserve Bank of India restrictions. If you opt-in for debit cards when you complete the application, you will receive an email from SVB after you receive your EIN, with instructions on how to complete your debit card application.
Your business bank account with SVB will cost $25 per month. This fee is waived if you maintain a minimum average balance of $25,000 per month. SVB will share details about your account’s complete fee schedule and functionality as you complete the documents to open your bank account.
You can request wire transfers from your SVB account to another U.S. or international bank account. International wires are available once you receive your EIN number.
For additional details, see SVB’s FAQ for Stripe.
Registering your corporation in Delaware generally takes a couple of business days. Once your company is incorporated, you’ll receive your Certificate of Incorporation via email. Note, the original is in electronic format; no hard copies are created.
We’ll email you with information about issuing stock to founders after your company is incorporated. New corporations can issue stock with standard terms using our free tool within 30 days of incorporation. If your company is a subsidiary of an existing company or if you’d prefer to customize the terms, Stripe Atlas also provides templates from Orrick that you can complete with your lawyer.
We strongly recommend working with a lawyer to decide whether and how to issue stock to your founders.
When your incorporation is complete, your new company can be registered with the IRS to create a U.S. Federal Employer Identification Number (EIN). We’ll automatically send form SS-4 to the IRS to request an EIN for your new company.
It usually takes up to 2 weeks to receive your EIN via email; 6-8 weeks (or longer!) to receive it via physical mail. Once you have the EIN itself, you are able to file and pay federal U.S. taxes.
Now that you know more about the onboarding process, you may want to read: