SkyAndSand

5 ms·

1. 1.▲
   by SkyAndSand 4y ago

   Oh, I didn't know that. Thanks a lot!
2. 2.▲
   by SkyAndSand 4y ago

   Yes, I use macOS as development VM on a maxed out 16 inch M1 MacBook Pro. It all works as expected, except you don’t have any VM settings (e.g. how much ram / cpu you want to give the VM) and Docker doesn’t run inside the VM.
3. 3.▲
   by SkyAndSand 4y ago

   My two cents: Introduce a wealth tax that only kicks in after $1B or even $10B so people still have plenty of motivation to work and get rich. You are allowed to keep control of a company, (e.g. Elon can keep control of Tesla), but then the
4. 4.▲
   by SkyAndSand 4y ago

   Speaking from experience - yes you can create a LLC without being a US citizen or green card holder. You also can get bank accounts with Wise and Mercury for your company without traveling to the US.
5. 5.▲
   by SkyAndSand 4y ago

   Awesome, thanks. May I ask why you went with the C Corp and not an LLC? Probably to make it easier for new investors?
6. 6.▲
   by SkyAndSand 4y ago

   Understood, I sent you an email.
7. 7.▲
   by SkyAndSand 4y ago

   I do, what do you want to know?
8. 8.▲
   by SkyAndSand 4y ago

   Why do you need my email for that? :)
9. 9.▲
   by SkyAndSand 4y ago

   I’d also love to learn more. Sounds interesting!
10. 10.▲
    by SkyAndSand 4y ago

    What exactly does the Cayman Delaware sandwich look like? Cayman Holding and Delaware C Corp as operational company? What is the purpose of the Cayman holding then?
11. 11.▲
    by SkyAndSand 4y ago

    I understand that. But why would a US company need a NL bank account?
12. 12.▲
    by SkyAndSand 4y ago

    So basically you are a group of non US citizens living in the US and wanted to have a shared entity to do investments? Well I guess then a Delaware C Corp is the logical solution? Did you use Stripe Atlas to set it up?
13. 13.▲
    by SkyAndSand 4y ago

    Very interesting setup. I’ll have to think a bit about that. Thanks for the write up.
14. 14.▲
    by SkyAndSand 4y ago

    Are you sure? Because at the YC doesn’t invest in them unfortunately.
15. 15.▲
    by SkyAndSand 4y ago

    Well, you have these jurisdictions already (e.g. Cayman). However if the employees are all based in other countries then you’ll always have to comply with employment regulations there.
16. 16.▲
    by SkyAndSand 4y ago

    Thanks for the offer. Will get in touch later but I think that public replies could hopefully be helpful for others. The setup sounds great! I assume that you flipped to a C-Corp? Are most of the founders in the US or are you living abroad?
17. 17.▲
    by SkyAndSand 4y ago

    Is that an assumption or are you speaking from experience?
18. 18.▲
    by SkyAndSand 4y ago

    That is interesting! Which bank did you end up with finally and how did you convince them? Couldn’t you use something like Wise in the beginning?
19. 19.▲
    by SkyAndSand 4y ago

    That is good advice. What would you do in case there wasn’t a US founder?
20. 20.▲
    by SkyAndSand 4y ago

    Well the question is - will owning a share in a US entity make you a “US Person”? My initial assumption that seems to be confirmed by HSBC and the ATO is “no”.
21. 21.▲
    by SkyAndSand 4y ago

    Yes, that is a good point which applies to a lot of high-tax countries. If you are a single company founder and run a company in jurisdiction B from country A then country A will usually have provisions that the company will be resident in
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    by SkyAndSand 4y ago

    Totally agree, but why would you need a corporate bank account in Germany? You could simply use the US bank accounts?
23. 23.▲
    by SkyAndSand 4y ago

    Yes, but besides Cayman I don’t think investors would really be happy to invest in tax havens. Also you normally run into issues with substance requirements, opening bank accounts, bad reputation of the jurisdictions and of course tax autho
24. 24.▲
    by SkyAndSand 4y ago

    Well, wouldn’t a company like GitLab run into the same issues if most of their employees are not in the US?
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    by SkyAndSand 4y ago

    And that it actually won’t be recognized as legal entity after Brexit if it is based in Germany: https://www.ihk-krefeld.de/de/international/aktuelles/brexit...
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    by SkyAndSand 4y ago

    While I generally agree I am wondering if this still applies if you have multiple founders in multiple countries. Eg the founders are living in Germany, Australia and the US. The company is a German GmbH. You’d probably not automatically cr
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    by SkyAndSand 4y ago

    Careful, many countries (especially in the EU) look “through” the trust if there is only the slightest notion of you controlling it. Generally, in order for the trust to be fully recognized all assets have to be irrevocably owned by the tr
28. 28.▲
    by SkyAndSand 4y ago

    Thanks for the detailed answer. I actually don’t live in Germany but this is definitely an interesting setup. I might actually run it by my German tax consultant to see what he thinks about it just out of curiosity :)
29. 29.▲
    by SkyAndSand 4y ago

    I see your point, but do you actually know any big, international startups that are incorporated there? I only know if Brave (the browser).
30. 30.▲
    by SkyAndSand 4y ago

    I had the same assumption. However the last notary that I worked with didn’t hand in documents in time (which caused lots of trouble), handed in incorrect documents and simply did not answer to emails or calls for weeks. He only started to