Ask HN: What is the best jurisdiction for internationally distributed teams?

Re:Ask HN: What is the best jurisdiction for internationally... by SkyAndSand on Saturday June 04, 2022 @12:01PM (#31621928)

> Because of the US FATCA law you may have trouble opening a bank account in some countries (smaller entities simply can’t be bothered with the paperwork the US demands on accounts for “US Persons”, a term which has specific meaning). In practice this just means you have to deal with larger banks.

You mean opening a bank account personally or for the company? Because for the company I'd simply use Wise or Mercury and be done with it.

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Re:Ask HN: What is the best jurisdiction for internationally... by glenngillen on Saturday June 04, 2022 @05:49PM (#31625440)

Australian here. When I open a commercial bank account (i.e., company) here the FACTA regs mean I have to jump through a bunch of hopes to prove I’m not a US person, and neither other the other shareholders. And then I have to re-prove it every few years after it’s opened.

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Re:Ask HN: What is the best jurisdiction for internationally... by biztos on Saturday June 04, 2022 @03:17PM (#31624108)

Commerzbank terminated my contract after 14 years as a loyal customer (and plenty of money in the account) — they refused to say why, but my best guess is they were culling Americans.

I think getting a German bank to open a business account for a U.S. startup would be a nightmare at best.

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Re:Ask HN: What is the best jurisdiction for internationally... by SkyAndSand on Saturday June 04, 2022 @10:10PM (#31627248)

Totally agree, but why would you need a corporate bank account in Germany? You could simply use the US bank accounts?

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Re:Ask HN: What is the best jurisdiction for internationally... by withinboredom on Sunday June 05, 2022 @12:10AM (#31627939)

You usually need a local bank account. For example, in the NL I need an NL bank account for taxation purposes for my NL business.

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Re:Ask HN: What is the best jurisdiction for internationally... by SkyAndSand on Sunday June 05, 2022 @01:08AM (#31628202)

I understand that. But why would a US company need a NL bank account?

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Re:Ask HN: What is the best jurisdiction for internationally... by gumby on Sunday June 05, 2022 @03:15AM (#31628749)

Because it had a subsidiary in NL, perhaps because it had employees to pay, or otherwise did business there.

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Re:Ask HN: What is the best jurisdiction for internationally... by ztrww on Sunday June 05, 2022 @11:15AM (#31631720)

> subsidiary

which would be a local company registered in the Netherlands?

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Re:Ask HN: What is the best jurisdiction for internationally... by withinboredom on Monday June 06, 2022 @06:34AM (#31638816)

Owned by a US person?

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Re:Ask HN: What is the best jurisdiction for internationally... by gumby on Saturday June 04, 2022 @03:16PM (#31624101)

Last time I looked it's hard to use something like Wise as your bank for your payroll.

Wise has been great for managing my personal payments, but I still have personal bank accounts in a couple of countries where I hold property because it just makes things easier there.

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Re:Ask HN: What is the best jurisdiction for internationally... by jokethrowaway on Sunday June 05, 2022 @09:39AM (#31630887)

Wise is not very business friendly yet (they're probably busy planning their next rename), better to use Airwallex

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Re:Ask HN: What is the best jurisdiction for internationally... by kube-system on Saturday June 04, 2022 @03:05PM (#31624000)

I believe they are referring to the concept of corporate personhood. FACTA applying to "US persons" means it applies to corporate accounts too.

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