Hundreds of startup founders around the globe choose to incorporate their companies in the US to get access to the flourishing startup ecosystem.
I spoke with Mark Milastsivy, founder of FirstBase.io, to learn more about the benefits of setting up a US entity.
"Take your business global" is the motto of FirstBase, a startup that makes it easier than ever for founders from all over the world to set up a company in the United States. Mark Milastsivy founded the startup in late 2018. A self-described lover of all things internet, Mark realized that the opportunities for startups are not distributed equally around the globe.
"I love founders, and I love what they do for the global economy. But even today, it is quite challenging for tech founders in some countries to become successful on a global scale," Milastsivy said. "Even if they have the expertise, a unique vision, and a team of smart people dedicated to a common goal."
That's where FirstBase steps in.
The appeal is simple: running a technology company in the US is relatively easy, compared to other countries. Venture capital, fantastic startup ecosystem, tax benefits, and business tools designed with startups in mind — all these things help startups scale faster and more efficiently.
"Many parts of the world still have little to no VC transactions. It's also hard for founders in those regions to get access to the tools they need to run a startup. FirstBase helps companies overcome these obstacles, providing entrepreneurs with the infrastructure they need. We take care of the whole process, so our customers don't have to worry about the complexities of setting up a company in a new jurisdiction. We have helped hundreds of startups to get this done fast and right."
So how does the product work? Well, according to the website, FirstBase offers a very comprehensive one-time fee. The package includes all state filing fees, employer identification number, post-incorporation documents, the first year of registered agent fees, and a business account opened with A16Z-backed bank Mercury.
"All of our customers also get one free tax consultation, and a bunch of exclusive offers and discounts from our partners, including bookkeeping services, financial companies, and startup-enabling organizations," Milastsivy told me.
FirstBase has helped hundreds of early-stage companies from more than seventy countries. Their customers range from one-person companies to YC-backed startups.
"We understand the mental, emotional, and financial challenges that founders face when running a company," Milastsivy said when I asked him about the plans. "We are working on making the product better every day. Our big goal is to become a platform where founders can solve all of their needs associated with running a company. We are focused on maximizing our recent momentum, building partnerships with great companies, and hiring talented people who love working on hard things."