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The act of setting up a business, which should be quick and easy, is inevitably complicated by bureaucracy and our own busy lives. The relevant state or municipal offices we are required to file paperwork at may have limited hours, and if you’re working a full-time job to make ends meet, you may not have all the time you need to take care of administrative tasks. Furthermore, determining whether an area is zoned for a specific use can be difficult as certain rules must be followed in order for a business to be fully authorized to operate in the United States.
According to a recent Babson College study, business owners spend an average of four hours per week just dealing with government compliance. Thanks to support from the Firstbase platform, however, it doesn’t have to be like that anymore. By removing lengthy paperwork, legal complexities, and numerous fees, Firstbase makes things simpler than ever to start up a business. Here is what you need to know about Firstbase to find out if it is a good fit for your own business.
Onto our Firstbase.io review!
Firstbase.io Pros and Cons
In a nutshell, here are some of the advantages and shortfalls of the Firstbase platform.
- Firstbase provides its clients with access to the world’s most powerful startup ecosystem
- The platform offers its users a secure and simple-to-use dashboard
- It provides its customers with a full year of registered agent fees
- People who use the Firstbase platform are provided access to thousands of dollars in credits for a variety of services
- Firstbase provides its registered users with a US business bank account
- There are only two states where you can incorporate using the Firstbase platform at this time
- Firstbase currently has only one payment option.
Firstbase, which was founded in 2018, is an innovative business support platform. The company is present in over 120 countries around the world and handles company formation, business bank accounts, taxes, accounting, compliance, and much more. Firstbase is committed to assisting founders from around the world with all of the support they need to launch a US-based business in a few days, from anywhere. The company’s unique platform provides entrepreneurs with a convenient way to grow and gain access to the world’s most powerful startup ecosystem.
The Firstbase team, which is spread across countries such as the United States, Mexico, Brazil, Bulgaria, Belarus, Ukraine, and the Philippines, is dedicated to solving some of the most difficult problems confronting startups. Here are some of the key issues Firstbase can help founders and startups with:
- Enhancing access to financial infrastructure
- Automating the mundane tasks that every entrepreneur faces when running a business
- Increasing accessibility to powerful online business tools and resources to everyone, everywhere
- Creating integrated solutions for entrepreneurs and removing friction
- Providing opportunity to previously unnoticed founders and businesses
- Increasing access to knowledge critical to the success of startup
It also has the following features:
- Expert support: Firstbase provides expert lifetime support to its clients worldwide in five languages: English, Portuguese, Spanish, Russian, and French.
- Free expert consultations: The firm connects its clients with professional CPAs and attorneys
How Does Firstbase.io Work?
We look at how the Firstbase.io website works in the sections below.
Getting your business established by Firstbase usually begins with you submitting a simple application with information about your company. Among the other details required is the selection of a company-type and a state in which to establish the company. The decision about which state to incorporate your business in is usually the first one founders must make. Following that, the legal entity type within that state is the next decision you must make and notify Firstbase of. There are two basic options founders have for incorporation, and each one has its own set of advantages and drawbacks:
- LLC: In the United States, a limited liability company is an organizational business framework that allows business owners to separate their personal liabilities from the liabilities of the business. That is, this type of business shields the owner from personal liability for any debts incurred by the business.
- C-Corporation: Corporations typically pay corporate taxes on their profits, while shareholders pay personal income taxes on the capital distributed to them. Unlike LLCs, which do not allow for stockholders due to the way they are structured, a C corp can not only have stockholders, but it can have an unlimited number of stockholders.
Overall, when it comes to business formation, carefully weigh the advantages and disadvantages of each option, and make an informed decision.
The next decision that founders make is which state to incorporate their company in. Due to their business-friendly legislation, Delaware and Wyoming are two popular destinations.
Delaware is usually considered the best for startups seeking funding from prominent investors and venture capital firms. In fact, the majority of Fortune 500 corporations are incorporated in Delaware. Wyoming, on the other hand, is ideal for smaller, privately-held businesses. The state has extremely low-cost surroundings, and it is very manageable and flexible as your business grows. The decision between Delaware and Wyoming to incorporate your business entails an examination of the business model, corporate structure, and, most importantly, the goals of you, the founder. As you consider business formation options and locations, it is a good idea to have a trusted financial and legal advisor assist you.
Sign Some Forms
When Firstbase receives your application, it begins the incorporation process by submitting your forms to the appropriate state and federal agencies. Your only task here is to sign the forms and sit back while the company handles all of the paperwork. Firstbase will contact you and track the status of your submitted forms on a daily basis to ensure that your application is processed as quickly as possible. You should receive your paperwork in less than a week; however, depending on how slowly the state agencies process the registration, it may take longer.
The following forms will be processed on your behalf, and you will be required to sign them:
Form 8821: By signing this form, you grant Firstbase’s dedicated team of EIN specialists permission to obtain updates on your EIN status and retrieve your EIN letter.
Form SS-4: The IRS form used by FIrstbase to apply for an EIN for your new Employer Identification Number (EIN).
Get a Bank Account for your Newly Formed Company
There is no residency requirement to open a business bank account in the United States, however, even after submitting an online application, documents must be physically delivered to the bank. Firstbase saves business owners from the potential logistical challenges involved with this. Even if you are not physically present in the United States, the platform will open a business account in your name. Furthermore, Firstbase’s full integration with digital banking partners completely automates the application process, ensuring that a business founder partnering with the firm will not have to worry about anything. Additionally, the partners offer clients FDIC-insured corporate bank accounts that can be accessed online from anywhere in the world.
Obtain All Necessary Legal Documents
Following the successful establishment of a business bank account, the next step is to prepare all legal documents. Firstbase makes it as simple as possible to obtain an Employer Identification Number (EIN). The EIN identifies businesses in order to ensure that their tax returns are filed on time. Firstbase acts as a third-party authorized to provide clients with expedited EIN services. To obtain an EIN, you do not need to be a US resident. Entrepreneurs also do not need to provide their SSN or ITIN.
Aside from the EIN, Firstbase prepares a number of other important legal documents following incorporation. These post-incorporation documents, which are essential after the company has been incorporated, provide clear and necessary information about the company’s owners, operations, and so on. The documents are as follows:
- Operating Agreement
- Certificate of Secretary
- Indemnification Agreement for Shareholder
- Stock Purchase Agreement
- Stockholder Approval of Indemnification Agreement
- Action by Written Consent of Incorporator
- Technology Assignment Agreement
- Corporate Bylaws
- Initial Organizational Resolutions of the Board of Directors
- Common Stock Certificate
Access to Special Offers
Rather than leaving your business entity at this stage, you’ll have access to exclusive rewards and perks available only to Firstbase customers. This is a comprehensive suite of software and services designed to accelerate company growth and provide you with a significant competitive advantage in your industry.
With a one-time fee of $399, entrepreneurs have access to the following Firstbase services:
- LLC or C-Corp formation
- Registration in Wyoming or Delaware
- Tax ID (EIN) setup with the Internal Revenue Service (IRS)
- US business bank account setup
- Physical address in the US
- Over $100,000 in exclusive deals & perks
- Free 1:1 calls with tax & legal experts
- Registered agent service
- Lifetime expert support
- Post-incorporation documents
Firstbase Reviews and Complaints
Customers have mostly good reviews about Firstbase. Negative Firstbase reviews are uncommon, and when they do occur, they are usually in response to changes in service conditions, such as a delay in obtaining an EIN as a result of the current coronavirus pandemic. Positive feedback frequently mentions how transparent the company registration service is. Excellent feedback is also received for the platform’s ease of use and responsive customer care support. Of note, Firstbase currently has an impressive 4.8 rating on TrustPilot.
Firstbase can be reached via the website’s contact form or the provided email address. Its customer support team is professional and knowledgeable, and they respond to customer inquiries quickly.
Firstbase may not be suitable for you due to the wide range of business requirements. Some excellent alternatives to the company are highlighted below.
- ZenBusiness: ZenBusiness, which was founded in 2015, is a viable alternative to Firstbase. The LLC service provided by the company provides its clients with everything they need to form their businesses, and their quality service delivery has helped them amass a ton of excellent feedback over the years.
- MyCompanyWorks: MyCompanyWorks is another option to Firstbase. Since its inception in 2001 as ‘MyNewCompany,’ the company has assisted over 60 000 businesses. MyCompanyWorks guarantees that it will process their order within a day and will not charge an additional fee. Although its clients must pay for its registered agent services, which are among the most affordable available, at only $99 per year. Its refund policy is also excellent, as the company will refund customers’ fees for genuine reasons within the first 90 days of purchase.
- Rocket Lawyer: Rocket Lawyer was founded in 2008, and since then, the platform has improved the lives of over twenty million consumers and businesses. Rather than providing full company incorporation services, Rocket Lawyer only provides its clients with access to various types of legal assistance and connects them with attorneys. Because of its low cost, its services are ideal for entrepreneurs and small business owners. The company’s client base has grown over the years, a testament to the service’s quality and convenience.
Frequently Asked Questions (FAQ)
Here are a few of the most frequently asked questions about Firstbase:
Is Firstbase.io legit?
Firstbase is a legitimate business registration company that creates tools for business founders to incorporate their companies in the United States. Firstbase.io collaborates with reputable registered agents based in Wyoming and Delaware. Having a registered agent in charge of receiving important documents ensures that you can run your business remotely with confidence. Furthermore, all of its terms and conditions are published on its official website.
Can an entrepreneur from another country establish a business in the United States?
After meeting all of the requirements, nearly any entrepreneur can form a company in the United States, regardless of their location. Firstbase serves countries all over the world. The company has successfully assisted entrepreneurs from over 120 countries in establishing businesses in the United States.
How long does it take Firstbase to form a company in the United States?
The entire process usually takes about fifteen days to complete. However, if the Firstbase user already lives in the United States, it may only take two to four days.
Which banks partner with Firstbase.io?
Firstbase helps non-US resident founders open US business bank accounts with the following banks:
Firstbase.io Review Parting Thoughts
Firstbase can be a great asset to assist you with putting the pieces of a business together while ensuring that it is compliant to be incorporated in the United States. The company specializes in assisting foreign-based clients in establishing a business in the United States, as they typically have a difficult time doing so on their own. So, if you’re looking to start a business in the United States, you should definitely check out Firstbase.
Start Your Business
Start a business in the US from anywhere in the world with Firstbase.
Thanks for reading our Firstbase.io review.