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doola Banking — A new way for LLCs to bank and build credit in the US
doola Banking enables entrepreneurs around the globe to open a business bank account in the US. As of today, all companies formed with doola have access to doola Banking and are eligible to receive a business credit card — no credit history or SSN required.
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@arjunmahadevan congratulations on the launch - this was an issue I didn't even realize I would have. Thank you 👏
@arjunmahadevan this is amazing, Arjun! Congrats on the launch and the big problem that you're solving!
My only issue with doola (haven't used it for incorporation) seems to be the lack of transparency in the pricing.
I read that Doola seems to charge a monthly subscription fee of $199 on top of other expenses for incorporation? Point being, it's not clear what exactly is the cost of incorporation with Doola.
Sources: https://mercury.com/guides/artic...
Also, this doesn't mention the monthly fee: https://www.doola.com/blog/strip...
@arth_tyagi hi Arth! the cost of incorporating with doola is $197 + state fees, which includes your company formation, EIN, operating agreement, and registered agent service for 1 year.
Any subscriptions outside of the $197 + state fee price are optional and currently include tax, compliance, and bookkeeping packages to manage your business after incorporation.
@kenna_ Ah I see. I looked more into it. The pricing was actually pretty transparent after I finished the whole CTA-questionnaire. Looks neat. I just wish it was as clear as that "Order Summary" somewhere else on the website as well.
@arth_tyagi glad you had a good experience with the rest of the process! will update the website soon to make it as clear as well 😄
Global interest in getting a US LLC and bank account has never been greater! This product will be a huge hit!
Banking in the US, building a credit score in the US and accessing global banks and payment options without requiring a SSN is mind blowing. This lowers the banking barrier and is a game changer for global founders. Congratulations!!
@arjunmahadevan Congrats on the launch 🚀
At Bonfire Capital, we have been using Dolla for Company Formation, and Banking needs. They have been a great partner not only in solving our needs to democratize real estate investing but also in solving some of the problems that exist in the current banking world. We are already using Dolla banking and highly recommend it to everyone.
Hi Doola, looks like a great and comprehensive product. Good luck. Your pricing and competition information is sketchy though, consider changing it:
- Cost: 197 + state fees?... How much is that? Why hide it? You've literally headlined it "Headache-free pricing"... I couldn't find how much these fees were anywhere in the website.
- You marked Stripe Atlas with a bunch of ❌ next to your ✔️. I've incorporated with Stripe. I can confirm that:
A. They also give EIN and operating agreements.
B. It includes 1-year registered agent as well.
C. Neither you nor Stripe offers a bank account. You both help with opening it. In fact, when I incorporated with Stripe I was able to be part of their Stripe Opal Beta, which literally gave me a bank account within their system.
D. You compared your Trustpilot score with Stripe, not Stripe Atlas… Is that fair play?
- Great job in adding mailing address in the package. It’s a headache for me at the moment and costly.
- In your Stripe vs Clerky article, you say that “Stripe Atlas involves two main costs. The first is a setup fee of $500. The second is an annual fee of $100.” This is misleading and frankly it’s incorrect. You only pay $500, the annual fee is after year 1 ends. Exactly the same as your service, but in the same article you mention that Doola costs: “Setting up a business cost $197 plus state fees.”
Check out how Kinsta does their competition comparisons. They are still upfront at trying to sell you their product, but using accurate comparisons https://kinsta.com/wp-engine-alt...
It’s a shame because the industry needs to give Stripe Atlas competition, but not sure being dishonest is the way to go. Your product is amazing, be straight about it.
Best of luck with your launch!
@inirod hi Ignacio! thanks for your support on our launch 😊
To answer your questions: the state fee depends on the filing fee for state you choose to incorporate in, as this fee varies from state to state.
With doola Banking, we do now offer everyone who forms a company with doola the opportunity to apply with us for a business bank account (within our own system). But thank you for sharing those other points about your experience – looks like there's some updates to make!
It is a bit of a tricky comparison for our pricing with Stripe Atlas because they only allow for company incorporation in Delaware for $500. However, with doola you can incorporate in any US state, so the total cost will depend on your state choice.
Like how SA has the annual $100 fee for your registered agent service, we have other subscription products to help you manage your business long-term. These include continued registered agent service and annual state report filing, tax filing, bookkeeping, and doola Banking 🌟
@kenna_ Hi Kenna ! Thanks for your response. Maybe you could have a section in the FAQ on how much total cost is in different states, or at least a band $197 + 100 to 200 depending on state. To be really painless I would want to know how much I'll be paying at the end of the day. And my guess is, as international founders we might not know much about which state is better than others, why does everyone go to Delaware? Why do people choose Wyoming? etc... that would also be helpful.
As I understand, Registered Agents are mandatory? Which of the other services are mandatory, which are not... that could help us navigate the options better. Anyway, all the best growing !
That's amazing. I have a C corp right now so not your target market but as a foreign founder I can appreciate these tools and services so much - particularly building a credit rating.
@sven_radavics I think we can still help you 👀 hmu at arjun at doola dot com!
Very innovative product and a great banking solution for international founders looking to open a business bank account in the US. 100% recommended
@vietnguyen https://www.doola.com/blog/diffe...
More on that here Viet!
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