Ask HN: Iwant to start a new SaaS startup, but I don't have a bank account

https://news.ycombinator.com/item?id=10145577

by abba_fishhead • 11 years ago

6 11 11 years ago

news.ycombinator.com

Long story short, I don't have a social security number or passport (and I cannot procure either of those things), so I cannot get a bank account no matter what. What are some ways to channel funds to an account that I can control?

PS I'm not an illegal immigrant; I just have a pending case with immigration, and I'm not allowed to work at the moment. I'm pretty sure starting a startup isn't considered employment.

codezero• 11 years ago

If you are accepting payments, it's likely to be considered employment/work by anyone who told you not to work. I recommend against assuming anything when it comes to bureaucracy and pedantic laws.

mtmail• 11 years ago

Did you come to the US without a bank account in your prior country?

I'd work on the startup as far as possible but not take payments yet. It would be treated as income, the startup as a business and with immigration pending I wouldn't risk it.

abba_fishhead2• 11 years ago

I do have a bank account in my prior country, but currency exchange rates aren't favorable, because I'll be collecting money in USD, depositing it in my local currency, and then taking another currency exchange hit when I withdraw from an ATM in the US.

loumf• 11 years ago

Raise your price (or take the hit) and move on. Your biggest problem isn't getting paid, it's getting anyone at all to buy anything from you, which needs (1) for you to make the thing (2) for you to get customers, but doesn't need for you to solve this problem efficiently.

(this is all assuming that you can do this work under your current visa)

znpy• 11 years ago

If you can't work... You can't work.

ashwn• 11 years ago

You're a little stuck because in order to validate that people want what you're offering, you'll need to get them to buy something.

I wouldn't spend time working on the full product without being able to sell anything.

I guess your challenge here is to try and validate your idea without accepting payments in some way.

Or find a co-founder with a bank account.

saluki• 11 years ago

To be safe I wouldn't accept payments yet. I would develop your SaaS app on your own until you are cleared to work, then look at accepting payments through Stripe once you get a bank account. You have plenty to do before accepting payments.

Use this time to build out the initial version of the app and talk to potential customers to validate your idea by signing up for free to test out the app. Once you're cleared to work you can approach them to sign up/pay.

Check out http://startupsfortherestofus.com, listen to all their episodes.

Good luck.

abba_fishhead2• 11 years ago

I've worked in restaurants before, so I want to create a scheduling app. Nothing fancy, just something less cluttered than current solutions. But thanks, I'll start working on the app first.

tmaly• 11 years ago

How about a bigger international bank like HSBC, get an account in your home country with them? Then use a local branch?

jordsmi• 11 years ago

Self employment is employment

Kinnard• 11 years ago

I can't comment on immigration law. But as for accepting payments without a bank account, Bitcoin is probably your best option.

Ask HN: Iwant to start a new SaaS startup, but I don't have a bank account

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