Firstbase.io Review: Services, Pricing, Pros & Cons

  What is Firstbase.io?

Firstbase.io is a company that values diversity, inclusion, innovation, and customer satisfaction. It has a team of passionate and talented people who work remotely from different parts of the world. It offers a flexible and supportive work environment, where everyone can learn, grow, and have fun. It also organizes regular events and activities to foster a sense of community and collaboration among its employees.

   Firstbase.io claims to helps anyone to start and grow a US business from anywhere in the world. It offers an online platform that automates the entire company formation process with compliance and 24/7 global customer support. 

How Secure Is Firstbase?

Firstbase.io is a website that takes security very seriously and employs various measures to protect your data and systems. According to its website, some of the security features of Firstbase.io are:

•  It holds an AICPA SOC Type II report, which covers a number of security-related control objectives such as secure development management, change management, human resource security, data management, and more 

•  It encrypts all data in transit using SSL/TLLS and at rest using industry-standard AES-256 encryption algorithm 

•  It implements a web application firewall (WAF) to protect its APIs against common web exploits and bots 

•  It protects access to client data with two-factor authentication and role-based access control 

•  It undergoes regular third-party penetration testing and internal security reviews to ensure the integrity of its application 

Firstbase.io also has a privacy policy that describes how it collects, uses, and shares your personal information and how you can exercise your rights over your data. You can read the full policy on its website.

Firstbase.io Key Features Overview

Company type and state

Users can choose the state in which they want to start their business in the U.S. and also the type of business. The legal entity type in each state can be streamlined using FirstBase.io. 

Application processing

Once the application is submitted, users can sit back and relax and leave the rest on Firstbase.io. Each application is processed and sent to relevant states and federal agencies. Besides, you can also track the progress of your application using the platform. 

Bank account

The platform can be easily integrated with your bank account that is registered with the new company. 

Tax ID

Firstbase.io works as an authorized third party to provide Employer Identification Number (EIN) services to users. In addition, you do not have to be a U.S. citizen to get your EIN. 

Can I use Firstbase.io for a non-profit organization?

Yes, you can use Firstbase.io for a non-profit organization. According to its website, Firstbase.io supports both LLC and C-Corporation types of entities, and you can choose the one that suits your non-profit goals. 

However, you should be aware that there are some differences and requirements between a non-profit LLC and a non-profit C-Corp, such as:

•  A non-profit LLC is not a separate legal entity from its members, while a non-profit C-Corp is an independent legal entity from its shareholders 

•  A non-profit LLC cannot apply for tax-exempt status from the IRS, while a non-profit C-Corp can apply for 501(c)(3) status if it meets certain criteria 

•  A non-profit LLC does not have a board of directors or officers, while a non-profit C-Corp must have a board of directors and officers to manage the organization 

•  A non-profit LLC can distribute profits to its members, while a non-profit C-Corp cannot distribute any profits to its shareholders or directors 

Can I use Firstbase.io for an existing business?

Yes, you can use Firstbase.io for an existing business. According to its website, Firstbase.io can help you transfer your existing company to the US or open a US subsidiary for your foreign company. 

You can also access the same benefits and services as new businesses, such as banking, payment processing, payroll, accounting, and more through its partner integrations. You can also get tax consultation and legal advice to protect your assets and interests.

To use Firstbase.io for an existing business, you need to fill out a simple application with details about your business and choose a company type and a state. Firstbase.io will then handle the rest of the process, such as filing the necessary paperwork, obtaining an EIN, opening a bank account, and providing ongoing compliance support. You can also opt into the discovery program to get discovered by VCs and investors.

Can I keep my current bank account if I use Firstbase.io?

Yes, you can keep your current bank account if you use Firstbase.io. Firstbase.io does not require you to open a new bank account with its partners, although it offers some benefits and incentives if you do so. You can use your existing bank account for your US business, as long as it meets the following criteria:

•  It is a business bank account, not a personal one.

•  It is compatible with US payment platforms like Stripe and PayPal.

•  It can receive and send payments in US dollars.

•  It can comply with US tax and reporting obligations.

If your current bank account meets these criteria, you can use it for your US business. However, if you want to open a new bank account with Firstbase.io's partners, you can do so easily and quickly through its online platform. You can choose from Mercury, a digital bank for startups, or Brex, a cash management account for businesses. 

Can I use Firstbase.io for an e-commerce business?

Yes, you can use Firstbase.io for an e-commerce business. According to its website, Firstbase.io supports all industries and categories, including e-commerce. You can use Firstbase.io to start and grow your online store in the US, and access the benefits and services it offers, such as:

Firstbase.io also has a blog where you can find useful tips and insights on how to start and grow your e-commerce business in the US. 

Firstbase.io Pricing

The vendor does not offer multiple pricing plans. There is a standard Firstbase.io pricing plan that comes with all the features. 

Price: $399

Includes:

C-Corp and LLC formulation

U.S. bank account setup

Expert support

Post-incorporation documents

Physical address in the U.S.

 Features

The most notable features of Firstbase.io include:

• Firstbase Start™: Simplifies the process of launching a U.S. business, handling company formation and compliance.
• Firstbase Agent™: Offers an all-in-one compliance solution for ongoing filings and reports.
• Firstbase Mailroom™: Provides a professional business address and virtual mailbox.
• Pre-EIN Bank A ccount:Facilitates quicker bank account opening without an EIN.
• Firstbase Loop™: One-click access to various business services like banking, payroll, and accounting.
• Integrated Accounting Services: Includes bookkeeping and tax filing support.
• Payroll Services: Assists with payroll tax registration and employee hiring.
• Business Insurance Options: Offers comprehensive protection for businesses.

Pros and Cons

Pros:

Easy setup: Firstbase.io provides a simple and user-friendly platform for setting up a US-based company, making it convenient for entrepreneurs.

Compliance assistance: The platform offers guidance and support in navigating the legal and regulatory requirements of establishing a business in the US.

Access to US market: By incorporating a US-based company through Firstbase.io, businesses gain access to the vast US market, which can lead to increased opportunities and growth.

Cost-effective: Firstbase.io offers affordable pricing plans, making it an attractive option for startups and small businesses looking to establish a presence in the US.

 Cons

Not a Substitute for Legal Advice: While Firstbase is great for general incorporation, you might still need a lawyer for more challenging business and legal situations.

Pricier than Some Competitors: There are other platforms that might be more affordable yet offer fewer features.

Firstbase.io Integrations

Stripe

PayPal

Firstbase.io Specifications

Free Trial – No

Free Version – No

Specifications

Cloud, SaaS, Web-based

On-premise

Devices supported

Windows

Mac

Web-based

Training

Documentation

Guides

Final Thoughts on Firstbase.io

For entrepreneurs looking to turn their business idea into reality, Firstbase provides an appealing incorporation solution. Their user-friendly platform, extensive resources, and bundle of services simplify the process of getting your company legally registered and compliant. While no service is perfect, Firstbase delivers well-rounded formation features targeted to the needs of most startups.