How to Start a Company in 24 Hours
Start Your Company Today: The Complete Guide to Starting a Start-Up in 24 Hours. All the resources you need to start a Delaware C-Corp in 24 hours from incorporation to virtual mailboxes.
Having worked with lots of amazing founders through NGEN, the intercollegiate network that brings together over 20,000 student founders, one of the scariest decisions I’ve seen founders have to make is when they go from idea to company.
We often talk about what that looks from the product or customer point of view, but I often get lots of questions from founders about the technical aspects of actually incorporating their company. So for all those looking to take the leap and officially incorporate your company, here’s a step by step guide of how to do it in the most flexible, affordable and fastest way.
BONUS: NGEN just launched our NextSteps Pitch Competition, where we’re giving 50 founders $500 to help them take the “next steps” of their startup journey.
If you’re worried about costs, I’d highly recommend applying for it above. Our goal was to help startups cover their incorporation / early setup costs with the $500 (which should cover the initial costs of everything you see in this list along with exclusive discounts). Apply by Nov 10th or learn more at the end of this guide or on our website!
Step 1: Incorporate with Stripe Atlas
When I was incorporating my startup, I knew I wanted to start a Delaware C-Corp (the most common startup entity), but did not know how. One of the best services I found was Stripe Atlas, that fills out and files all the official forms that you need to get incorporated right away.
All you need to do is fill in their online form with the details of your company and its founders, and Stripe Atlas will auto-fill the actual documents that need to be processed and submit them with your approval.
The Stripe Atlas dashboard is also helpful to keep track of all of your progress, company info and documentation. Once you’re incorporation is approved, you will be able to download all of the documents (like your incorporation certificate + any other filings) from your dashboard. You don’t need Delaware residency, and can also explore the other incorporation types they offer as well. Just sign up, fill in their form, and Stripe’s team will handle the rest, handing you your incorporation documents, EIN, tax ID, and all.
In about a week, you’ll have your Delaware C-Corp legally incorporated and up and running!
Cost: Stripe Atlas usually charges $500 for their services. However, applicants of the NextStep Pitch Comp can receive a 30% discount. Learn how to redeem it here.
Step 2: Set Up a Virtual Address with Stable
One part of incorporating my startup that I didn’t realize I would need is a company mailbox. For a lot of student founders living out of dorms, it isn’t always ideal to have your college on file as the mailing address for your company. I was surprised that there were some documents that could only be physically mailed to me when incorporating.
I personally explored using Stable, a virtual mailbox that collects, scans and forwards physical mail to you at your discretion.
Stable gives you a professional U.S. business address and a digital mailbox, so every letter - from IRS forms to bank statements - lands neatly online and can be scanned or sent to you with the click of a button. They have a basic dashboard set up for you to view and monitor your physical mail and also email you when you receive new mail.
It takes less than an hour to set up with multiple location options across several states.
Cost: Stable’s plans start at $49/month, but they have a 50% discount available for early-stage startups (newly incorporated).
Step 3: Banking with Mercury
Mercury caters specifically to founders looking for a banking solution that is fast, reliable and easy to set-up — no minimum balances, no hidden fees, and a simple, modern dashboard to track your finances.
The sign-up process is all online, and if your company’s already incorporated via Stripe Atlas, Mercury can usually approve your account within a few hours. You can also start a Mercury account before receiving your EIN, so its built for you to get started with speed. This helps you be able to set up a working bank account within the day and get started with your startup.
Cost: Free! Setting up a Mercury account is free and takes less than 10 mins.
As our main partner for our NextSteps pitch comp, they are awarding $500 to the first 50 founders who sign up for a Mercury account through NGEN. Click here to set-up your Mercury account and receive your $500
BONUS: What else could you need?
I’ve only focused on the essentials here and what you absolutely must have to get started. However, here are some other tools and services that I/friends have used when incorporating that are easy to get started with that may help in creating your startup.
Carta - Cap table and equity management platform that helps you issue shares, track ownership, and manage investor relations.
Y Combinator’s SAFE Agreement - A simple, founder-friendly legal template for raising early-stage funding without negotiating complex terms. (Always check with your lawyer first!)
WeWork - Flexible workspace provider offering desks, offices, and meeting rooms for startups that need a professional base.
We’re giving $500 to 50 Startups to Cover their Set-Up Costs
NGEN is looking to give 50 founders $500 & the opportunity to pitch to over 4-5 investors across New York City this November through our NextSteps Pitch Competition!
How does it work?
Our goal is to help your start-ups take the next step by making it easy to cover your most critical expenses after you’ve incorporated.
First 50 applicants receive $500 just by applying! No strings attached! (You must have a free Mercury account for us to credit you).*
20 Semi-Finalists will win the opportunity to connect with 4+ top-tier VCs in their NYC offices during our NGEN Founder Trek in November.
The Competition Winner will also win our $2,500 main prize to use towards their venture costs.
The competition is open to any founder that is currently incorporated or looking to incorporate within the United States. If you’re not incorporated yet, we have awesome partners like Stripe Atlas who provide loads of discounts and perks to get you set up!
Want more Funding Opportunities, Fellowships, & Startup Resources?
Don’t forget to subscribe here for more funding resources, competitions, investment opportunities, tools, and insights for your start-up. I publish weekly articles on funding opportunities, startup resources, and insights I’ve gained as a founder and VC scout.
Need help with Fundraising or GTM?
I also provide consultancy services to aid start-ups in getting pitch/investment ready based on my experiences as a founder and VC scout.
Book a free GTM / fundraising consultation session with me to get feedback on your venture here (limited to 5 start-ups in November).