Migrate from a Fiscal Host to Independent Collective
Want to be responsible for your own tax, hold your funds in your bank account and save money on fees? Migrate from being fiscally hosted to an independent collective.
Warning this change will require your current contributors to reconfirm their credit card details. They will receive a request to do so via email.
How do I migrate?
If you have a Collective which is Fiscally Hosted, here are the steps to change to being an Independent Collective.
Empty your Collective balance, if it's not already empty, in one of these ways:
Submit expenses to your Collective until you've spent all the money, or
Go to Settings > Advanced > Empty Collective Balance to send your balance to your Host, or
Donate the balance to another Collective by making a Contribution with your Collective as the source of funds.
Once the balance is zero, go to Settings > Fiscal Host > 'Remove Host'
Select Independent Collective then click the button to activate
In settings, go to Receiving Money and connect your Stripe and bank account
If the name of your Collective is different from the name of the bank account owner (person or company) go to Settings > Info and set the legal name (the public Collective display name can remain, but receipts should be issued from the legal name)
If you emptied the balance in step 2 and want to restore it:
Go to the Collective main page
Click Actions > Add Funds
Add back the balance you removed in step 2, with the Collective itself as the source