- Dec 3, 2015
- 5,306
- 6,018
This has to do with personal preference. But I’d do LLC if my plan is to use most US platforms as filing tax return now gets easier and somewhat automated .
How to Set Up a LLC in USA for Non-Residents + US Bank Account (all sources shared)
- Thread starter aristocratic
- Start date
This has to do with personal preference. But I’d do LLC if my plan is to use most US platforms as filing tax return now gets easier and somewhat automated .
zetolo7
Registered Member
- Apr 5, 2021
- 95
- 76
I wish you all had a great weekend.
I have seen many people in BHW asking questions about LLCs in the USA. I have been one of them in the past too.
The thing is that nobody shares their own sources publicly. Back at the time, I asked a member here on BHW (can't recall his name now) and he suggested me a service.
Guess what?! That service was a fcuking reseller and I ended up paying $500 to set up an LLC in Wyoming.
I'm not gonna share the RESELLER company, no worries lol. I'll share the main source.
The company I have used is Wyoming LLC attorney (.) com. You can set up your LLC in the US for $199.
After 1-year I paid $159 for Renew Agent Service & We File Annual Report With Our Name (Anonymous).
After setting up the company obviously you want to open a US bank account. I created a simple website for my company and applied for a bank account with Mercurey but I didn't have success. A friend of mine was accepted. So I would suggest you try Mercury first and if that doesn't work you can continue with Relayfi (.) com. They accepted my application and now I have a US bank account. I also received a Debit Business Card which Relayfi mailed to my business address (in this case Wyoming LLC attorney).
Then I used the MAIL FORWARDING service from the Wyoming LLC attorney (costs $65) and received the CARD.
If you don't need the physical Debit Card you can use the Virtual one. You can also create Virtual Debit cards for your registered employees.
With this LLC I also created an account Stripe account which is working like a charm.
NOTE
- I still haven't used the Relayfi yet as i don't really need the bank account. So I can't tell you my experience with them. (fees, maintenance, etc)
- I also didn't do any transactions with the company so I can't tell you anything about taxes etc.
TL: DR
Set up an LLC in Wyoming US with Wyoming LLC attorney (.) com
Open a US bank account with Relayfi (.) com
That's all, $200 and you have your LLC set up in the US.
Have a nice week ahead
PS. I'm not affiliated with any of those companies. Just my own experience.
Thanks for this valuable information.
Setox
Elite Member
- Apr 30, 2015
- 2,430
- 4,673
Note that you pay sales tax only when you sell on the state, you "should collect the tax for the state where the property is delivered to the customer."
However, it turned that most companies just fill a standard sales tax ; how they able to do that, i have no idea, especially that your company information appears on customer's CC statements.
Setox
Elite Member
- Apr 30, 2015
- 2,430
- 4,673
If your company is in the state of Wyoming e.g , then Wyoming sales tax are subject only to sales made within the states, if your product is delivered to another state, let's say Dealware, then your customer should pay the sales tax rate of dealware, and you should collect it.
- Dec 31, 2017
- 3,515
- 2,685
I have over 1 year with Relayfi but I haven't made any transactions yet because I have used WISE.
I will start using it this year and will share my experience later.
- Dec 3, 2021
- 1,806
- 2,639
It's not as simple as just filing an annual report. You have to file form 5472 in which you need to report all transactions between your LLC and foreign related parties. Failing to do that invites a fine of $25000.
All the dropshipping craze made people open LLCs like madmen without knowing the intricacies of taxation and other paperwork.
Remember your details remain on file with the state and the country. You can't just get away without doing proper paperwork. And this is not pointed at the OP, it's for everyone who are probably thinking it's as easy as a walk in the park.
Get an accountant, don't try to save money on everything.
All the dropshipping craze made people open LLCs like madmen without knowing the intricacies of taxation and other paperwork.
Remember your details remain on file with the state and the country. You can't just get away without doing proper paperwork. And this is not pointed at the OP, it's for everyone who are probably thinking it's as easy as a walk in the park.
Get an accountant, don't try to save money on everything.
drehdinho
Power Member
- Jun 18, 2018
- 708
- 326
The Ops apparent target are people living outside USA , but having some business limitations on the basis of their location.
Hiring an accountant to get an LLC done is like using a sledge hammer to kill an ant.
- Dec 31, 2017
- 3,515
- 2,685
I already mentioned in the beginning this:
I have been receiving payments only on my personal WISE account that's why i have been able to get away without any tax. No one can connect my personal WISE account with my LLC in the US.
I agree with you that taking an accountant's advice is the best solution.
- Dec 31, 2017
- 3,515
- 2,685
Exactly this.
- Dec 31, 2017
- 3,515
- 2,685
You can ask your questions here. I will answer you publicly
- Jun 16, 2020
- 3,387
- 3,361
ah got it even this is my first year tooHey @indianmojojojo how are you doing?
I have received all payments with a personal WISE account and I haven't paid any tax so far as I have not declared any sales.
This year I will be getting payments on my company bank account and Stripe. I will update later this year
Ps. We are ready to start the project this week. Ill pm you.
but i think sales tax on physical products/ services done inside USA(like Plumbing, Pest control etc) is there and no income tax.Great give me a heads-up when you are ready, we will start this week
Yes but i read somewhere you can avoid this sales tax when one is an alien outside USA. Also the sales tax is only there on physical products. Still its complex, am doing my CPA(accounting) trying to figure out on how to save the tax component legally.
Setox
Elite Member
- Apr 30, 2015
- 2,430
- 4,673
Can you link to some sources ?
- Jun 16, 2020
- 3,387
- 3,361
- Dec 31, 2017
- 3,515
- 2,685
I think I replied to this once.
I didn't take any payment on behalf of my company yet. I have been taking payments only by using my personal WISE account.
I will start taking payments on Stirpe and Relayfi in September. I will share my experience later
Whitehatdoe
Registered Member
- Jun 23, 2022
- 83
- 33
Maybe somewhat out of topic, but are you selling services to clients with wise? If they send you the payment from any bank without having a wise, will you receive it on wise normally? Must you link your bank to wise to receive payments like this?
Thanks
code API
BANNED - Failed to resolve a dispute
- Oct 20, 2018
- 6,377
- 3,517
He didn't mention their name. So OP is kind enough. LOL.I think you just destroyed somebodies business
Nice share
Whitehatdoe
Registered Member
- Jun 23, 2022
- 83
- 33
I researched about this and it seems only corporations need to file form 5472?
"Who has to file? A U.S. corporation with 25% or more foreign ownership, or foreign corporations that do business or trade in the U.S. are required to file IRS Form 5472. You must report the existence of all related parties in Form 5472 as well, and fill out a separate form for each foreign owner."