How to Set Up a LLC in USA for Non-Residents + US Bank Account (all sources shared)

[sTimPunk]

Thank you for sharing everything.
I will tell you my story.

Registered Wyoming LLC several years back. At the time the service provider was adamant that with a non-resident LLC there will not be tax implications. After two years my tax bill was over $438k, which I eventually was forced to pay after consulting with a friend from Big4 auditing firm.

Nowadays my set up is slightly different and my name is not in any of the vehicles but in agents (US citizen). So please consult a CPA in regards to your tax affairs.

 

[shiv durga]

my tax bill was over $438k

something like that will happen to me as well.

The federal tax rate is a flat 21% of net revenue.

is this correct?

 

[Whitehatdoe]

Thank you for sharing everything.
I will tell you my story.

Registered Wyoming LLC several years back. At the time the service provider was adamant that with a non-resident LLC there will not be tax implications. After two years my tax bill was over $438k, which I eventually was forced to pay after consulting with a friend from Big4 auditing firm.

Nowadays my set up is slightly different and my name is not in any of the vehicles but in agents (US citizen). So please consult a CPA in regards to your tax affairs.

Thanks for sharing your experience. Did your stripe/whatever processor you used with the company face any issues with regards to locks? I'm planning to sell high ticket products, will cause big losses of inventory if stripe locks my account

 

[gioprise]

How much time its taken on everything, Company Formation To Bank Account?

This is going to depend on if you are doing it yourself, if you are hiring a company and which state you are incorporating in. If you are doing things yourself the most time consuming aspect is going to be getting your EIN as a non resident. If you are using a formation/PRO company it can take as little as an hour or as long as 4 weeks depending on services packages and the state. For example we open in Wyoming within 24 hours for one flat rate but Delaware we have multiple prices depending on the speed in which you require. Right now incorporating in Delaware without paying for expedited service at the state level is going to take a few months just to receive the filed articles. The last non expedited filing we submitted in Delaware was in January and that filing was not completed until May. Bank account again depends on which bank/fintech you are using and where your passport was issued. I used Mercury in my first post and I`ll stick with them in this example. Their opening times are going to be between 4 and 6 days although they quote 2 to 4 and that depends on where you are from. Founders from certain countries can be placed on their waiting list as opposed to having their applications processed upon submission. Brex (no more small business support), Relay, Revolut (If they are accepting non residents) are usually a little faster at 2 to 4 days IF you have all your documents in place and other info they may ask (proof of domain ownership, suppliers, business plan, social presence, etc) I`d say in a best case scenario 4 business days.

Is this correct?
revenue or Income?

Corporate tax is net revenue for your registered business entity. Income taxes are for your personal income.

 

[sTimPunk]

Thanks for sharing your experience. Did your stripe/whatever processor you used with the company face any issues with regards to locks? I'm planning to sell high ticket products, will cause big losses of inventory if stripe locks my account

Keep an eye for chargebacks, keep them within the payment processors guidelines and you should be ok. Stripe and mainstream providers do not accept our product due to high risk for them. So we ended up using other processor who is comfortable processing high risk niches.

But overall Stripe/Square and other mainstream service providers will easily lock your account and freeze the funds for 30/60/180 days without any right to appeal. This is the reality we leave in, they want a different type of customer. (

 

[IG Professor]

Do you actually have experience with that or are you just lying and repeating theory that you found?
You don't need to do all of that, those are not stealth accounts, those are legitimate US business accounts under real registered companies.

The guy gave here legit, good advice, why bashing him?
those are offshore companies for anyone who is not located in the USA. get yourself a nominee and you're good to go.

 

[Dmytros]

The federal tax rate is a flat 21% of net revenue.

Thank you for your post.
Please clarify, does this 21% always apply in any state?

For example, if I sell link building services and I have an LLC in Wyoming and another LLC in Delaware buys that service from me, do I have to pay 21% of the net profit? and what other taxes might there be?

I have a company in Estonia, but I am tired of submitting monthly VAT reports and am considering registering an LLC in the US because in Estonia I have to report VAT every month and find an invoice for every purchase and sale even if it is $3.

 

[shiv durga]

do I have to pay 21% of the net profit?

he is talking about revenue not net profit.

 

[vWorker]

I am thinking to register US LLC. Is it possible to verify a PayPal business account then?

 

[shiv durga]

I am thinking to register US LLC. Is it possible to verify a PayPal business account then?

No you need a SSN or ITIN for paypal account.

 

[aristocratic]

Hey mate, nice post. Could you please tell me how long you wait for EIN?

Does it required to open Mercury?
Can I Transfer money from mercury to Payoneer personal account and cash up from ATM?

It was lockdown time and I remember I waited over 40 days.

Mercury is not a requirement but is a well-known bank for startups. They rejected my application and I opened with the other bank mentioned in the initial post.

Regarding the transfer, I am not sure as I don't have experience with Payoneer. But I believe it can be done.

How much time its taken on everything, Company Formation To Bank Account?

Over 2 months for me. Maybe because it was lockdown time. things might have changed now.

 

[aristocratic]

I am thinking to register US LLC. Is it possible to verify a PayPal business account then?

I'm on this now. I will let you know when I'm done.

 

[shiv durga]

I'm on this now. I will let you know when I'm done.

I talked to paypal, they said you need SSN or ITIN number for a paypal account.
EIN is not enough.

 

[aristocratic]

I talked to paypal, they said you need SSN or ITIN number for a paypal account.
EIN is not enough.

Oh really?! Fuck them lol

I don't like GayPal anyways

 

[shiv durga]

Oh really?! Fuck them lol

I don't like GayPal anyways

nobody like it
they are shit
crypto best, smooth transactions (No holds, No limitations, No errors while transfers)

 

[gioprise]

Thank you for your post.
Please clarify, does this 21% always apply in any state?

For example, if I sell link building services and I have an LLC in Wyoming and another LLC in Delaware buys that service from me, do I have to pay 21% of the net profit? and what other taxes might there be?

I have a company in Estonia, but I am tired of submitting monthly VAT reports and am considering registering an LLC in the US because in Estonia I have to report VAT every month and find an invoice for every purchase and sale even if it is $3.

It was lockdown time and I remember I waited over 40 days.

Mercury is not a requirement but is a well-known bank for startups. They rejected my application and I opened with the other bank mentioned in the initial post.

Regarding the transfer, I am not sure as I don't have experience with Payoneer. But I believe it can be done.





Over 2 months for me. Maybe because it was lockdown time. things might have changed now.

21% of your net revenue so yes profit regardless if its B2C or B2B. You may be able to get rate breaks from processors if the majority of your business is done B2B. In terms of state taxes, If you form in Wyoming and are selling online services then technically you don`t have Nexus there and would not need to register for a state sales tax permit (same applies to SaaS) so you`d only be responsible for filing with the IRS based on your profits. As an LLC in Wyoming things are pretty straight forward in terms of taxes and fees. Things get much more complicated if your LLC is not DE and listed as a partnership or an S-corp then you are dealing with withholding and really need a CPA.

During the lock down it was chaos, we had wait times of up to 60 days for Florida formations. Most states are back up running full speed. The only one still lagging as of last week was Kentucky but that`s mostly due to a technical issue as they`ve been having problems with their One Stop System. At this time it shouldn`t take more then 10 business days in states with an expedited filing option unless you muck up the filing form.

 

[shikder006]

I opened my LLC via Stripe Atlas. No problem using my local mobile number, physical address(for the formation), and IP address for the login. The Atlas program is for people who are not US-citizen but want to own a US business firm. It costs $500 for the setup. It is a better solution if you are serious and want a legitimate payment gateway+ LLC/C Corps account.

is it support seo/digital marketing agency?
what type of business company you opended in stripe Atlas?

 

[shikder006]

You haven't share the actual process of makeing LLC, i mean into the website they have only phone num & a email.

 

[Thunder Digitals]

Hello,

I created the LLC by using the OP's method. LLC formed within a day but I didn't get the EIN.

I have to buy from there for $175 for foreign residents or I can apply for EIN by myself through the IRS official website.

And I have some questions. how do I know what's the ITIN of my LLC?

And for creating the stripe business account, do I need EIN and ITIN both?

 

[ivo1017]

is it support seo/digital marketing agency?
what type of business company you opended in stripe Atlas?

Yes, my website is for the SEO/Marketing agency. I am opened LLC in Delaware.