DarrellStanding
Junior Member
- Feb 29, 2024
- 104
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If you're an online entrepreneur needing Stripe to receive international payments but live in a country where Stripe isn't supported, you've come to the right place. In this article, I'll guide you through the steps to bypass country restrictions and open a Stripe account for your business.
Stripe is a popular third-party payment service used by many private brands and e-commerce websites. It offers numerous advantages, but unfortunately, many countries aren't supported by Stripe. Don't worry, there's a solution. The best approach is to establish a US-based company and use it to open a US Stripe account.
In this article, I'll provide a comprehensive tutorial on how to apply for Stripe from a non-supported region. This includes instructions on how to acquire a US phone number, apply for a free EIN for your company, and open a US bank account.
Here's what you'll need for your American LLC:
1. Find a US LLC Agent
First, you need to locate an LLC agent in the US. This is mandatory, as the agent will facilitate communication and assist you with the necessary government paperwork. By following the method I’ll outline, you can complete the process for under $300.
2. Purchase a US Phone Number
Next, acquire a US phone number to receive messages and verification codes, which are required when applying for Stripe. I’ll guide you on where to buy an affordable, long-term phone number.
3. Apply for an EIN
Lastly, you need to apply for an EIN (Employer Identification Number), which acts like an ID for your company. It’s essential for opening bank accounts and applying for Stripe.
Choosing the Right Company Type and State
American companies are categorized into LLCs and Corporations. For most entrepreneurs, an LLC is sufficient. However, if you’re running a large multinational business, a Corporation might be necessary.
Different states have varying tax regulations. The most cost-effective states for setting up a US LLC are Delaware, Wyoming, and Nevada, as they have no state income tax. My LLC is registered in Wyoming with Northwest, a reputable LLC agency.
Step-by-Step Guide to Registering a US Company with Northwest
Use Zadarma to buy a US phone number. Register on their website and select a Mobile+SMS number from the United States. Choose an annual plan for a discount, costing around $36 per year. Verify your identity with a passport photo to complete the purchase.
Applying for a Free EIN
You can apply for an EIN yourself for free by filling out the SS4 form and faxing it to the IRS. Use Dropbox Fax to send the form, using Northwest’s address and your Zadarma phone number. The IRS fax number is +1 855-641-6935. You should receive your EIN within a few days.
Opening a US Bank Account
Once you have your LLC and EIN, open a US bank account with Mercury Bank. It’s ideal for non-US residents, doesn’t require a US address, and has no monthly fees. You can manage everything online, and international transfers are free.
Applying for a Stripe Account
With your company, EIN, US phone number, and bank account in place, you can apply for a Stripe account. Select “United States” as your business type and enter your company and personal details, including your Zadarma phone number. Connect your Mercury Bank account to complete the setup.
Filing Taxes
For tax purposes, consult a professional CPA. If you sell digital products using a Wyoming LLC, you may only need to file an Annual Report and IRS forms 1120/5472. For detailed tax advice, contact a CPA
New 2024 Policy: Filing BOI Reports for Your US Company
As of January 2024, the American government mandates that all companies file a FinCEN BOI (Beneficial Ownership Information) report. This report only needs to be filed once unless there are changes that require updates. Failure to comply can result in fines of $500 per day, up to a maximum of $10,000.
Key Points of the BOI Reporting Requirement:
If you request Northwest to assist with your BOI filing, they will require a physical American address that cannot be a Registered Agent address, PO Box, or Virtual Office. This poses a challenge for non-US residents without a physical address in the US.
Solution for Non-US Residents:
To overcome this hurdle, you can purchase an address from Trulease. According to Trulease, their addresses are valid for official documents. This is a more reliable solution until FinCEN provides further clarification on the address requirements for non-US residents.
Summary
Here’s a quick SOP for opening a US company:
Stripe is a popular third-party payment service used by many private brands and e-commerce websites. It offers numerous advantages, but unfortunately, many countries aren't supported by Stripe. Don't worry, there's a solution. The best approach is to establish a US-based company and use it to open a US Stripe account.
In this article, I'll provide a comprehensive tutorial on how to apply for Stripe from a non-supported region. This includes instructions on how to acquire a US phone number, apply for a free EIN for your company, and open a US bank account.
Here's what you'll need for your American LLC:
- Northwest Agency: To form your US company.
- Zadarma: To purchase a US phone number.
- Dropbox Fax
- Mercury Bank: An American bank for non-US residents.
- Find a CPA on Fiverr: To hire an accountant.
How to Register a US Company for Non-US Residents
Are you a non-US resident looking to register a US company? Here’s a comprehensive guide to get you started. To successfully open a US company, follow these three essential steps:1. Find a US LLC Agent
First, you need to locate an LLC agent in the US. This is mandatory, as the agent will facilitate communication and assist you with the necessary government paperwork. By following the method I’ll outline, you can complete the process for under $300.
2. Purchase a US Phone Number
Next, acquire a US phone number to receive messages and verification codes, which are required when applying for Stripe. I’ll guide you on where to buy an affordable, long-term phone number.
3. Apply for an EIN
Lastly, you need to apply for an EIN (Employer Identification Number), which acts like an ID for your company. It’s essential for opening bank accounts and applying for Stripe.
Choosing the Right Company Type and State
American companies are categorized into LLCs and Corporations. For most entrepreneurs, an LLC is sufficient. However, if you’re running a large multinational business, a Corporation might be necessary.
Different states have varying tax regulations. The most cost-effective states for setting up a US LLC are Delaware, Wyoming, and Nevada, as they have no state income tax. My LLC is registered in Wyoming with Northwest, a reputable LLC agency.
Step-by-Step Guide to Registering a US Company with Northwest
- Select Company Form and State: Choose LLC and your preferred state (e.g., Wyoming). Ignore the BOI (Beneficial Ownership Information) filing option to save costs.
- Enter Company Name and Registered Address: Use Northwest's address for your company, allowing you to register a US company even if you're overseas.
- Enter Member Information: Provide details for all company members. If you’re the sole member, select “Member Managed.”
- Fill in Personal Contact Information: Use your home address and phone number.
- Create a Northwest Backend Account: Set up your account to manage future correspondence and documents.
- Skip Additional Purchases: Avoid extra products and services, including phone numbers, which are overpriced.
- Complete Payment and Place Order: Review your information, pay, and wait for Northwest to process your LLC registration.
Use Zadarma to buy a US phone number. Register on their website and select a Mobile+SMS number from the United States. Choose an annual plan for a discount, costing around $36 per year. Verify your identity with a passport photo to complete the purchase.
Applying for a Free EIN
You can apply for an EIN yourself for free by filling out the SS4 form and faxing it to the IRS. Use Dropbox Fax to send the form, using Northwest’s address and your Zadarma phone number. The IRS fax number is +1 855-641-6935. You should receive your EIN within a few days.
Opening a US Bank Account
Once you have your LLC and EIN, open a US bank account with Mercury Bank. It’s ideal for non-US residents, doesn’t require a US address, and has no monthly fees. You can manage everything online, and international transfers are free.
Applying for a Stripe Account
With your company, EIN, US phone number, and bank account in place, you can apply for a Stripe account. Select “United States” as your business type and enter your company and personal details, including your Zadarma phone number. Connect your Mercury Bank account to complete the setup.
Filing Taxes
For tax purposes, consult a professional CPA. If you sell digital products using a Wyoming LLC, you may only need to file an Annual Report and IRS forms 1120/5472. For detailed tax advice, contact a CPA
New 2024 Policy: Filing BOI Reports for Your US Company
As of January 2024, the American government mandates that all companies file a FinCEN BOI (Beneficial Ownership Information) report. This report only needs to be filed once unless there are changes that require updates. Failure to comply can result in fines of $500 per day, up to a maximum of $10,000.
Key Points of the BOI Reporting Requirement:
- Who Needs to File: All companies, regardless of their formation date. Companies formed before 2024 have one year to file, while those formed after 2024 have only three months.
- Penalty for Non-Compliance: Fines of $500 per day, up to $10,000.
If you request Northwest to assist with your BOI filing, they will require a physical American address that cannot be a Registered Agent address, PO Box, or Virtual Office. This poses a challenge for non-US residents without a physical address in the US.
Solution for Non-US Residents:
To overcome this hurdle, you can purchase an address from Trulease. According to Trulease, their addresses are valid for official documents. This is a more reliable solution until FinCEN provides further clarification on the address requirements for non-US residents.
Summary
Here’s a quick SOP for opening a US company:
- Register an LLC with Northwest (1-5 days).
- Buy a US phone number from Zadarma.
- Apply for an EIN after your LLC is established (2-3 days).
- Open a Mercury Bank account.
- Apply for a Stripe account.
- File BOI reports and consult a CPA for tax filing.
