The latest Stripe registration tutorial, how Chinese people can register a US company and apply for a Stripe account
1. Benefits of Stripe
You may be an online instructor with students all over the world who need to sell your courses and receive USD; or you may be a cross-border e-commerce boss who wants to find a payment solution that is compatible with multiple currencies; maybe you run an online store or even a software-as-a-service platform that serves global customers. Usually, the two most commonly used tools for international payments are PayPal and Stripe, but Stripe's transaction fee is lower.
Stripe also provides a seamless payment experience, allowing users to complete payments without leaving the current page, greatly improving the payment success rate. In addition, considering the payment restrictions brought about by regional differences, such as PayPal's transfer restrictions in certain regions, for example, in mainland China, PayPal cannot directly transfer money between Chinese people, which makes many entrepreneurs turn to Stripe.
Now, let's get into the practical part of applying for a Stripe account.
2. Supported countries https://stripe.com/global
This website lists the countries that Stripe can apply for now. If your country is not listed yet, don't worry, there is a way to register a US company and then apply for a Stripe account with a US company!
Why choose the United States? Simple, the financial environment there is convenient. You can open a US bank account in the name of your company, and even apply for a US credit card. When you make money, you can deposit it, and you can also transfer it to a US stock account for investment with zero handling fees.
Registering a US company is also very fast, it only takes a week or two. You need to prepare a few things:
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Find a reliable American company to help you with the government documents and give you a legal company address. Even if you have relatives in the United States, you still have to find an agent for this step. That's the rule.
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Get a US phone number, bind it to your Stripe account, and use it to receive verification codes when logging in.
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Apply for an EIN, which is the company’s ID number. You will need it when applying for Stripe and filing taxes later.
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Open a US bank account. You need to bind it when you sign up for Stripe. All the money you collect will come from here.
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Finally, you have to submit a BOI report, which is information about who the real boss of the company is. This is a new rule in the United States to prevent money laundering and fake companies.
The United States enacted a bill in 2021 to obtain ownership information of specific companies operating in the United States or entering the U.S. market in order to combat tax fraud, money laundering, and terrorist financing. This bill is called the Corporate Transparency Act.
The bill officially came into effect on January 1, 2024. It stipulates that companies registered before 2024 must report before January 1, 2025, companies registered in 2024 must report within 90 calendar days, and companies registered after 2025 must report within 30 calendar days. The reporting target is the Financial Crimes Enforcement Network (FinCEN) under the U.S. Treasury Department.
The LLC or Corporation we set up is generally a reporting entity.
The videos at the back will teach you how to do these things.
3.Northwest US Company Registration
Whether it is cross-border e-commerce or import and export business, it is still very necessary to register a US company. Americans will more or less prefer domestic companies.
Incorporating a U.S. company through an agency is a relatively simple and efficient process, especially for those who are not familiar with U.S. corporate laws and registration procedures.NorthwestIt is an agency that is widely praised for its simple process, reasonable fees and full online operation. With more than 20 years of industry experience, it is well-known for its high-quality customer support. Their pricing structure is relatively transparent, with no hidden fees or unnecessary bundled services, providing a clear and simple pricing model suitable for startups and small and medium-sized enterprises.
I will provide it below the video Northwest Click on the link and you will be taken toUS Company Registrationpage.
A. On this page, you can see that the agency fee for registering a US company is US$39.
On this page, we need to choose the nature of the company. For a company with several people, generally, you can start with LLC.
- LLC (Limited Liability Company): This is the most common form of small business. Your personal property and the company's debts are separated, so you don't have to worry about the company using your personal property if it owes money.
- Corporation: This is an independent legal entity, suitable for large enterprises, where shares can be distributed to shareholders, but management is more complicated.
- Nonprofit Corporation：This type of company is not for making money, but mainly for charity or serving the society. The money earned by the company will not be given to the boss or shareholders, but used to support the company's goals.
The three most recommended states are Delaware, Wyoming and Nevada because they are free of sales and income taxes.
Taking the classic tax-free state "Wyoming" as an example, you can see that the company formation fee charged by the state government is $104. If you are interested, select other states in the drop-down list to see the fees charged by other states.
You don't need to check "We'll File Your Beneficial Ownership Information For You", which is the BOI we mentioned earlier. After the company is established, we can complete this item by ourselves and save the $25 fee. I will tell you how to submit this report for free later.
After that, you will be asked to choose the time to set up the company. It can be completed in as little as three days. Of course, the faster the process, the higher the cost. If you are not in a hurry, you can choose a slower process, which will be cheaper.
B. Company: fill in company information
Fill in the company name on this page. If you want to know whether the company name you created already exists, you can go to the "Wyoming State Government Website" to checkhttps://wyobiz.wyo.gov/Business/FilingSearch.aspx”
It is recommended to select the "Use Generic Business Purpose" option. Unlike Chinese companies, American companies do not need to limit their business scope, as long as the business matters are not illegal. Exceptions include special circumstances, such as military weapons.
The company's physical address uses the agent's address. Northwest will provide you with a company address, and the government's letters will be sent to this address. Then they will upload the letters electronically to your account backend, so you don't need to actually have a US address or go to the US in person.
Send A Copy Of Lawsuits And Legal Notices To Your Attorney Select NO to send a copy of the lawsuit and legal notices to your attorney
Use Generic Business Purpose Open
Use for general business purposes
**Physical Address You Want On Record With The State:, **The actual address you want to record with the state government: **Select: **Our Registered Agent Address, our registered agent address
Mailing Address You Want On Record With The State: Our Registered Agent Address
C.Management
On this page, we need to choose the management method of the company. Member Managed means that the company is managed by its own members, and Manager Managed is similar to asking an external agent to manage the company. We choose Member Managed.
Fill in our name, address or mailing address below. Click "CONTINUE"
D. Contact
Fill in your country address
E. Account
F.Business Identity
No need to turn off
G. Submit payment
4.Buy US Virtual Phone
Get a US phone number. I recommend using Zadarma This service, because I have tried many APPs to buy US phone numbers, but most of them are not easy to use, only Zadarma is relatively reliable. Through Zadarma, you can get a US mobile phone number that can be used for a long time, and the cost is also very cheap.
Zadarma Zadarma is a company that provides virtual phone systems, virtual phone numbers, and cloud-based PBX services. It allows users to obtain virtual phone numbers over the Internet and use these numbers to receive and make calls without the need for actual phone lines or equipment. Zadarma's services are particularly suitable for businesses and individual users, and are particularly useful when doing business on a global scale.
A. Registration
B. Services**>Order a Virtual Number>Mobile + SMS
You can pay yearly and the price is half the price
Select the US number. Next, you need to take a photo of your passport for verification.
5. After the company is successfully registered, apply for EIN.
Just like SSN/ITIN corresponds to individuals, entities also have corresponding tax identification numbers, which are EIN, also known as employer identification number or federal tax number. When we register a US company, whether it is tax filing or bank account opening, we need EIN, which is the basis for the formal operation of the US company.
For individuals applying for EIN, if they do not have ITIN, they can only prepare the materials offline and fax them to the IRS for application. If they have ITIN, it will be much more convenient and they can apply online.
Once Northwest notifies you that your company registration is complete, you can apply for an EIN. You will need to fill out Form SS-4 and fax it to the IRS. You can use Dropbox Fax to fax online. They have a 30-day free trial, and you can cancel your subscription after receiving your EIN to avoid being charged. You will usually receive your EIN within two days, but if it takes longer, you can call the IRS directly to check.
A. Online application address: If you have an ITIN
B.Mail or fax Form SS-4 Fax If you don’t have an ITIN, you can only prepare the materials offline and fax them.
https://www.irs.gov/zh-hans/filing/where-to-file-your-taxes-for-form-ss-4 Fax Number
https://www.irs.gov/pub/irs-pdf/fss4.pdf Fax file download
Fill out Form SS-4 manually or on a computer:
You can print the form, fill it out by hand (using a black pen), and then sign it; or you can type the form on your computer, then print and sign it.
useuppercase letter:
If you are filling out Form SS-4 by hand, we recommend using ALL UPPERCASE letters. The IRS prefers uppercase letters, which can help expedite your EIN application form.
C. Send fax online
https://sign.dropbox.com/products/dropbox-fax
https://app.hellofax.com/info/pricing HOME OFFICE Choose this package to receive faxes for 30 days
https://www.fax.plus/zh/fax-online/fax-irs-tax-forms-online
https://www.irs.gov/zh-hans/filing/where-to-file-your-taxes-for-form-ss-4 Fax Number
Generally, you can apply for it within 2-3 working days. If you have not received it for a long time,
You can call and ask: search irs telephone number on google
6. Apply for a US bank account
mercury.Mercury Bank Account Opening
For overseas people, the most recommended bank is Mercury.
Mercury Technologies is a financial technology company in the United States that works with two FDIC-insured banks to provide commercial bank accounts. Mercury bank accounts have no balance requirements, are free of setup and management fees, and can apply for credit cards, debit cards and investment loans, and support multiple currencies and free international remittances.
Headquartered in Los Angeles, USA, its main customer base is very vertical, basically local entrepreneurial companies, especially customers in the Internet industry.
- It supports remote account opening, similar to China Merchants Bank and Cathay Pacific, and the entire process is remote, and there is no mandatory SSN tax number requirement. In other words, even if you are a non-American citizen, that is, a non-local resident registered in the United States, and do not have an SSN or ITIN tax number, you can still open an account smoothly.
Banks built specifically for e-commerce platforms can seamlessly connect with many online platforms in the United States, including e-commerce platforms such as Amazon and Shopify, payment platforms including Stripe and Paypal, human resources platforms such as Gusto, and accounting platforms such as Quickbooks.
7. Submit BOI report
https://boiefiling.fincen.gov/fileboir https://www.fincen.gov/sites/default/files/shared/BOI_FinCEN_Counsel_Brochure_Simplified_Chinese_508C.pdf
This is a new regulation for 2024, mainly used to combat money laundering and fake companies. You can submit this report online on the FinCEN (Financial Crimes Enforcement Network) official website. After the submission is completed, you will receive a certificate of successful submission.
File Online BOIR
The address can be the registered address of the agency company.
5. Stripe Application
Finally, let’s go back to the opening of the Stripe account. As long as you have a US phone number, a Mercury bank account, a company EIN and an address, you can follow Stripe’s application steps to complete the registration and successfully obtain a Stripe account.
The above is the complete process for applying for a Stripe account after 2024. Compared with before, there is an additional step of submitting a BOI report. If all the materials are prepared, the entire process can be completed in 1 to 2 weeks at the fastest.
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