How To Open Stripe Account In Egypt 2023 (The Best Guide)
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Is Stripe available in Egypt? That is one among other questions you will find answers to in this post.
Every entrepreneur, freelancer and dropshippers will require Stripe to receive money from clients or customers outside of Egypt. But Stripe is not supported in Egypt, so how then can one open Stripe account in Egypt as stated in the title of the blog post?
Well, read as I will be showing you how to legally open a verified stripe account in any unsupported country including Egypt.
Is Stripe Available In Egypt?
You can create a Stripe account in Egypt when you register your business in the United States or in any Stripe-supported country. You will learn how to form a US company easily so that you can use it to set up a functional Stripe account.
Does Stripe Work In Egypt?
You can use Stripe in Egypt to receive payment seamlessly across the globe. For you to be able to use Stripe in Egypt, you must have all the essential documents to open an account and verify it. This post will show you how to do so.
How To Open Stripe Account In Egypt
As stated earlier, you will need to form a company in any stripe-supported country. The best countries are the United States and the United Kingdom. So if you are forming a US company or a UK company, you must have an address, phone number and bank account in those countries.
That is not a big problem as I will be showing you how to go about it. In this guide, we will be forming a US company which is an LLC (Limited Liability Company).
Requirements To Open Stripe Account In Egypt
Limited Liability Company
You will need to form a limited liability company which is an LLC. It is a type of business structure in the United States of America. It is not hard to form an LLC even as a foreign resident.
The LLC which is your business is what you will use to open your Stripe account in Egypt. You will learn how to form an LLC in this post.
Employer Identification Number
Employer Identification Number which is EIN is like a social security number for individuals, but in this case for businesses. Sometimes, it is also referred to as a federal tax ID. You will need to submit your EIN as a business when opening your Stripe account. In this guide, you will learn how to get your EIN.
A US House Address
Since you are forming your LLC in the United States, you will need a US house address. That is not a big issue as you can have a free and functional US house address at Shipito. Go there and signup to get your California-based address.
A US Phone Number
Getting a US phone is not hard as it makes seem. You can get a working US phone number that can send/receive messages and make calls or receive calls. You will need this in your LLC formation and stripe account creation. Dingtone is an app available for mobile phones. Go there, download it and purchase a US phone number of your choice.
A US Bank Account
There are many ways to get a US business or individual account. You can use Mercury.com to open a US business account but only possible if you already have your LLC form. The best option is open an Individual US bank account using Payoneer. Stripe will request a US bank account you are creating your Stripe account.
Now that you have known all the necessities to open Stripe account in Egypt, now is to move to the step-by-step procedures. There are 46 Stripe-supported countries. The list is below.
- Australia
- Austria
- Belgium
- Brazil
- Bulgaria
- Canada
- Croatia
- Cyprus
- Czech Republic
- Denmark
- Estonia
- Finland
- France
- Germany
- Gibraltar
- Greece
- Hong Kong
- Hungary
- India
- Indonesia – Invite only
- Ireland
- Italy
- Japan
- Latvia
- Liechtenstein
- Lithuania
- Luxembourg
- Malaysia
- Malta
- Mexico
- Netherlands
- New Zealand
- Norway
- Poland
- Portugal
- Romania
- Singapore
- Slovakia
- Slovenia
- Spain
- Sweden
- Switzerland
- Thailand
- United Arab Emirates
- United Kingdom
- United States
Egypt is not listed among the Stripe-supported countries, so how then can someone open Stripe account in Egypt? As an unsupported country, you will need to use the same guide for opening a Stripe account in unsupported countries.
You will find the complete guide by visiting this blog post How to use Stripe in unsupported countries. The post has complete step-by-step procedures with images for proper direction.
Warning: Don’t Buy A Stripe Account.
Buying a Stripe account is strongly discouraged due to several reasons. Firstly, it violates Stripe’s terms of service, exposing you to legal consequences.
Purchased accounts may have been acquired fraudulently, putting you at risk of account suspension or frozen funds. Acquiring someone else’s Stripe account means inheriting their business history, which could include unresolved disputes, chargebacks, or financial liabilities.
It is crucial to establish your own legitimate Stripe account to ensure legal compliance, safeguard your reputation, and retain control over your business operations. By doing so, you can maintain transparency, trust, and accountability with your customers and partners.
FAQs : How To Legally Open A Stripe Account In Egypt
Can Individuals In Egypt Open A Stripe Account?
Yes, individuals in Egypt can open a Stripe account as long as they meet the requirements.
What Are The Basic Requirements For Opening A Stripe Account In Egypt?
The basic requirements include being at least 18 years old, having a registered business in any Stripe-supported country, an EIN, a US Physical address, a phone number and a bank account.
Is A Business License Necessary To Open A Stripe Account In Egypt?
While having a business license is not mandatory, it is advisable to have one if you are operating as a registered business entity.
Can Freelancers Or Self-Employed Individuals Open A Stripe Account In Egypt?
Yes, freelancers and self-employed individuals can open a Stripe account in Egypt, provided they fulfil the eligibility criteria.
How Long Does It Take To Open A Stripe Account In Egypt?
The account setup process typically takes a few minutes, but it may require additional verification steps, which could take a few days.
Are There Any Fees Associated With Opening A Stripe Account In Egypt?
Opening a Stripe account is free; however, Stripe charges transaction fees for processing payments, which vary depending on the transaction type.
Can I Link Multiple Bank Accounts To My Stripe Account In Egypt?
Yes, you can link multiple bank accounts to your Stripe account in Egypt, which allows you to manage your funds more efficiently.
Are There Any Restrictions On The Types Of Businesses That Can Open A Stripe Account In Egypt?
Stripe generally supports a wide range of businesses; however, certain industries or activities may be subject to specific regulations or restrictions.
How Can I Ensure Compliance With Egyptian Laws When Using Stripe?
It is crucial to review and adhere to the local laws and regulations pertaining to your business activities, such as tax obligations and financial reporting.
Can I Receive Payments In Currencies Other Than Egyptian Pounds (EGP) Through My Stripe Account In Egypt?
Yes, Stripe supports multiple currencies, allowing you to receive payments in various currencies from customers worldwide. Conversion rates and fees may apply.
Visit this blog post: How to use Stripe in unsupported countries
